Larry Fink: BlackRock CEO and the Bridge Between Wall Street and Bitcoin

As the world’s largest asset manager, BlackRock has long been synonymous with traditional finance. Under CEO Larry Fink, it is now shaping a new bridge between Wall Street and Bitcoin — one that makes crypto exposure more accessible to institutions and mainstream investors while accelerating the tokenization of real‑world assets.

This piece unpacks how Fink’s evolving stance, BlackRock’s iShares Bitcoin Trust, and its tokenization initiatives are changing the market in 2025 — and what that means for your own Bitcoin strategy.

From skepticism to “digital gold”

Larry Fink’s view on Bitcoin has shifted meaningfully over the past several years. In 2023, he called Bitcoin an international asset and likened it to “digital gold,” emphasizing its potential role in portfolio construction and cross‑border value transfer. That message signaled to traditional allocators that crypto exposure could be approached with the same tools and rigor used elsewhere in capital markets. See Fink’s comments in this CNBC interview: Larry Fink: Bitcoin can “digitize gold”.

The ETF moment that opened the floodgates

The U.S. Securities and Exchange Commission approved spot Bitcoin ETFs in January 2024, enabling investors to hold regulated shares that directly track Bitcoin’s price without managing private keys or dealing with exchanges. This was arguably the most significant on‑ramp for mainstream capital into the asset to date. Read the SEC announcement: Statement on the approval of spot Bitcoin ETPs.

BlackRock’s product, the iShares Bitcoin Trust (IBIT), quickly became the bellwether for institutional adoption:

• IBIT was the fastest ETF ever to reach $10 billion in assets, according to Reuters.
• It subsequently overtook the incumbent as the largest U.S. spot Bitcoin ETF by assets under management, as reported by Reuters.

By 2025, spot Bitcoin ETFs continue to record active primary‑market flows, reflecting steady institutional and retail demand. You can monitor live fund flows and fund profile data here: IBIT on ETF.com.

Note: IBIT uses third‑party, institutional‑grade custody for the underlying Bitcoin. For additional context on the service provider relationship, see Coinbase’s announcement: Coinbase selected as custodian for BlackRock’s IBIT.

Tokenization: Fink’s longer game

Beyond Bitcoin exposure via ETFs, Fink has championed tokenization as “the next generation for markets,” arguing that on‑chain assets can improve settlement, transparency, and programmability. BlackRock made this vision tangible in 2024 by launching its first tokenized fund on Ethereum, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) — a landmark move for on‑chain treasuries from a top‑tier asset manager. Read the announcement: BlackRock launches first tokenized fund on Ethereum.

Tokenized treasuries and money‑market exposures have since emerged as one of the fastest‑growing real‑world asset segments on public blockchains. The implication: if capital markets plumbing goes on‑chain, Bitcoin’s role as the native, censorship‑resistant bearer asset may become even more important as a portfolio hedge and collateral layer.

What this bridge means for investors in 2025

• Access without friction: Spot ETFs reduce operational friction for institutions subject to strict mandates and for individuals who prefer brokerage accounts. That’s why the SEC’s 2024 decision remains pivotal for broadening Bitcoin ownership (SEC statement).
• A new demand base: ETF inflows create a structural bid that differs from prior cycles, potentially dampening volatility around liquidity events. Live flow trackers like ETF.com’s IBIT page help gauge this demand.
• On‑chain capital markets: With BUIDL and similar vehicles, tokenization brings traditional yield instruments on‑chain, encouraging better settlement rails and programmable finance (BlackRock press release).

At the same time, ETFs do not replace Bitcoin’s original value proposition. Holding ETF shares is not the same as holding native BTC. You gain price exposure, but you do not control private keys, cannot use your coins on‑chain, and rely on fund structures and their service providers.

ETF exposure vs. self‑custody

Consider these trade‑offs when deciding how to access Bitcoin:

• Convenience and compliance (ETF)

  • Pros: Simplicity, brokerage integration, tax reporting, and potentially lower operational risk for institutions.
  • Cons: No on‑chain utility, management fees, market‑hours constraints, and reliance on custodians and trustees.

• Control and utility (self‑custody)

  • Pros: Direct ownership of BTC, on‑chain transferability, access to Lightning and emerging Bitcoin finance, optionality for multisig and inheritance planning.
  • Cons: Personal responsibility for key management and operational security.

A balanced approach is common: some investors use ETF shares for a portion of exposure (e.g., retirement accounts) and self‑custody for BTC they intend to use or hold long term.

For additional macro context, many investors timed allocations around major network milestones like the 2024 halving — a programmed supply reduction that has historically influenced market narratives. For a structured overview, see Fidelity’s primer: Understanding the Bitcoin halving.

Practical guidance for 2025

• If you want regulated market access: Spot ETFs like IBIT can fit brokerage‑based allocations. Track fees, spreads, and creation/redemption activity, and monitor fund flows and AUM.
• If you want native ownership: Learn solid operational security and use a dedicated hardware wallet. This ensures you control private keys, can verify addresses, and can use Bitcoin on‑chain without third‑party friction.

Final thoughts

Larry Fink’s BlackRock has turned a pivotal corner for Bitcoin: it legitimized access for mainstream portfolios through ETFs and is pushing capital markets toward tokenization. In 2025, that bridge is busier than ever. Whether you allocate via an ETF for simplicity or hold native BTC for control, align your tools with your intent — and treat key management as a core portfolio decision.

References and further reading:

• SEC approval of spot Bitcoin ETPs (January 2024)
• iShares Bitcoin Trust (IBIT) product page
• Reuters: IBIT becomes fastest ETF to $10B AUM
• Reuters: IBIT overtakes rival as largest U.S. spot Bitcoin ETF
• ETF.com: IBIT fund profile and flows
• CNBC: Fink calls Bitcoin “digital gold” and an international asset
• BlackRock: Launch of tokenized fund on Ethereum (BUIDL)
• Fidelity Digital Assets: 2024 Bitcoin halving overview