Written by: Martin

Larry Fink, the head of the world's largest asset management company BlackRock, has publicly stated that sovereign funds are quietly joining the Bitcoin investment wave. Once referring to Bitcoin as a "money laundering index," BlackRock CEO Larry Fink has now become a significant driving force in the cryptocurrency market.

In 2017, he openly criticized Bitcoin for being primarily associated with illegal activities. This shift occurred after 2020, when massive quantitative easing by global central banks raised concerns about the traditional monetary system, prompting Fink to acknowledge that Bitcoin "could evolve into a global market." Today, he leads the world's largest spot Bitcoin ETF—iShares Bitcoin Trust (IBIT).

After receiving approval from the U.S. Securities and Exchange Commission in January 2024, BlackRock launched its spot Bitcoin ETF, and its Bitcoin holdings have now exceeded 800,000 coins, making it one of the largest Bitcoin-holding institutions globally.

This trend of institutionalization has led to the share of spot trading volume on compliant trading platforms jumping from 42% in 2024 to 79% in 2025, indicating that institutions are replacing retail investors as the dominant force in the market.

Sovereign funds view Bitcoin as a "strategic allocation layer" rather than a speculative tool. Internal views at BlackRock suggest that Bitcoin is a long-term bet on the evolution of currency and digital asset infrastructure.

The scarcity design of Bitcoin (with a total supply of 21 million coins) and its decentralized nature make it a tool for hedging against fiat currency devaluation.

Bitcoin's price volatility remains high, with Fink describing it as a "fear asset," noting that Bitcoin rises during geopolitical tensions while peace signals lead to declines. However, the operational strategy of sovereign funds is to buy on dips rather than chase highs.

As the correlation between Bitcoin and the S&P 500 index increases, it is gradually evolving from a fringe asset into a legitimate component of institutional portfolios, and the low-key positioning of sovereign funds is just the beginning of this transformation.

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