On May 10, Bitcoin stabilized at the $100,000 mark, rising 6.75% over the past seven days, with the crypto market's excitement undiminished. The driving force behind this frenzy is the financial giant managing $11.5 trillion in assets—BlackRock.
From the funding frenzy of Bitcoin spot ETFs to a $17.6 million investment in Ethereum, and intensive communication with the U.S. Securities and Exchange Commission (SEC), BlackRock is rapidly pushing crypto assets into the mainstream, quietly reshaping the global financial landscape.
The myth of IBIT's fundraising: Bitcoin becomes 'digital gold'.
BlackRock's pioneering move in the crypto market is the iShares Bitcoin Trust (IBIT). In June 2023, it submitted an application for a Bitcoin spot ETF, breaking the regulatory deadlock. In January 2024, the SEC approved ETFs like IBIT, officially bringing Bitcoin into mainstream finance. As of May 2025, IBIT's asset management scale reached $62.65 billion, with a net inflow of $6.97 billion in the year, surpassing the world's largest gold ETF GLD's $6.29 billion.
Despite Bitcoin's year-to-date increase of only 1.4%, far below gold's 24.9%, IBIT still attracts a flood of funds, demonstrating institutional confidence in its long-term value. Bloomberg analyst Eric Balchunas noted that Bitcoin ETFs attract investments during price slumps, predicting that in 3-5 years, their scale will reach three times that of gold ETFs.
BlackRock CEO Larry Fink predicts that Bitcoin could break $500,000 within 5-10 years, reaching a market value of $10 trillion. IBIT not only ended Grayscale's GBTC monopoly but also made Wall Street the largest buyer of Bitcoin.
Ethereum and BUIDL: The disruptor of on-chain finance.
BlackRock's vision goes far beyond Bitcoin.
Recently, it purchased Ethereum for $17.6 million, locking in the strategic value of the smart contract platform. In March 2024, BlackRock launched the tokenized money market fund BUIDL, with a total locked value (TVL) of $2.8 billion, leading the global RWA (real-world assets) track, outpacing competitors like Franklin Templeton. BlackRock also completed a blockchain mapping of $150 billion in assets, covering real estate and commodities, and applied for DLT Shares, aiming to seamlessly integrate traditional assets with blockchain.
The success of BUIDL validates the commercial potential of on-chain finance. In a letter to investors in 2025, Larry Fink stated that tokenization will allow assets to flow in real-time, bypassing intermediaries, representing 'the next revolution in finance.' Ethereum is the cornerstone of this vision.
SEC dialogue: Staking, options, and the accelerator of compliance.
BlackRock's crypto ambitions are also reflected in its frequent engagements with the SEC. On May 9, BlackRock met with the SEC's crypto working group to discuss staking ETFs, tokenized securities, options trading, and ETF approval standards.
Robert Mitchnick, head of digital assets, stated that staking could bring additional returns for an Ethereum ETF, but regulatory challenges need to be addressed. If staking is approved, the appeal of the Ethereum ETF will greatly increase, and ETFs for other PoS chains like Solana and Cardano may follow.
BlackRock also proposed to establish temporary regulatory guidelines for crypto ETPs, pushing for industry standardization. With its 'revolving door' relationships with government agencies, BlackRock may accelerate the formation of the U.S. crypto regulatory framework, paving the way for the legalization of financial derivatives. Its influence is enough to make the market anticipate the arrival of a compliance wave.
BlackRock's confidence: from risk management to rule-making.
BlackRock's crypto strategy is rooted in its dominant financial position. In 1988, Larry Fink founded BlackRock's predecessor with a focus on risk management, and by 1994, its asset scale soared from $1.2 billion to $53 billion. Its Aladdin system performs over 5,000 stress tests daily, serving $20 trillion in assets, relied upon by over 200 institutions including the Federal Reserve, making it the 'superbrain' of global capital flows.
In 2009, BlackRock acquired iShares ETF, managing $3.3 trillion in assets, penetrating S&P 500 company equity, becoming the 'invisible hand.' During the financial crises of 2008 and 2020, BlackRock assisted the Federal Reserve in asset liquidation and market intervention, establishing its role as a 'behind-the-scenes central bank.' This intertwining of politics and business allows it to thrive in the crypto market.
The future: The 'BlackRock era' of the crypto market?
Why is BlackRock betting on crypto assets? Larry Fink believes that if U.S. debt spirals out of control, the dollar's status as a reserve currency could be replaced by Bitcoin. Tokenization will reshape financial infrastructure. IBIT, BUIDL, Ethereum investments, and dialogues with the SEC show that BlackRock is not only chasing returns but also aiming to set rules.
