BlackRock’s ETF chief says 75% of its bitcoin buyers are crypto fans new to Wall Street

A year ago, BlackRock launched one of the first-ever spot bitcoin exchange-traded products in the U.S. Now, investors, including many new to Wall Street, are flocking in, with the total market cap of spot bitcoin ETFs surpassing $63 billion. BlackRock’s spot bitcoin ETFs have seen significant inflows, with the recent spike in trading volume coinciding with bitcoin hitting its highest level since July. The demand for these ETFs highlights the need for a better way to access bitcoin, particularly for crypto investors. BlackRock’s strategy includes educating investors on the benefits of exchange-traded products. The U.S. market for digital assets continues to grow, with more than 40 million Americans holding crypto. Wealth management clients are driving adoption of spot crypto products, with firms like Morgan Stanley allowing financial advisors to pitch bitcoin ETFs to high-net-worth clients. However, broader adoption by wealth manager allocators is still evolving, with regulatory clarity needed to increase comfort with crypto investments. ETFs and blockchain technology are seen as solutions for transparency and access in traditional and digital finance markets, with BlackRock leveraging counterparty clearing and multilateral trading to mitigate risk. Ultimately, the convergence of ETFs and blockchain technology is viewed as a win for investors, bridging two ecosystems with shared goals of transparency and growth.