00;00;02;27 - 00;00;17;00
Brian Mosoff
Today we are here at our inaugural Institutional Digital Assets Summit with some of the most influential leaders in the industry, including some of our own at BlackRock. We're now joined by Samara Cohen. Thanks so much for being here.
00;00;17;03 - 00;00;19;05
Samara Cohen
Thank you for having me. It's exciting.
00;00;19;08 - 00;00;25;01
Brian Mosoff
So what were some of the inflection points that happened along the way to bring a product like private to market?
00;00;25;07 - 00;00;49;01
Samara Cohen
We think very carefully, especially because at BlackRock we deliver investment strategies in lots of different wrappers. We hold a high bar before launching an ETF as to whether there's incremental value offered by the ETF wrapper. So first with us, it was a journey in Bitcoin and hearing from investors, particularly institutional investors who wanted to engage with the asset class.
00;00;49;02 - 00;01;17;29
Samara Cohen
We really started to hear from investors that they wanted better access alternatives than how they were currently accessing Bitcoin, whether they wanted Bitcoin in an ETF and they were using a futures based ETF which really didn't track spot as effectively as they wanted to, whether they were in a trust structure that had liquidity constraints and high fees, or whether they were simply trying to get the exposure through proxy vehicles like crypto stocks.
00;01;18;02 - 00;01;44;28
Samara Cohen
What we heard was they wanted a an access vehicle that gave them more transparency around costs, better tracking to spot clarity, around custody, and a way to really view their whole portfolio and their whole portfolio risk holistically in one place. So that really developed our conviction around the demand and the value proposition of offering Bitcoin in an ETF wrapper with it.
00;01;45;00 - 00;01;51;20
Brian Mosoff
And now that it's launched, why is it such a pivotal moment or opportunity for BlackRock and Bitcoin?
00;01;51;24 - 00;02;22;20
Samara Cohen
It's an opportunity for a number of reasons. It gives us the ability in many ways to engage with investors who are just entering the investment ecosystem. There are many self-directed investors in the United States who are engaging with crypto and actually haven't engaged with mutual funds and with ETFs. And so is somebody who's kind of spending their career helping more people build portfolios and delivering to them the tools to build better portfolios.
00;02;22;27 - 00;02;41;28
Samara Cohen
The opportunity to meet and engage with this whole new generation of investors is an exciting one. And then for investors who are in the ETF ecosystem already and who want access to Bitcoin, it gives us another tool and another way to help them develop the portfolios that they want.
00;02;42;00 - 00;02;49;12
Brian Mosoff
Thanks so much for being here and I think everyone's excited to see where IBIT in the broader Bitcoin ecosystem go. So hope to see you again soon.
00;02;49;14 - 00;02;50;25
Samara Cohen
Thank you so much for having me.
This information must be preceded or accompanied by a prospectus for the iShares Bitcoin Trust.
The iShares Bitcoin Trust is not an investment company registered under the Investment Company Act of 1940, and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.
Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust.
The information provided here may not be representative of the experiences of other individuals and does not guarantee future performance. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any of these views will come to pass. Reliance upon information in this material is at the sole discretion of the viewer.
Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the investment is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets, and, consequently, would impact their value.
The sponsor of the iShares Bitcoin Trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC ("BRIL"), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.
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