Larry Fink: Sovereign Wealth Funds Were Buying During Bitcoin’s Plunge

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

Sovereign wealth funds were among the buyers accumulating bitcoin during the recent market downturn, according to BlackRock CEO Larry Fink — and their purchases weren’t short-term trades, but long-term strategic allocations.

Speaking at the New York Times DealBook Summit on Wednesday, Fink said that major state-backed investors continued adding exposure even as bitcoin fell sharply. “We’re seeing more and more legitimate, long-holding investors investing in it,” he noted. “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.”

Sovereign wealth funds investing in bitcoin ETFs is not new — Abu Dhabi’s Mubadala Investment Company and Luxembourg’s national fund have previously disclosed positions. What stands out, however, is that some of these state investors increased their allocations as bitcoin dipped below $90,000 in recent weeks.

“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.”

His comments underscore a broader shift in how some of the world’s largest pools of capital view bitcoin. Despite price volatility, institutional adoption continues to rise, with sovereign wealth funds signaling confidence in bitcoin’s durability and role in long-term portfolios.

Fink — who once dismissed bitcoin — has become one of its strongest institutional advocates. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), now the largest spot bitcoin ETF and the firm’s most profitable ETF, attracting billions since its early-2024 debut.

At the DealBook event, Fink reiterated bitcoin’s appeal as a hedge against mounting government debt and inflation pressures. “I believe there is a big, large use case for it,” he said, emphasizing bitcoin’s potential as protection against currency debasement rather than a vehicle for short-term speculation.