Bitcoin ETFs Were Never Just About Custody, BlackRock Says

Bitcoin ETFs were supposed to solve one obvious problem: where, exactly, should big investors keep their Bitcoin? BlackRock says that assumption missed what institutions ultimately wanted.According to Jay Jacobs, a BlackRock executive, the stronger attraction has been financialization — making Bitcoin easier to use inside the machinery of traditional finance.That means turning Bitcoin into an asset that can be used as collateral, wrapped into options strategies, borrowed against and manage