BlackRock’s Bitcoin ETF Hits $70B—Wall Street Finally Gets Crypto FOMO

Larry Fink’s IBIT fund just crossed a ludicrous milestone—$70 billion in assets under management. Not bad for an ‘experimental’ asset class.

Wall Street’s late-stage crypto embrace is equal parts validation and irony. After years of dismissing Bitcoin as a ‘fraud,’ now they’re scrambling to package it in their blandest financial wrapper.

The ETF gold rush proves one thing: institutional money talks. Even when it’s fashionably late to the party.

BlackRock’s ETF Sees Continued Success Thanks to Bitcoin’s Big Year

In April of this year, BlackRock head Larry Fink discussed the emergence of Bitcoin on a global level. Specifically, he was clear in his belief that BTC could eventually replace the US dollar as a global reserve asset. His conviction was strong, and it was rooted in the potential that both Fink and investors saw in the cryptocurrency.

That has continued to come to fruition this year. The asset is up more than 24% in the last 30 days, according to CoinMarketCap. Moreover, the price increase has been massive for BlackRock, as the pro-crypto asset manager has now become the second-largest Bitcoin holder in what is an unprecedented run to $111,000.

BlackRock’s Spot Bitcoin ETF is now ranked among the top 5 US ETFs in year-to-date inflows, according to Bloomberg, reported Eric Balchunas. That is not likely to change any time soon. Moreover, it should only encourage the eventual approval of even more crypto-based ETFs. Specifically, tokens like solana (SOL) and Ripple (XRP) have their decisions pending currently.