BlackRock CEO "Very Bullish" On Bitcoin As Its ETF Crosses $17 Billion

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by Tyler Durden
Thursday, Mar 28, 2024 - 01:50 PM

By Brayden Lindrea of CoinTelegraph

BlackRock CEO Larry Fink has been “pleasantly surprised” by the performance of his firm’s spot Bitcoin exchange-traded fund and has reiterated he's “very bullish” on the long-term viability of Bitcoin.

“IBIT is the fastest growing ETF in the history of ETFs. Nothing has gained assets as fast as IBIT in the history of ETFs,” Larry Fink said in a March 27 interview with Fox Business.

Fink said the iShares Bitcoin Trust’s (IBIT) performance has even “surprised” him at how well it has performed over the first 11 trading weeks.

IBIT has a strong start to trading, tallying $13.5 billion in flows in the first 11 weeks, with an $849 million daily high on March 12, according to Farside Investors. IBIT averages a little over $260 million in inflows per trading day.

“We’re creating now a market that has more liquidity, more transparency and I'm pleasantly surprised. I would never have predicted it before we filed it that we were going to see this type of retail demand,” Fink said.

Asked whether IBIT would “do good, but not this good,” Fink responded: “Yes, definitely.”

“I’m very bullish on the long-term viability of Bitcoin,” the BlackRock CEO added.

IBIT currently holds $17.1 billion in Bitcoin, according to BitMEX Research, and took only two months to reach the $10 billion mark — a milestone that took the first gold ETF two years to reach.