Sovereign Wealth Funds Bought the Bitcoin Dip, Says BlackRock CEO Larry Fink
Sovereign wealth funds were active buyers during bitcoin’s recent downturn, according to BlackRock CEO Larry Fink, whose firm oversees the largest spot bitcoin ETF, IBIT.
Speaking at the New York Times DealBook Summit on Wednesday, Fink said long-term state investors stepped in as bitcoin slid sharply. “We’re seeing more and more legitimate, long-horizon investors allocating to it,” he said. “I can tell you there are a number of sovereign funds … they were adding at $120,000, at $100,000; I know they bought more in the $80s.”
State involvement in bitcoin is not new — funds such as Abu Dhabi’s Mubadala Investment Company and Luxembourg’s sovereign wealth fund have previously disclosed positions in spot bitcoin ETFs. But the fact they increased exposure as BTC plunged below $90,000 in recent weeks stands out. “They’re establishing a long position that they plan to hold for years,” Fink added. “It’s not a trade — it’s purposeful ownership.”
Fink’s comments highlight a broader shift in how major global investors view bitcoin. Despite ongoing price volatility, sovereign wealth fund participation signals rising conviction in bitcoin’s long-term durability.
Once a skeptic, Fink has emerged as one of bitcoin’s most influential mainstream advocates. BlackRock’s iShares Bitcoin Trust (IBIT), launched in early 2024, has accumulated billions in assets and become the firm’s most profitable ETF.
At the DealBook event, Fink again positioned bitcoin as a potential hedge against swelling government debt and inflation. “There’s a very large use case for it,” he said, framing the asset more as long-term protection than short-term speculation.
Share this content:
