💵 $10 trillion investment giant outlines tomorrow’s Bitcoin bulls
In the first year of the ‘crypto winter,’ pension funds – specifically Canadian pension funds – found themselves making headlines in various crypto outlets as they ended their cryptocurrency forays either before they began in earnest or after suffering major losses as companies like Celsius collapsed.
Things have quieted down since for large institutional investors – at least with regard to the crypto markets – albeit with some exceptions, such as Vanguard’s acquisition of a large stake in Bitcoin (BTC) miners.
This year, however, brought a massive change to the dynamic as in January, after years of waiting, the Securities and Exchange Commission (SEC) approved 9 spot Bitcoin exchange-traded funds (ETFs), seemingly opening the floodgates for crypto-wary investors to gain exposure using familiar vehicles.
🔺 BlackRock foresees massive institutional investors trading BTC ETFs
According to BlackRock’s head of digital assets, Robert Mitchnick, the investment giant now expects BTC ETFs to see the coming of massive new and returning investors – Pension Funds, Sovereign Wealth Funds, and Endowments.
As of May 2024, BlackRock is reportedly playing the role of an educator for such institutional investors in hopes of attracting them to Bitcoin exchange-traded funds and is seeing a general resurgence in interest from such entities.
At the time of publication, BlackRock operates tha second-largest Bitcoin ETF – the iShares Bitcoin Trust (IBIT) – which boasts approximately $17 billion in assets under management (AUM).
The financial giant is also working on closer relations with sovereign wealth funds – specifically the Saudi Arabian sovereign wealth fund – albeit, at this stage, unrelated to the world’s premier cryptocurrency and is reportedly setting up the BlackRock Riyadh Investment Management (BRIM).
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