Sovereign Wealth Funds Bought the Bitcoin Dip, Says BlackRock’s Larry Fink

BlackRock CEO Larry Fink says sovereign wealth funds stepped in as major buyers during Bitcoin’s recent price plunge — not to trade the volatility, but to build long-term holdings.

Speaking at the New York Times DealBook Summit, Fink said more institutional investors with multiyear time horizons are accumulating BTC. “We’re seeing more and more legitimate, long-holding investors investing in it,” he said. “I can tell you there are a number of sovereign funds … they are adding incrementally at $120,000, $100,000; I know they bought more in the $80s.”

While sovereign funds investing in bitcoin isn’t new — with Abu Dhabi’s Mubadala Investment Company and Luxembourg’s sovereign wealth fund previously disclosing ETF positions — their continued buying as BTC briefly fell below $90,000 stands out. “They’re establishing a longer position, and then you own it over years,” Fink said. “It’s not a trade — you own it for a purpose.”

Fink’s comments highlight a shift in how some of the world’s largest pools of capital view bitcoin. Despite its volatility, rising participation from sovereign investors points to growing confidence in bitcoin as a durable, long-term asset.

The remarks also mark how far Fink’s own stance has evolved. Once a bitcoin skeptic, he has become one of the asset’s most influential proponents. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), now the largest spot bitcoin ETF and one of the firm’s most profitable products since its early 2024 debut.

At DealBook, Fink again highlighted bitcoin’s potential as a hedge against government debt and inflation. “I believe there is a big, large use case for it,” he said, casting bitcoin as a long-term store of value rather than a speculative trade.