BlackRock, the world’s largest asset manager, recently surpassed a notable milestone in its involvement with digital assets: over 700,000 bitcoins are now held across its investment products. This amount represents approximately 3.5% of Bitcoin’s total maximum supply—a fixed cap of 21 million coins expected to be fully mined by the year 2140.
A Shift in Strategy
Just a few years ago, BlackRock had publicly expressed skepticism toward Bitcoin. Key executives, including CEO Larry Fink, were vocal about concerns related to the asset’s association with volatility and illicit activity. However, since August 2022, the firm has taken a markedly different approach.
That month marked the launch of IBIT, BlackRock’s spot Bitcoin ETF, which gave its investors institutional access to the world’s largest cryptocurrency. From there, the company began ramping up its exposure and has since emerged as a major player in the digital asset market.
IBIT and Institutional Flow
As of July 2025, IBIT is considered one of the largest Bitcoin ETFs in the United States, accounting for more than 55% of all Bitcoin currently held by U.S.-listed spot ETFs.
In terms of performance, IBIT has also become one of BlackRock’s standout products. According to Bloomberg, it now ranks third in returns across BlackRock’s suite of 1,197 financial products, trailing the leader by approximately $9 billion in assets under management.
Changing Views from Leadership
Speaking at the World Economic Forum earlier this year, Larry Fink mentioned that the 700,000 BTC target was a strategic goal for BlackRock. In a previous interview with Bloomberg, Fink highlighted Bitcoin’s potential role as a hedge against currency depreciation and geopolitical instability in certain regions.
As he put it:
“If you’re worried about the devaluation of your currency, or about political and economic instability in your country, Bitcoin might become a global tool that helps navigate those concerns.”
This statement marks a notable departure from Fink’s earlier stance. Back in 2017, he had dismissed Bitcoin entirely, describing it as a tool primarily used for money laundering.