According to data from BlackRock's flagship crypto fund, IBIT, which has $48 billion in assets under management, around 75% of its investors had never owned an ETF before. This suggests that Bitcoin is being used as a gateway into the traditional finance (TradFi) ecosystem, rather than just being a way for TradFi investors to get into digital assets.
IBIT's US head of equity ETFs, Jay Jacobs, described this two-way street on the Chain Reaction podcast, saying that many crypto natives are entering the broader ETF ecosystem through Bitcoin and then staying. He noted that once investors get exposure to IBIT, they often start buying other BlackRock funds, including the S&P 500 tracker IVV.
BlackRock has launched its newest Bitcoin product, the iShares Bitcoin Premium Income ETF (BITA), which generates income by selling covered call options on Bitcoin holdings. This adds a yield-generating dimension to its crypto product suite and addresses income-oriented investors who had limited reason to own Bitcoin exposure previously.