Sovereign Wealth Funds Bought the Bitcoin Dip, Says BlackRock CEO Larry Fink
BlackRock CEO Larry Fink says sovereign wealth funds have been accumulating bitcoin during the recent market downturn — not as short-term trades, but as long-term strategic positions.
Speaking at the New York Times DealBook Summit, Fink said the asset manager is seeing “more and more legitimate, long-holding investors” enter the market. “I can tell you there are a number of sovereign funds … they are adding incrementally at $120,000, $100,000; I know they bought more in the $80s,” he noted. BlackRock’s IBIT — now the largest spot bitcoin ETF — has been a key vehicle for many of these buyers.
While sovereign wealth fund interest in bitcoin is not new — entities like Abu Dhabi’s Mubadala Investment Company and Luxembourg’s national fund have previously disclosed ETF allocations — their willingness to buy aggressively as bitcoin slipped below $90,000 stands out. “They’re establishing a longer position … it’s not a trade, you own it for a purpose,” Fink said.
The comments underscore a shift in the way some of the world’s largest institutional investors are approaching bitcoin. Despite continued volatility, the involvement of state-backed funds suggests growing conviction in bitcoin’s long-term durability and role in national-level portfolios.
Fink, once skeptical of bitcoin, has become one of its most influential advocates. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), which has attracted billions in inflows since its early 2024 debut and has become the firm’s most profitable ETF.
At the DealBook event, Fink again highlighted bitcoin’s potential as a hedge against rising government debt and inflation. “I believe there is a big, large use case for it,” he said, positioning bitcoin as a tool for wealth protection rather than speculative trading.
