Part 7/12:
A critical challenge was how to introduce Bitcoin to the massive institutional market. Direct investment was hampered by custody issues, regulatory concerns, and the technical complexities of private keys. Fink’s solution: a regulated, familiar vehicle—the spot Bitcoin ETF.
Exchange-traded funds are the gold standard of easy access, allowing investors to buy and sell assets seamlessly. BlackRock aimed to develop a spot Bitcoin ETF, dubbed the iShares Bitcoin Trust (IBIT), enabling institutional and retail investors to gain exposure without navigating crypto wallets or exchanges directly.