Sovereign Wealth Funds Bought Bitcoin During the Sell-Off, Says BlackRock CEO Larry Fink
Sovereign wealth funds were buying bitcoin during the recent market downturn, according to BlackRock CEO Larry Fink, whose firm operates the largest spot bitcoin ETF, IBIT. Fink said these state-backed investors weren’t trading short-term volatility — they were building long-term positions.
“We’re seeing more and more legitimate, long-horizon investors allocate to bitcoin,” Fink said Wednesday at the New York Times DealBook Summit. “A number of sovereign funds are adding — they bought at $120,000, at $100,000, and I know they bought more in the $80,000s.”
While sovereign funds such as Abu Dhabi’s Mubadala Investment Company and Luxembourg’s national fund have already disclosed bitcoin ETF investments, their willingness to add during the recent drop below $90,000 marks a notable shift. “They’re establishing a long-term position. It’s not a trade — you hold it for a purpose,” Fink added.
His comments underscore a broader change in institutional attitudes toward bitcoin. Despite price swings, growing participation from sovereign entities managing national wealth suggests rising confidence in bitcoin’s long-term durability.
Fink — once a vocal skeptic — has become one of bitcoin’s most influential champions. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT) in early 2024, which has since attracted billions of dollars in assets and become the firm’s most profitable ETF.
At DealBook, Fink reiterated bitcoin’s appeal as a hedge against mounting government debt and inflation. “I believe there is a large use case for it,” he said, emphasizing bitcoin’s potential as a tool for protecting against currency debasement rather than a vehicle for speculation.
