What to know:

Sovereign wealth funds were buying the dip in bitcoin BTC$92,080.96, according to BlackRock CEO Larry Fink.

“We’re seeing more and more legitimate, long-holding investors investing in it,” Fink said Wednesday at the New York Times DealBook Summit in New York. “I can tell you there are a number of sovereign funds [...] they are adding incrementally at $120,000, $100,000; I know they bought more in the $80s.”

That state actors have been buyers of bitcoin isn't news — Abu Dhabi's Mubadala Investment Company and Luxembourg's sovereign wealth fund are among those that have previously disclosed investments in the spot bitcoin ETFs.

That SWFs were adding to positions as bitcoin plunged below the $90,000 level in recent weeks is notable though, as Fink continued: “They’re establishing a longer position and then you own it over years ... It’s not a trade, you own it for a purpose.”

Fink’s remarks reflect a growing shift in how some of the world’s largest investors are approaching bitcoin. While the asset’s price remains volatile, institutional interest — particularly from sovereign funds managing national wealth — signals confidence in the asset's long-term resilience.

Fink, who once dismissed bitcoin, has gradually become one of its most prominent institutional advocates. Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), which has drawn billions in assets since its debut in early 2024 has become the asset manager's most profitable exchange-traded fund (ETF).

At the DealBook event, Fink again emphasized bitcoin’s appeal as a hedge against growing government debt and inflation. “I believe there is a big, large use case for it,” he said, framing the asset less as a vehicle for speculation and more as a way to protect against currency debasement.