Sovereign wealth funds bought the dip in bitcoin according to BlackRock CEO Larry Fink.
“We’re seeing more and more legitimate, long-term investors investing in it,” Fink said Wednesday at the New York Times DealBook Summit in New York. “I can tell you that there are a number of government funds […] they add incrementally to $120,000, $100,000; I know they bought more in the 80s.”
That state actors have been buyers of bitcoin is not news – Abu Dhabi’s Mubadala Investment Company and Luxembourg’s sovereign wealth fund are among those that have previously disclosed investments in spot bitcoin ETFs.
That SWFs added to positions as bitcoin dipped below the $90,000 level in recent weeks is notable, however, as Fink continued: “They establish a long position and then you own it over years … It’s not a trade, you own it for a purpose.”
Fink’s remarks reflect a growing shift in how some of the world’s biggest investors are approaching bitcoin. While the asset’s price remains volatile, institutional interest – particularly from sovereign wealth funds that manage national wealth – signals confidence in the asset’s long-term resilience.
Fink, who once dismissed bitcoin, has since become one of its most prominent institutional proponents. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), which has drawn billions in assets since its debut in early 2024, becoming the asset manager’s most profitable exchange-traded fund (ETF).
At the DealBook event, Fink again emphasized bitcoin’s appeal as a hedge against growing national debt and inflation. “I think there’s a big, big use case for it,” he said, framing the asset less as a vehicle for speculation and more as a way to protect against currency depreciation.
