tldr on Blackrock from RockPaperBitcoin

Blackrock is a liability driven investor who :

1) doesn’t want to be bailed out ever again;

2) hates bonds with a passionate vitriol

3) understands btc enough to use it as the risk-free asset for portfolio construction

4) sees the ETF as a way to hedge the upshock risk that bit them last September.

Implication is that they’re not necessarily in it for NGU - but they’re using it for existential purposes and will likely see it through.

Will start to create enhanced SPX etfs sprinkling in the btc ETF - then will move as far as they can towards 100%