According to Larry Fink, CEO of BlackRock, the asset management giant expects that traditional financial assets will gradually transition to tokenized versions over the next few decades.
In an interview with CNBC's "Squawk on the Street" on Tuesday, Larry Fink stated that he believes tokenizing all assets is an important next step for the company and a great opportunity to attract more investors. He added, "If we can tokenize ETFs and digitize ETFs, we can allow new investors entering the market (such as those coming in through cryptocurrencies) to participate. Now, we can also expose them to more traditional long-term retirement products."
BlackRock is the world's largest asset management company, with a total managed asset value of $13.5 trillion, as reported in its earnings report on Tuesday. The company holds $104 billion in crypto assets, accounting for about 1% of its overall portfolio.
Meanwhile, Larry Fink pointed out in the CNBC interview that he believes asset tokenization is still in its early stages and has significant growth potential in various fields in the future. "I think we are just at the starting point of comprehensive asset tokenization, covering various assets such as real estate, stocks, and bonds," he added.
According to market research firm Mordor Intelligence, the asset tokenization market is expected to exceed $2 trillion in value by 2025 and is projected to grow significantly in the coming years, reaching over $13 trillion by 2030.
Larry Fink also mentioned during the fund manager earnings call that BlackRock plans to play a larger role in the tokenization space in the future. Currently, the company's teams are exploring related solutions.
BlackRock already has the world's largest tokenized money market fund—the BlackRock U.S. Dollar Institutional Digital Liquidity Fund (BUIDL), which was launched in March 2024 and has a scale of $2.8 billion.
Earlier this week, Larry Fink stated in an interview with CBS's "60 Minutes" that he believes cryptocurrencies play an important role in diversifying investor portfolios, similar to gold.
He was once a staunch skeptic of cryptocurrencies, calling them a "money laundering index" in 2017 and stating in 2018 that no clients wanted to invest in that market.
Larry Fink mentioned in the CNBC interview that he was once a critic, but over time, "I am growing and learning."
Related: Metaplanet's enterprise value has fallen below its Bitcoin (BTC) holdings.
Original article: “BlackRock CEO Believes Tokenization Will Usher in a ‘New Wave of Opportunities’”
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