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BlackRock CEO Fink shows no signs of entering bitcoin ETF race

From Reuters - January 12, 2018

NEW YORK (Reuters) - BlackRock Inc (BLK.N) has profited by being beating its competitors in exchange-traded funds to the punch, but Chief Executive Officer Larry Fink seems happy to be out of step with at least one trend - the race to build a bitcoin fund.

The worlds largest asset manager on Friday reported earnings that beat Wall Street expectations, due in no small part to aggressive investments in ETFs that track all sorts of financial markets. Investors are flocking to the relatively low-cost investments.

But when asked about a recent proposal by a competitor to build a leveraged ETF that would rise - or fall - twice as fast as the price of bitcoin on a given day, Fink was dismissive.

Those are not the kinds of products we would introduce at BlackRock, Fink told Reuters.

Our actions will speak louder than our words.

The comments come as a host of BlackRocks smaller rivals in the ETF space position themselves for they hope is a gold rush to capitalize after bitcoins 1,500 percent surge last year.

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