The asset management giant BlackRock has observed an unexpected phenomenon since the launch of its spot Bitcoin ETF over two years ago: nearly 75% of buyers of the iShares Bitcoin Trust (IBIT) had never owned an ETF before. This finding, shared by Jay Jacobs, Head of Thematic and Active ETFs at BlackRock, reveals a two-way dynamic between cryptocurrencies and traditional finance—a convergence that the asset manager now calls the “Great Convergence.”
A Bridge Between Two Worlds
The iShares Bitcoin Trust, launched in January 2024, is BlackRock’s flagship product in the crypto universe, with $48 billion in assets under management and a reserve of 765,936 BTC. Long presented as a gateway for traditional investors into digital assets, IBIT appears to play an equally important reverse role: it attracts crypto investors toward conventional financial products.
“IBIT was a way for traditional investors to access digital assets. But we also saw a lot of people entering IBIT starting with digital asset ETPs (exchange-traded products),” Jay Jacobs explained on Cointelegraph’s Chain Reaction podcast.
Once exposed to Bitcoin via the ETF, many investors then turn to other BlackRock funds, such as the S&P 500 (IVV), the Artificial Intelligence ETF (BAI), or the Gold ETF (IAU). “We see this as a way to engage with a different group of people than those we’ve worked with in the past,” Jacobs said.
The “Great Convergence”: DeFi, TradFi, and Private Markets
This movement is part of a broader trend BlackRock calls the “Great Convergence”—the gradual merging of decentralized finance (DeFi), traditional finance (TradFi), and private markets. “Historically, you had many different assets held separately: DeFi on one side, TradFi on the other, active funds versus index funds, private assets versus publicly traded assets,” Jacobs observes. “What’s happening is that people are seeking more integrated solutions to manage their portfolios.”
This convergence is materializing in the products offered to investors. BlackRock recently launched the iShares Bitcoin Premium Income ETF (BITA) on June 17, an ETF that generates income by selling covered call options on its Bitcoin positions. This product illustrates the growing sophistication of financial instruments linked to cryptocurrencies.
The Explosion of Pre-IPO Perpetuals: A New Bridge Between Private Markets and Crypto
Another striking example of this convergence is the rise of pre-IPO perpetual futures, which allow crypto investors to gain exposure to private companies before their stock market listing. The highly publicized IPO of SpaceX earlier this month illustrated this trend: crypto traders were able to access tokenized SpaceX shares before the company was even listed on traditional markets.
According to data from CryptoQuant, the trading volume of pre-IPO perpetuals on crypto exchanges has surged from approximately $1 billion in early May to nearly $22 billion, a spectacular growth in just a few weeks. Binance has established itself as the dominant platform in this segment, with all major exchanges now offering this type of derivative product.
“Investors are seeking more integrated solutions
📰 Related Articles
- Bitcoin Rainbow Chart Guide: Understanding Market Cycles to Invest in 2026
- Ethereum Foundation in Crisis: Budget Slashed 40%, 20% of Staff Cut
- SecondFi Loses $2.4 Million in Cardano Wallet Exploit: DeFi Security Under Scrutiny
🔍 In-Depth Analysis
- Aave Poised to Capture Tokenized Asset Growth, Says Standard Chartered
- CBOE Brings Back Binary Options on S&P 500: Prediction Markets Gain Traction
📬
Recevez le briefing crypto de la semaine
Analyses, tendances et opportunités — directement dans votre boîte mail.
