BlackRock has identified its iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) as one of the top three investment themes for 2025, a notable move considering bitcoin’s dip this year.
The firm has positioned IBIT alongside two more traditional ETFs: the iShares 0-3 Month Treasury Bond ETF (SGOV) and the iShares Top 20 U.S. Stocks ETF (TOPT).
Bitcoin has fallen over 4% year-to-date, marking its first decline in three years, and IBIT has reflected this trend. Nonetheless, the ETF has attracted significant investor interest, ranking sixth among all ETFs for inflows in 2025, with more than $25 billion since January.
“It’s easy to interpret this as BlackRock merely promoting its most lucrative product,” commented Nate Geraci, president of the ETF Store. “However, I view it more as the firm reinforcing its belief that bitcoin should be part of diversified investment portfolios.”
Geraci pointed out that BlackRock has other ETFs, such as the gold-focused IAU, that are outperforming IBIT and carry higher fees. Despite this, the firm is highlighting a product that underperformed in 2025, which is unusual in an industry that typically emphasizes its best-performing funds.
“If revenue generation were the sole goal, BlackRock has plenty of ETFs with much higher fees it could focus on instead,” he noted. “Asset managers don’t usually shine a light on underperforming products, especially when they have a robust selection of outperforming options to promote.”
The inclusion of IBIT as a leading theme for 2025 signifies a long-term commitment to the cryptocurrency asset by the world’s largest asset manager. For investors who view crypto as speculative or niche, BlackRock’s framing of bitcoin alongside stable cash and stocks may alter that viewpoint.
