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Inside BlackRock’s Crypto Strategy: Tokenization, Stablecoins & The Next Trillion | Robbie Mitchnick, Head of Digital Assets

Bankless

[email protected]

Tech News, News, Technology

4.81.1K Ratings

🗓️ 10 November 2025

⏱️ 58 minutes

🧾️ Download transcript

Summary

BlackRock’s Head of Crypto Robbie Mitchnick joins Ryan to unpack how institutions are actually allocating (and why correlation to “digital gold” matters), what the ETF data says about demand for BTC and ETH, and why the October leverage flush didn’t dent long-term adoption. We dig into BlackRock’s tokenization roadmap, from the BUIDL-style tokenized money market funds and the Genius Act angle to the stablecoin flywheel, plus what’s still missing: secondary liquidity and pragmatic regulatory clarity. Robbie lays out a realistic 24–36 month path, a 2026 “show-me” phase for real utility, and candid advice for allocators on sizing and asset selection. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Is It Over? 11:54 Institutional Response to Liquidations 13:57 Bitcoin vs Gold 16:36 Bitcoin’s IPO Moment? 19:29 Next Catalyst 24:23 Institutional Growth 26:41 Central Bank Adoption 28:25 BlackRock ETFs 30:21 Ethereum ETFs 32:38 Tokenization Roadmap 35:33 GENIUS-Aligned Money Market Fund 38:08 Progress in Tokenization 43:04 Regulatory Clarity 46:30 Bull Case for Tokenization 48:08 Is Wall Street Convinced? 49:59 Bear Case for Tokenization 52:01 Restructuring Banks 54:16 How Many Stablecoins? 55:10 1-Year Goals 57:37 Advice to Institutional Investors 59:47 Closing & Disclaimers ------ RESOURCES Robbie Mitchnick https://x.com/robbiemitchnick  Blackrock Digital Assets https://www.blackrock.com/us/financial-professionals/investments/products/bitcoin-investing  “Bitcoin’s Silent IPO” https://finance.yahoo.com/news/bitcoins-silent-ipo-analyst-addresses-144047837.html  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Transcript

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0:00.0

If you think about the big categories of institutional investors, you've got family offices,

0:06.2

asset managers, sovereign wealth funds, university endowments, foundations,

0:10.9

corporate treasurers, insurers, right, pension funds.

0:14.3

You have some adopters in every one of those archetypes. But not the majority, not even close.

0:25.3

Robbie, you run crypto at BlackRock, so I feel like you know more about institutions and

0:31.6

crypto than just about anyone we've talked to on bankless. So I want to start with the question

0:36.3

that's on everyone's mind,

0:37.6

particularly on a day like today. So we are recording this, a day that's a little bit red in the

0:42.6

crypto markets. They seem to be coughing up a little bit. So prices. Is it over? Or is this

0:48.8

just a bear trap? Gosh, well, if we counted the number of times that people have declared it over over the

0:57.5

16 years, then that would be a pretty high number. So, no, I certainly don't think it is. I mean,

1:04.2

they've put it in perspective, right? This is the fifth cycle we've seen in, you know, Bitcoin

1:10.3

and crypto's history, right?

1:13.8

And through each of those five cycles, or at least each of the four preceding cycles,

1:18.7

you had these extraordinary bull markets, right?

1:22.7

And at the end of each, a pretty severe correction.

1:26.0

But through each successive cycle, the level that Bitcoin reached was massively

1:32.2

higher than the prior cycle, right?

1:34.6

And collectively across these five cycles, Bitcoin's gone up by six orders of magnitude,

1:40.9

right?

1:41.8

One million X, 100 million percent since when it first started trading on exchanges

1:47.5

in 2010. So this is obviously nothing new to crypto. I actually think, you know, if you'd

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