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BlackRock Executive: Bitcoin ETF Becomes Main Source of Revenue for the Company
Source: PortaldoBitcoin Original Title: Director claims that Bitcoin ETFs have become BlackRock's main source of revenue Original Link: https://portaldobitcoin.uol.com.br/diretor-afirma-que-etfs-de-bitcoin-se-tornaram-a-principal-fonte-de-receita-da-blackrock/ According to Cristiano Castro, Head of Business Development for BlackRock in Brazil, the Bitcoin ETF has become a major source of revenue for the world's largest asset management company. Castro shared this information during a recent blockchain industry conference.
BlackRock currently manages assets exceeding $13 trillion. Castro stated in an interview that it is unexpected for the Bitcoin ETF to become the company's largest source of income. Although the company was optimistic about launching these products, it did not foresee such strong demand.
The company's iShares Bitcoin Trust product (traded under the codes IBIT and IBIT39 in the United States and Brazil, respectively) has an asset allocation approaching $100 billion.
Regarding the recent outflow of funds from the fund, Castro believes this is a normal phenomenon. He pointed out that price volatility is an inherent characteristic of such investment tools, and ETFs, as high-liquidity and powerful instruments, are designed to allow investors to manage asset allocation and cash flow. Castro added that it is natural for outflows to occur during periods of price compression, especially among products widely used by retail investors.