BlackRock named its iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) one of the top three investment themes for 2025, a surprising move given the slide this year.
The company placed IBIT alongside two more traditional offerings: the iShares 0-3 Month Treasury Bond ETF (SGOV) and the iShares Top 20 U.S. Stocks ETF (TOPT).
Bitcoin has fallen more than 4% so far this year, the first drop in three years, and the IBIT has reflected that performance. Still, the ETF has sparked great interest from investors. IBIT ranks sixth among all ETFs based on 2025 inflows, raising more than $25 billion since January.
“It’s easy to frame this as if BlackRock is simply promoting its highest-revenue product,” said Nate Geraci, president of ETF Store. “But I see it more as a company doubling down on its belief that bitcoin belongs in diversified portfolios.”
Geraci noted that BlackRock has other ETFs, such as the gold-focused IAU, that are outperforming IBIT and charging higher fees. However, the company is highlighting a product that underperformed in 2025, a rare move in an industry that typically boosts its top-performing funds.
“If the goal were purely income generation, BlackRock would have no shortage of ETFs with significantly higher fees that it could emphasize instead,” he said. “Asset managers tend not to focus on highlighting underperforming products, especially when they have a large set of outperforming alternatives that they could highlight.”
The inclusion of IBIT as the main theme for 2025 indicates a long-term bet on the crypto asset by the world’s largest asset manager. For investors who still view cryptocurrencies as speculative or fringe, BlackRock’s positioning of bitcoin alongside cash and stocks may change that perception.
