BlackRock CEO Larry Fink has expressed his delight with the performance of his firm’s Bitcoin exchange-traded fund (ETF) and remains optimistic about the long-term potential of Bitcoin. In an interview with Fox Business, Fink described the iShares Bitcoin Trust (IBIT) as the fastest growing ETF in history, with unprecedented asset gains. He admitted to being pleasantly surprised by the strong performance of IBIT over the first 11 weeks of trading, accumulating $13.5 billion in flows and reaching a daily high of $849 million on March 12. Fink also highlighted the increased liquidity and transparency in the market, which has exceeded his expectations. When asked if IBIT’s success had surpassed his expectations, Fink responded affirmatively, emphasizing his bullish outlook on the future of Bitcoin. Currently, IBIT holds $17.1 billion in Bitcoin, making it the second-largest Bitcoin holding ETF after the Grayscale Bitcoin Trust. However, industry experts predict that some ETF issuers may face challenges and potential closures due to a lack of profitability. Despite this, smaller issuers are attempting to compete by lowering fees, but they still face significant competition from larger players. On March 27, Hashdex became the latest entrant to the competitive spot Bitcoin ETF market in the United States.
BlackRock CEO expresses strong optimism on Bitcoin as its ETF surpasses $17B