BlackRock has a 'responsibility to democratize investing,' including in crypto, Larry Fink says

BlackRock's determination into crypto fits into the plus absorption giant's broader ngo of creating products that are casual to usage and inexpensive for investors, CEO Larry Fink said Friday.

"We judge we person a work to democratize investing. We've done a large job, and the relation of ETFs successful the satellite is transforming investing. And we're lone astatine the opening of that," Fink said connected "Squawk connected the Street."

BlackRock applied for a spot bitcoin ETF connected June 15, which appeared to spur a rally successful cryptocurrencies and a flurry of akin filings from different plus managers. The initial filing for the iShares Bitcoin Trust did not see a absorption fee.

The Securities and Exchange Commission has antecedently rejected dozens of applications for akin funds, but BlackRock's engagement and the projected surveillance sharing statement successful the filing is seen by galore successful the crypto manufacture arsenic a motion that momentum is shifting.

"We are moving with our regulators because, arsenic successful immoderate caller market, if BlackRock's sanction is going to beryllium connected it, we're going to marque definite that it's harmless and dependable and protected," Fink said.

Fink had antecedently been captious of crypto, saying successful 2017 that the popularity of integer currencies was bash successful ample portion to wealth laundering.

However, involvement from clients and the precocious outgo of transactions motivated BlackRock to instrumentality a person look astatine entering the space, Fink said. He besides added that crypto tin service a diversification relation successful capitalist portfolios.

"It has a differentiating worth versus different plus classes, but much importantly, due to the fact that it's truthful planetary it's going to transcend immoderate 1 currency," Fink said.

The CEO declined to sermon the spot bitcoin ETF directly, saying helium is prohibited from doing truthful portion the filing is with the SEC.

BlackRock reported its second-quarter results connected Friday, earning $9.28 successful adjusted net per stock connected $4.46 cardinal successful revenue. The institution said it present has much than $9 trillion successful assets nether management.