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Bitcoin ETF has become a major source of income for BlackRock.
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, the head of business development for BlackRock in Brazil, the Bitcoin ETF has become the company's main source of revenue. Castro revealed this information in an interview after speaking at the Blockchain Conference in Brazil.
In a speech titled “Digital Asset Allocation: Reshaping the Financial System and Portfolios,” Castro shared his experience at the world's largest asset management company. BlackRock currently manages over $13 trillion in assets.
According to reports, the executive stated that Bitcoin ETFs have become the company's largest source of revenue - which came as a surprise to the company. Although BlackRock was optimistic about launching these products, the company did not anticipate the demand would be so strong.
Castro pointed out that the iShares Bitcoin Trust BDR (IBIT39) and the iShares Bitcoin Trust (IBIT), two financial products traded on exchanges in the United States and Brazil respectively, have asset allocations nearing $100 billion.
Regarding the recent redemption situation of the fund (partly triggered by the drop in Bitcoin prices), Castro is dismissive of it. He believes that volatility is a normal part of the operation of these types of instruments. He stated that ETFs are a highly liquid and powerful tool that allows investors to allocate assets and manage cash flow.
The BlackRock executive added that redemptions are a natural phenomenon during periods of price compression, especially among products widely used by retail investors.