BlackRock Senior Executive Made a Bitcoin Statement on the First Year of the Approval of Bitcoin Spot ETFs!

It’s been just over a year since BlackRock launched the iShares Bitcoin Trust ETF (IBIT), and Robert Mitchnick, the firm’s head of digital assets, describes the first year as “incredible.”

However, especially among corporate and wealth advisory clients Bitcoin’in He notes that adoption is still in its early stages.

The iShares Bitcoin Trust ETF saw record inflows and rapid asset accumulation in its inaugural year, driven largely by direct retail investor interest. The ETF has also benefited from Bitcoin’s historic rally to over $100,000 late last year, although enthusiasm has faded in the early months of 2025.

Mitchnick acknowledged the recent outflows from the ETF but praised the product’s broader success. “We are focused on being a valuable resource and educational partner for our clients,” he says, adding that adoption in the corporate and wealth advisory segments is an untapped opportunity.

While the primary driver of IBIT’s initial success was individual investors, the firm is now turning its attention to attracting institutional clients and wealth advisors, according to Mitchnick. These segments face greater hurdles due to rigorous research and approval processes, but they represent significant growth opportunities, Mitchnick said.

“We are still in the early days of adoption in the wealth advisory and institutional segments,” Mitchnick explained. “There is a lot of momentum among firms working to accelerate approvals that allow advisors to incorporate Bitcoin into their client portfolios.”

Mitchnick highlighted the increase in institutional interest last quarter as well as progress in wealth advisory channels, which he sees as a larger, long-term opportunity.

“Both segments are very important, but wealth advisory may hold the most promise due to increasing momentum in approvals,” he said.

*This is not investment advice.