This product marked a complete pivot for BlackRock, a traditionally conservative firm. In line with its adoption of Bitcoin, CEO Larry Fink is now one of the major advocates of the digital currency. With the AUM boost, it remains unclear what the firm plans for its iShares Bitcoin Trust product overall.
While the Bitcoin ETF is BlackRock’s flagship and most popular crypto product, BlackRock is also fully invested in iShares Ethereum Trust, the ETH ETF. Despite the generally poorer performance of Ethereum ETF products, BlackRock remains in the lead among issuers overall.
With the massive uptick in BlackRock AUM, it may be inferred that Bitcoin and Ethereum contributed significantly to this new milestone.
As a regulated investment outfit, BlackRock is combining a conservative approach with new tech adoption. As such, its current capital base might encourage it to take more calculated risks in the coin moving forward.
Despite BlackRock’s stance, not all rivals share its vision for Bitcoin. Firms like Vanguard have specifically issued a highly publicized disclaimer that it will not get involved with Bitcoin, or crypto in general.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
