Sovereign wealth funds were buying the bitcoin dip according to Larry Fink, CEO of BlackRock.
“We’re seeing more and more legitimate, long-standing investors investing in it,” Fink said Wednesday at the New York Times’ DealBook Summit in New York. “I can tell you that there are several sovereign funds […] they are gradually adding $120,000, $100,000; I know they bought more in the $80s.”
That state actors have been buyers of bitcoin is nothing new: Abu Dhabi’s Mubadala Investment Company and Luxembourg’s sovereign wealth fund are among those that have previously disclosed investments in spot bitcoin ETFs.
However, it is notable that SWFs were adding positions as Bitcoin fell below the $90,000 level in recent weeks, as Fink continued: “They are establishing a longer position and then you own it for years… It’s not a trade, you own it for a purpose.”
Fink’s comments reflect a growing shift in the way some of the world’s largest investors approach Bitcoin. While the asset’s price remains volatile, institutional interest (particularly from sovereign wealth funds that manage national wealth) indicates confidence in the asset’s long-term resilience.
Fink, who once dismissed bitcoin, has gradually become one of its most prominent institutional proponents. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), which has attracted billions in assets since its debut in early 2024 and has become the asset manager’s most profitable exchange-traded fund (ETF).
At the DealBook event, Fink re-emphasized bitcoin’s appeal as a hedge against rising public debt and inflation. “I think there’s a great use case for it,” he said, framing the asset less as a vehicle for speculation and more as a way to hedge against currency devaluation.
