Larry Fink’s Bitcoin Turn Ends With World’s Largest ETF

• Larry Fink reversed his 2017 Bitcoin criticism after years of dialogue with clients, policymakers and crypto advocates.

• BlackRock’s iShares Bitcoin Trust became the largest U.S. spot BTC ETF, holding about $68B with $63B in net inflows.

• Fink confirmed sovereign wealth funds are accumulating Bitcoin as a long-term allocation, reflecting rising institutional demand.

BlackRock CEO Larry Fink publicly detailed his Bitcoin reversal at the DealBook Summit 2025 in New York. Speaking on stage, Fink explained why he abandoned earlier criticism and how sustained industry discussions reshaped his position. The shift culminated in BlackRock leading the largest U.S. spot Bitcoin ETF after years of reassessment.

From Public Criticism to Reconsideration

In 2017, Larry Fink labeled Bitcoin an index for money laundering and criminal activity during public remarks in Washington. He recalled making those comments while seated beside JPMorgan CEO Jamie Dimon.

However, Fink clarified at the summit that those statements targeted Bitcoin specifically, not the broader crypto sector. Notably, Fink said his reassessment began around 2021 and continued through 2022.

During that period, he engaged directly with Bitcoin advocates, clients, and policymakers. According to Fink, those conversations prompted him to challenge his assumptions and review Bitcoin’s potential utility.

However, Fink emphasized that the process reflected his leadership approach at BlackRock. He described regularly testing strong opinions through constant exposure to diverse viewpoints. He noted that meeting thousands of clients annually accelerates that internal review process.

BlackRock’s Bitcoin ETF Expansion

That evolution translated into concrete action through BlackRock’s iShares Bitcoin Trust ETF. The fund launched in January and quickly became the largest spot Bitcoin ETF in the United States. The ETF holds approximately $68 billion in assets.

Moreover, the fund has recorded nearly $63 billion in net inflows since trading began. BlackRock now lists Bitcoin among its top investment themes for 2025. The firm places the asset alongside U.S. Treasury bills and major technology stocks on its iShares platform.

Institutional Participation and Market Context

During the same discussion, Fink confirmed that sovereign wealth funds are accumulating Bitcoin. He stated that this activity reflects long-term allocation decisions rather than short-term trading behavior. According to Fink, that trend has emerged alongside broader institutional engagement.

Meanwhile, Fink described BlackRock’s Bitcoin ETF as a visible outcome of his evolving views. He framed the fund’s scale as a public record of that change. The comments, delivered at the DealBook Summit, outlined how dialogue, timing, and exposure reshaped BlackRock’s Bitcoin strategy.