![]() The firm has defended itself, pointing to its fiduciary duty to invest on behalf of clients in their best interests, not advocate for political or social outcomes. Kelly wrote that in the US, the $9.1 trillion firm faces "growing pressures on our reputation and a complex set of policy challenges that are evolving daily against an especially intense and divisive political environment." The firm must "adjust our strategy and deploy more resources to meet these challenges," he said, as "few enterprises face more immediate challenges in the US than BlackRock."Ī coordinated effort to pressure BlackRock and chief executive Larry Fink over ESG strategy has extended across Florida, Texas, Louisiana, South Carolina, and other states. When ProShares launched BITO, its Bitcoin futures ETF, in October 2021, he said, it launched in the middle of a bull market and into “a kind of mania” that drove demand.BlackRock is reshaping a key team that handles relationships with government officials and regulators as a US presidential election year approaches and lawmakers continue to scrutinize BlackRock. And the uptake of Bitcoin spot ETFs will be a slow burn rather than an initial feeding frenzy. He told us the excitement will inevitably level out once the SEC makes its first approvals. But he’s nevertheless tempered in his expectations for the future of the ETFs. In October, fake news that the SEC had approved BlackRock’s application saw the price of Bitcoin surge briefly.Īnd this month, a fraudulent filing suggesting that BlackRock was seeking approval for an XRP ETF sent the price of the Ripple-linked token soaring.īalchunas is aware that crypto investors’ hunger for good news has driven his new pundit status. With markets on tenterhooks waiting for the good news, there’s a lot of disinformation flying around for him to debunk. And they’re just getting so close, they’re like right there!” he said.īalchunas said he’s become a kind of interpreter between those two worlds, communicating the intricacies of finance and regulation to an excitable cabal of online crypto enthusiasts. ”These worlds have been trying to connect for 10 years. The real excitement for him, though, is less about the ETFs themselves and more about what they represent: Wall Street’s gradual acceptance of crypto. When the firm applied for a spot Bitcoin ETF in June, it ignited excitement among Bitcoin investors, and set off a flurry of 11 other applications.Ĭoming out of a crypto winter and post the FTX scandal, every Bitcoin degen wants a little hopium, and BlackRock has the heft to bring investors to the product.īalchunas says the SEC will start approving spot Bitcoin ETFs in the near future - by mid-January. We talked to Balchunas, a Bloomberg Intelligence ETF analyst, about BlackRock’s pending Bitcoin exchange-traded fund, and his new status as Twitter’s go-to pundit.īlackRock is by far the world’s largest asset manager, with $9 trillion under management. ![]() It’s changed the game,” he told me and Trista Kelley. Sign up here.Įric Balchunas’ excitement is infectious. ![]() He spoke to DL News about his role as an "interpreter" for the online crypto community.Ī version of this story appeared in our The Guidance newsletter. The Bloomberg Intelligence analyst explains why he's more excited about the merging of high finance and crypto.Eric Balchunas expects the SEC to approve applications for spot Bitcoin ETFs by mid-January. ![]()
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