BlackRock’s head of digital assets stated that the firm has been educating pension funds, endowments, and sovereign wealth funds about the new spot bitcoin ETF products.
Robert Mitchnick, BlackRock’s head of digital assets, mentioned that financial institutions are engaging in diligence and research conversations, with BlackRock playing an educational role.
BlackRock has been discussing bitcoin with these types of institutions for several years.
While achieving the title of the largest spot bitcoin ETF would be noteworthy, BlackRock emphasizes that it is not primarily focused on competing in size with Grayscale’s GBTC.
Robert Mitchnick, head of digital assets for BlackRock, predicts that the current pause in inflows into spot bitcoin exchange-traded funds (ETFs) will be followed by a new wave from different types of investors, such as sovereign wealth funds, pension funds, and endowments.
Mitchnick expects that in the coming months, financial institutions will begin trading in spot ETFs, leading to a resurgence in discussions around bitcoin allocation and portfolio construction.
He noted that BlackRock has been educating various firms, including pensions, endowments, sovereign wealth funds, insurers, asset managers, family offices, on bitcoin for several years.
Mitchnick explained that the focus is on educating clients rather than solely on competing in the assets under management (AUM) race.
BlackRock filed for an ether (ETH) ETF last year, reflecting its broader interest in digital assets beyond bitcoin. The firm believes in the potential of cryptoassets, stablecoins, and tokenization to benefit clients and capital markets.
Featured image from: cointelegraph.com