BlackRock Confirmed Bitcoin Is Here To Stay | Jay Jacobs

Jay Jacobs is the US Head of Equity ETFs at BlackRock. In this conversation, we break down the real impact of the bitcoin ETFs on adoption, why bitcoin's volatility has compressed, and how institutions and everyday investors are approaching digital assets today. We also dig into AI as a macro market force, the entire AI value chain from power to chips to data centers, and where the ETF industry goes from here. Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you’re rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ========================== Lava is a global platform for bitcoin financial services. Spend with Lava Card and earn up to 5% back in bitcoin with every purchase— all with no annual fee, no FX fees, and zero spread. Plus you can borrow against your bitcoin at the lowest rates, earn yield on cash, and move fiat or stablecoins globally. Get started at lava.xyz/POMP https://anchor.fm/s/b4841110/podcast/lava.xyz/POMP ========================== TOKEN2049 returns to Singapore on October 7–8 at Marina Bay Sands. The world's largest crypto event. 25,000 attendees, 300 speakers, 1,000 side events and the whole industry in one place for two days, into the F1 weekend. Get 10% off your ticket with code POMP10 at https://token2049.com/singapore ========================== Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/pomp ========================== 0:00 - Intro1:11 - Bitcoin ETF's real impact on adoption3:18 - Why bitcoin's volatility has compressed6:57 - BlackRock's bitcoin & crypto product strategy9:13 - In-kind redemptions & borrowing against bitcoin11:18 - AI as a macro factor & the AI value chain22:36 - Active vs. passive investing in AI & crypto26:29 - The rise of independent investors28:13 - ETFs vs. mutual funds32:05 - Inside BlackRock's ETF playbook 41:43 - Long-term investing & the generational shift in bitcoin and AI

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:01Speaker 00

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• 1:00Speaker 03

  When we end up in an environment where people are more concerned about institutions, concerned about geopolitics, concerned about fiat currency, maybe debasement. Bitcoin should benefit. That's also an environment where stocks and bonds tend to generally not do so well. So that fundamental diversifying nature of Bitcoin, we believe still very much holds, even as the investor base has maybe shifted over the last few years.

• 1:23Anthony Pompliano?

  What's going on, guys? We got a great conversation today with Jay Jacobs. He is the US head of equity ETFs at BlackRock. He's one of the big dogs who has brought ETFs into the industry. They obviously are the IBIT owners and they've brought that to the market and done a fantastic job. But in this conversation, we talk about Bitcoin, the crypto market. What's going on? Why are people allocating to these structures? On top of that, we talk about AI, all the infrastructure, the entire value chain, what they think about the next leg of AI and how investors are actually allocating their capital. I think this conversation is really interesting because it's going to help you better understand not only these themes, these technologies and these opportunities, but it's also a little bit as to why ETFs have risen so quickly, why they've become so popular in people's portfolio. And I think if you listen to the entire thing, not only will you walk away and be impressed by Jay, but I also think that you're going to find a lot of opportunities to go and investigate

• 2:08Anthony Pompliano?

  and maybe put into your portfolio. So here's my conversation with Jay Jacobs. All right, Jay, Bitcoin ETFs are the most successful ETF product ever launched, it seems. You guys were a pioneer. I remember when you guys filed for the ETF, I said, we're going to get it approved. And that's probably going to be a pretty big deal for the industry. When you look back now, what has been the actual measurable impact on the Bitcoin industry from these ETFs?

• 2:30Speaker 03

  I think the biggest impact has just been the amount of people that can now participate in the Bitcoin ecosystem. So if you think about before these ETFs existed, people had to go sign up on a digital asset exchange. That was a friction for many individuals. That was a prohibition for many institutions that didn't have that ability or just an incredibly long and arduous process for even many financial advisors or RAA's that had the ability to do that and set up all the plumbing for digital asset exchanges, but just they weren't there yet from a conviction behind Bitcoin perspective. So once the Bitcoin ETFs like IBIT came out, it just made it as easy to access as clicking a button on a brokerage account, just like you buy the S and P 500 or buy an individual stock.

• 3:13Speaker 03

  And so what that meant was individual investors, so many more had access to vehicle tracking Bitcoin. Financial advisors over time got access because we saw a lot of financial advisor platforms approve IBIT and frankly approve ETH or Ethereum ETF as well. And institutions now suddenly had a very liquid vehicle to express their views as well. So it increased access. What I think it also did was before IBIT, many advisors and institutions could kind of avoid the Bitcoin conversation. Like they, it was like, I can't.

• 3:47Anthony Pompliano?

  Ignore it.

• 3:48Speaker 03

  Yeah, they couldn't buy it. So, you know, everyone has so much on their plate at all times in these institutions. So are you going to spend time learning about Bitcoin? Are you going to spend time thinking about like your asset allocation between stocks and bonds? I think a lot of them focused on the latter. Once exposure to Bitcoin became available to them with IBIT, it had to be a part of the conversation of how do they think about this asset class? Does it fit in their portfolio? What are they getting when they allocate to Bitcoin in a broader portfolio? And so it just really accelerated those conversations within some of the most sophisticated institutions in the world.

• 4:19Anthony Pompliano?

  It seems like Bitcoin's volatility has compressed. It was, you know, 80 ish vol asset. Now it's like a 35, 40 vol asset. I have heard people claim that it's because just Wall Street's participating in general. Some people say it's the ETF. Some people say, no, it's actually all of the leverage and options and various other instruments being put on top of it. Do you guys have a view as to like why Bitcoin's volatility has been compressing? And will it continue to compress? And people should think of that as part of like the Bitcoin story going forward?

• 4:45Speaker 03

  You know, I don't think we have a universal answer, but I think a few factors have certainly contributed. You know, one with the build out of the ETPs, with the build out of the options market around the ETPs. It's created more ways for people to participate in Bitcoin and that creates a more robust market. So when there's, when, when people are looking for liquidity or people are looking to put on more complex trades, there's just, there's a market that can support that now because of IBIT. And so that should help reduce some of the volatility. I think secondly, again, because more people can participate in it. There's more research, there's more conviction, there's more long-term buyers that have come into the space that can be kind of the counterbalance to people who are maybe doing more short-term trading strategies. That has helped reduce volatility as well.

• 5:26Speaker 03

  But overall, having more people participate in a more liquid, more robust market can help bring down volatility.

• 5:33Anthony Pompliano?

  Now, when we look at a lot of that volatility compression, I think that there was a bunch of people who were not part of Wall Street, not part of the institutional world. They were very excited about Bitcoin, frankly, because it was outside the system and it was super volatile and it was very asymmetric. My friend Jordy Visser talks a lot about like this idea of a silent IPO. And his general thought process is if you have a private company and it goes public, there's usually some transfer of ownership. The private market investors and the early employees, at some point they're selling and you get kind of new shareholders in the company. His argument is that Bitcoin's kind of gone through that over the last, you know, year or two. And the ETFs have probably been a big part of that story of allowing access for a new type of investor. It does feel like Bitcoin now is much more interest rate sensitive. It trades with higher correlations to certain assets.

• 6:17Anthony Pompliano?

  Like things have kind of changed about Bitcoin. And so when you guys are talking to institutional investors or kind of the folks that you have in these ETFs, how are they thinking about Bitcoin compared to maybe other assets? Whereas the people before, they were like Bitcoin is like 100% of my portfolio. I don't care what the Fed is doing or, you know, what's going on with the inflation report. I have to imagine the people holding the ETF, they really care about a lot of that stuff.

• 6:41Speaker 03

  So I think I agree with some of those points. Certainly the investor base involved in Bitcoin now has shifted and ETFs have played a huge role in that. You see more people participating who tend to be long-term buy and hold from those financial advisors that have model portfolios that are going to be more kind of strategic in nature to the institutions that are long-term buy and hold. So the, the ownership mix has certainly changed. And like we said, that probably had an impact on volatility. But we don't believe that the fundamental characteristics of Bitcoin have shifted, particularly over the long run, that inherently it is still a global monetary alternative that is decentralized, that is not governed by, by, by specific government, that can transact very freely across borders.

• 7:26Speaker 03

  And that fundamental nature of Bitcoin is still what drives the majority of its value and frankly, how it should behave relative to stocks and bonds. When we end up in an environment where people are more concerned about institutions, concerned about geopolitics, concerned about fiat currency, maybe debasement. Bitcoin should benefit. That's also an environment where stocks and bonds tend to generally not do so well. So that fundamental diversifying nature of Bitcoin, we believe still very much holds, even as the investor base has maybe shifted over the last few years.

• 7:57Anthony Pompliano?

  Now, from a corporate strategy standpoint, I think there's really three things you can do. You can sit out and just say, hey, look, we're not going to participate whatsoever. You can say, we are going to have a lot of breadth in terms of the number of coins we're going to support. And there's some firms that are out there with Bitcoin, ETH, Solana, and then coins I've never even heard of before, frankly. Or you can go really deep with a very small number. And it seems like that last one has been your guys' strategy. You guys have Bitcoin and ETH, but you also have some income. You've got some staked and unstaked and kind of different variations. Can you just talk about, you know, when you're sitting in like the product development room or meeting, how are you guys thinking about what is, you know, part of the mandate? And then maybe some of the things that you're like, look, we'll, we'll let other people kind of go after those opportunities.

• 8:37Speaker 03

  Well, I think an important starting point is remember Bitcoin and Ethereum make up anywhere between two thirds and three quarters of the whole digital asset market cap. So a tremendous amount of value just in those two assets. And we're still so early in this journey for digital asset adoption in the broader financial ecosystem. So our focus has been, you know, we have the largest, most liquid Bitcoin ETP on, on the planet. We have a staked Ethereum ETP that's the largest, most liquid. We have a, sorry, we have an unstaked version ETH. We have a staked version ETHB that provides an additional income stream for investors. So for us, it's much more about playing in the biggest buckets right now, where we think education, where we think portfolio allocation and having really liquid tools is going to make a huge difference for investors. You're absolutely right, though.

• 9:22Speaker 03

  We have kind of looked at different flavors of some of these assets. So our bringing out ETHB, which is a staked Ethereum ETP earlier this year, was a big decision to kind of allow for people to participate in staking through ETP structure. And then we also brought out BitA, which is effectively Bitcoin exposure with about 30% of that exposure overwritten with covered calls to generate a high income stream for investors. And a lot of that was driven by client feedback that clients are interested in Bitcoin. They like the long-term story, but the fact that it's a zero coupon, zero yielding asset makes it sometimes hard to fit in a portfolio that can be very kind of cash flow based.

• 10:03Speaker 03

  And so attaching a cash flow to it through an option strategy can help people still have largely a long position in Bitcoin, but also get the utility of having an income stream from it.

• 10:13Anthony Pompliano?

  What about in-kind contributions or creation? That was not part of the approval process early on, but now that it has kind of entered, it seems like there are a lot of large holders who are saying, look, there is some sort of easy access security. It's been definitely in private conversations, a lot of people are talking about cold card hacks or just physical security, whatever. Am I better off holding the ETF than the Bitcoin, which I think the hardcore Bitcoiners, rightfully so, are like, well, that's kind of against the Bitcoin ethos. What are those conversations like with potential or actual ETF holders?

• 10:47Speaker 03

  When we first launched iBit, we weren't able to do in-kind from a regulatory perspective, but that had evolved and were able to do in-kind transactions, meaning through various third parties, someone who owns enough BTC can effectively kind of exchange that for iBit. I was with you. I thought this was more of kind of a security piece that people who are holding their own BTC are going to think, you know, I don't want to do this anymore. I'd rather have institutional custody. But what we've learned is that's certainly a part of it, but a bigger piece of it is actually the ability to kind of financialize Bitcoin. Borrow against it is a huge use case for people who are long Bitcoin, but have so much of their wealth tied up in it and they want to buy a house or buy a car. Being able to borrow against it is a big piece.

• 11:31Speaker 03

  People who want to overlay different option strategies. If you've made a lot of money in Bitcoin or have a lot of your net worth in Bitcoin, maybe you do want some sort of protective option strategy or an income strategy on top of it, or you want to do some sort of exchange replication where you can kind of reduce your Bitcoin risk and get more exposure to something like the S and P 500. Once it sits within a wrapper like iBit, there's a lot more you can do with it through different financial platforms. So that's been a big driver of the in-kind appetite. Also, just the minimums for in-kind transactions have come down substantially. So right now it's sort of at the one and a half, $2 million level for an in-kind transaction. Previously it was much higher than that.

• 12:15Speaker 03

  And so that's really kind of opened the pool to more people to participate in that.

• 12:18Anthony Pompliano?

  Yeah. You guys put out this kind of mid-year thematic update. In it, you guys talk about a lot of AI stuff. And I think that there was a belief previously that AI was kind of stealing the show from Bitcoin. I think now maybe there's a little bit more kind of even ground, if you will. People obviously are convinced the government's going to keep printing money. There's some questions around the macro environment and global liquidity. And so Bitcoin has kind of like reemerged, helps the price, you know, and kind of those two things I think are related. AI is still a massive story and I think AI is probably driving the US economy right now. How do you maybe from a framework standpoint, look at the AI industry, given there's so many different components here?

• 12:54Speaker 03

  So, and to your point, we at BlackRock have been saying now for a few months that AI has effectively become a macro factor in the sense that usually people look at things like GDP growth, they look at interest rates, now they look at AI adoption as one of the biggest influences on what's happening in the markets.

• 13:09Anthony Pompliano?

  It's true, though.

• 13:10Speaker 03

  If AI slows down, the markets will feel it. If AI accelerates, the markets will enjoy it. Like it is that important to, especially the US markets in terms of overall price levels. So what we did with this thematic mid-year update was, you know, a lot of people kind of know where we are with AI today. This is much more looking at the future of where things are going to evolve, some of the challenges, some of the bottlenecks in the build out of AI, some of the next phases in terms of what can we expect once we move out of this kind of major capex boom into more of a inference and adoption boom. And frankly, you know, what does this mean for different industries? Too many people, I think, still view AI as a tech theme. A lot of the tech companies are building AI, but it's a healthcare theme, it's a legal

• 13:53Speaker 03

  theme, it's a consumer theme, it's going to touch basically every industry or sector in one way or another. And we have to start thinking about that across our portfolios. Just because you allocate to a healthcare fund, for example, doesn't mean you've necessarily moved away from the AI trade.

• 14:08Anthony Pompliano?

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• 14:53Anthony Pompliano?

  Lava keeps it simple and they help you build your long-term savings via your everyday spend. Visit lava.xyz/pomp to get started in just a few minutes today. lava.xyz/pomp to get started today. It's fascinating to me because I think the tech community was very early to the AI stuff because they're kind of closest to the advancements. But the tech industry is very much long-only, you know, kind of equity-based thought process when it comes to providing capital. This is one of those trends where you have software and hardware. When you get the hardware, it's not like a trinket that you're building either. It is power generation, data centers, chips, you know, you kind of go through this whole stack.

• 15:37Anthony Pompliano?

  And so now you're talking about real estate, you're talking about debt, you're talking about equity, you're talking about hedging exposures. I mean, you start to then play, well, wait a minute, not all the companies are in America. I've got to go learn about a company in South Korea or in Japan or, you know, wherever in the world. And so it does feel like the financialization is actually emerging as well of tech and finance is almost coming together. And people are saying like, I need to be as smart on how are companies being funded and what are the different tools available as I need to be on like, just how does the technology work? And that to me feels like, one, it's an opportunity. If you get up to speed quickly, you can, you know, kind of have an advantage. But I kind of mentioned it's super difficult inside of a large firm because you're almost bringing together different teams with different expertise and trying to collaborate on these problems?

• 16:22Speaker 03

  Well, I think this is one of the incredible benefits of a place like BlackRock is it can look at the entire capital stack of something like artificial intelligence and try to understand kind of where's the opportunities, where can BlackRock and its clients play a role? But you're right, when you, when you talk about a theme that's in the trillions of dollars, which is where artificial intelligence is in terms of the capital expenditures that are needed, the potential economic impact of artificial intelligence, it's going to, it's not necessarily just a US large cap equity play. It's going to be much broader. We see that just within the equity ecosystem right now. So we sort of built out this concept of the AI value chain and trying to identify the different companies and the different layers of this value chain. And it runs from power companies and data centers in the real estate space to chip

• 17:04Speaker 03

  manufacturers, to data owners, to large language model developers, applications that are adopting artificial intelligence, platforms that are enabling it. We're suddenly in the dozens of companies globally that are participating in artificial intelligence across a whole range of sectors. So a lot of the education that we're doing with clients is saying, you see this as a tech theme today, this is much bigger than a tech theme tomorrow, really look across the entire value chain to understand where the best opportunities are. And in fact, some of the best opportunities, we think, sort of sit outside of tech right now. Some of these physical constraints and materials and utilities in real estate where, you know, it's easy to scale a software, it doesn't have any incremental cost, but it's not so

• 17:48Speaker 03

  easy to scale compute, which has a tremendous physical footprint.

• 17:52Anthony Pompliano?

  When you're looking at this sector, we obviously see, let's take an example of the DRAM ETF, best ETF launched in history, everyone's all excited about it. To me, I think I was a little surprised at such a specific, you know, kind of vertical application of ETF into a very small number of companies. But there's some reasons I think people have unpacked just as kind of market observers of you're giving access and kind of doing these different things. How fragmented do you think these investment vehicles can get, right? Like memory is one piece, but like if you're going to be able to go down to almost specific, you know, components, I mean, there could be thousands, right? Depending on how, you know, okay, well, what about the space? What about data centers? What about chips? What about all of this? Like within chips, what about liquid cooled chips? What about, you know, all this stuff?

• 18:37Anthony Pompliano?

  Like, how do you guys think about the ability to drill down into specificity versus maybe more like macro themes, like industry themes?

• 18:45Speaker 03

  Well, a lot of the way that we think about innovation is based off of three pillars. One is, is this solving a client need? Is this, you know, exposure to a piece of the value chain that is otherwise hard to get exposure to, or do we need to define this part of the value chain? A lot of the value of thematic ETFs is really frankly defining what is the theme? What are the companies involved in it? And that can be a really important access vehicle for investors. I think the second thing is, is there positive expected return? Is this going to have utility to portfolios? You could bucket things together, but if it's not worth anything, that's not really going to help our clients either. And the third is really a stamp of quality. Can we build a good ETF around this type of strategy or exposure? And when you get really narrow into the sub-sub themes of artificial intelligence and there's

• 19:29Speaker 03

  only a couple of names, it doesn't really resemble an ETF anymore. And in fact, largely is not doable in an ETF anymore. And it looks a little bit more like, you know, just a very kind of small granular basket. So the way we think about it at BlackRock is really those three pillars, the client use case, the portfolio impact and the quality of a product we can bring out. Back to memory, memory is a super important part of the whole AI value chain. And it's a really important part today. Tomorrow, the value chain could have a different area of opportunity. It could be in the commodity space. It could all be about copper if we have copper shortages, right? So the way that we've approached this is we do have granular ETFs. We do have a copper mining ETF, iCop.

• 20:13Speaker 03

  But for many clients, they just want an active manager to sit on top of this and decide for them. I want to be in memory now and I want to be in these memory companies. Or I want to move into the power space because that's where the opportunity is. And really adjust that portfolio for clients on their behalf. So that they don't have to try to research and time these trades themselves.

• 20:31Anthony Pompliano?

  It does feel like, take a shortage, right? In many industries, when there is a shortage, people are incentivized to come in and bring in capital investment and solve the shortage. That is the whole point of the price going up is this economic incentive. And so if that is going to continue, there's almost this idea of you all have to kind of predict or think about like, what is the next shortage? Or what is the next area? But maybe also just you're big enough and you have enough resources and the firm has enough insights and intelligence where you're just like, okay, why don't we just go and build products for the whole value chain? And then as the like, you know, kind of micro trends or rotations happen, we can serve everything. We don't have to constantly be trying to like play catch up to this, right? I would assume that last strategy is much better when you've got the resources to do it.

• 21:15Speaker 03

  Yeah, so we're doing that too. You know, we have a power ETF, POWR. That's just looking at companies that are really trying to provide the fuels, the power generation, the power distribution that could benefit from artificial intelligence. We have a digital infrastructure ETF, IDGT, that's looking at the real estate that is going to benefit from more need for data centers. So we, we do look at this at a kind of a sleeve basis across the value chain. But you could always take it narrower and narrower and narrower. At some point, we have to say within the BlackRock walls of, you know, this is kind of the, the amount of precision that we think is doable in an ETF and valuable to clients. So we have kind of the one ticker solution with BAI, that's the actively managed AI ETF.

• 21:52Speaker 03

  And then we have the sleeves of that value chain, like power, like IDGT, like copper, iCop, that allow people to get more granular if they want to play it themselves. Your point on, your point though, on the, on the, on the choke points, on the, on the difficulties with the supply chain. This is where I think the biggest mismatch is in artificial intelligence today. Because what's happening on the large language model development is they're writing, the, the large language models are writing code for themselves to improve the models. This is happening constantly around the clock. You have demand accelerating in an exponential way with companies around the world making decisions in days, weeks to up the amount of money they're going to allocate to artificial intelligence and the tokens they're going to spend.

• 22:37Speaker 03

  But on the supply side, if we need more copper to support the build out of more data centers or to rebuild the grid in the United States, you could be looking at four to eight years until that copper mine comes online. If you need more indium because copper no longer is the best way to transmit data across a data center and you need photonics and lasers to do it instead. You need to go build a zinc mine, process that zinc, a small byproduct of that is indium. And then that's going to feed into your lasers and photonics. That could also take years. Even if you just want to build more chips, you know, we just, we just need more GPUs. There's so much demand for it. We want to accelerate. Today, the fabs take about four years to bring online, even in the United States, even if you're trying to accelerate this build out.

• 23:19Speaker 03

  So the models are getting much better very quickly. The demand is growing at an exponential rate, but the supply side is lagging by years. And I think we're going to start to feel that in terms of where some of the investment opportunities are, but also maybe in certain ways about how AI evolves from here.

• 23:36Anthony Pompliano?

  I actually don't know the answer to this, which is everything you're describing, all of the different tickers and strategies are very much either rules based, kind of passive. Hey, we want to give you exposure and we've constructed a portfolio, but there's not somebody at BlackRock like sitting there being like, today I think we should sell and tomorrow I think we should buy. You know, and kind of more actively managing. Do you guys have a family of active management that are in some of these industries? Or most of like the AI and crypto stuff just more kind of passive in nature?

• 24:04Speaker 03

  We absolutely have active. So BAI is our actively managed AI ETF run by Tony Kim. He's a fundamental equities manager who's run technology portfolios at BlackRock for years. He does a Silicon Valley bus tour, meeting all the major AI companies. He's very much a stock picker, picking a portfolio of AI companies and he's rotating across that value chain. That's very different from something like power, POWR, which is, it's an index based methodology that is looking at companies, companies providing the fuel for electric generation. Companies generating electricity and companies involved in the distribution of that electricity. That's an index. It can still evolve over time based off of those index rules, but there's not someone behind the scenes kind of doing fundamental stock picking.

• 24:48Speaker 03

  So we have the whole range and I think that's important for investors because some people want to outsource those decisions to Tony Kim and BAI. Some people want to pick this, as you were saying, kind of some people want to get granular and pick the sleeves themselves. In many cases, an index based approach can be kind of a very efficient way of doing that.

• 25:04Anthony Pompliano?

  Yeah, it's fascinating to me how good you guys are also the naming and the, the tickers like BAI, pretty good. Power, P, what do you say, POWR?

• 25:15Speaker 03

  You don't want to know how much time was spent behind the scenes on some of those tickers, but we take it seriously.

• 25:20Anthony Pompliano?

  Well, I also am assuming that there's a whole game of like, who gets what ticker and how do you jockey for, you know, getting them and some horse trading probably going on between firms or whatever. So I've got to imagine though, that building the portfolio, anyone can build a portfolio in a spreadsheet, right? Anyone can come up with, I think it should be named this, like there, there's a lot of intelligent kind of intentionality behind that. What about from a distribution standpoint? Like, cool, you built a great ETF, it's got a great name, but now you gotta get people to invest in it. And some of that is like, hey, we just can put it out in the world and you know, maybe the media writes about it or something. But you guys also are very good at distribution. And so how do you think about that component and having conversations with clients on these topics and answering questions? And you know, there's like a whole nother part of this business.

• 26:04Speaker 03

  Well, a huge part of the distribution strategy is just what helps our clients? What are they looking for? What do they need? How do we reach them in the right way? How do we provide the education that they need? So a good example of this, you know, BAI, we really approached it from the perspective of, we knew people saw the opportunity in artificial intelligence, but they wanted to sort of outsource to a, to a well regarded manager, how to play within the AI space. And then on top of that, the question we were getting most often from clients was like, what do I do with this in my portfolio? Is AI too much in my portfolio? Is it too little in my portfolio? Where if I'm going to allocate to BAI, what do I sell? And so from the beginning, we really thought both from the product design and from the distribution perspective of, let's be really clear.

• 26:47Speaker 03

  BAI is designed to be you're selling your tech sector and you're allocating to BAI to really, overall, you're going to keep your sector and geography exposure relatively, relatively neutral. But you're going to be leaning into the kind of best parts of technology and today, and leaving behind some of the parts that are not the most interesting parts of technology going forward. And so having that intentionality, having a distribution strategy that communicates those types of decisions is really important to us. Having the tools, the education, that really kind of completes the ecosystem for a new product. It's not just about having a, you know, a memorable ticker. It helps. It's good to have a good ticker, but you really have to support it with that portfolio lens and really kind of solving the client need lens.

• 27:29Anthony Pompliano?

  How does like the rise of the independent investors change things, right? We've obviously seen a lot of boutique ETF issuers just say, hey, we're just going to go independent. If you listen to the earnings calls of various companies, including you all, I think there's a lot of talk. Everyone calls it something different, self-directed, private wealth, you know, independent, whatever. But that feels like it's a big opportunity, but firms are still trying to figure out, you know, how do we interface with these people? And do they want the same things, not the same things? Just talk about, you know, what that looks like today.

• 27:56Speaker 03

  It's a tremendous opportunity and it's a, it's one of the fastest growing client channels. The important part is, one, ETFs have always been this democratizing vehicle. An end investor on their online brokerage account can buy the same exposure that one of the largest institutions in the world can buy to get the S and P 500 or to get Bitcoin. But the way that the end investor makes that decision is probably going to look very different from a very large sophisticated institution. One of the things we've had to get much better at is really thinking about the end investor and who they really are, how they think about what investments they should be investing in, that process, what tools do they need? There's a wide range of end investors.

• 28:38Speaker 03

  Some people are more kind of trade oriented. They're looking for laser specific exposures and they have really high conviction in what they're doing. Other end investors have just saved their first hundred dollars and want to put it to work in something that resembles their 401k retirement account. Very different products, very different types of investors. They need different types of education. And so a lot of ways that we've thought about it is let's make incredible products, but let's make incredible products that might not necessarily be for the same investors. Different products are going to have different use cases for different people. And let's make sure we help those investors understand what they're getting into.

• 29:14Anthony Pompliano?

  When you think about the ETF wrapper itself, obviously, the mutual fund industry was incredible. And now it's kind of fallen to the wayside. And I actually think it's very interesting when I talk to older people with more experience that come from the traditional finance world, they think mutual funds are, you know, the default and ETFs are this new thing even today. When I talk to anyone who is young, they're like mutual funds, like, you know, that's like a whole different ballgame. Like, all I know is ETFs. It feels almost like it is a technology shift, right? And you see this with AI, like there's pre-AI and, you know, now there's a post-AI. Crypto is same thing. What is the conversation internally of just like the ETF wrapper, the rise of it? And maybe the value that that brings to investors?

• 29:58Speaker 03

  So I completely agree ETFs are a technology that helped bring more liquidity, more transparency, more tax efficiency to investing for so many more investors. Just to go back to the mutual fund, there's still plenty of demand for the mutual fund structure. It's still largely the predominant structure in the retirement space where tax efficiency and liquidity are not as important, you know, people are putting away money every two weeks. They're not trading, they're not shorting, they're just long only, and that's an efficient mechanism for retirement. Also, in certain areas of the market where maybe not having transparency on a daily basis, it could still be valuable to have a mutual fund. But for many investors, the ETF is their default investment vehicle going forward for all the reasons I mentioned.

• 30:42Speaker 03

  Again, liquidity, transparency, the tax efficiency, that all really much matters a lot. So when we think about product development, in many cases, the default answer will be this strategy should probably be in an ETF if it's doable in an ETF at high quality. Doesn't mean everything will be an ETF, but especially in kind of liquid markets, that's, you know, tie would go to the ETF.

• 31:06Anthony Pompliano?

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• 31:51Anthony Pompliano?

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• 32:33Anthony Pompliano?

  And if you want to resize or upgrade your fleet, there's a marketplace to resell equipment instead of being stuck. To help people think it through whether mining actually makes sense right now, they put together a short resource called the 2026 Bitcoin Mining Blueprint. It walks through the five mistakes investors make when allocating to mining, and they also explain how to avoid them before deploying capital. If it sounds interesting to you, you can get it for free at simplemining.io/pomp. That's simplemining.io/pomp. Go check it out today and see if you should get into the mining game. When you guys think about the landscape, the product suite that you have built, what are the challenges? Like, what are the things that, you know, keep you awake at night and you're like, hey, we still got to solve this?

• 33:14Anthony Pompliano?

  Because I think on the outside, people are like, man, they killed it with Bitcoin ETF, they killed it with the ETF game in general. The firm is doing very well, it's growing, it's, you know, it's one of the leaders on Wall Street. What's the other side of that story? Like, what are the things that keep you guys awake?

• 33:26Speaker 03

  What keeps us awake? I think, one, I think we can always do more on the educational side to help people use our products the best possible ways. That just, we have to reach a lot of investors, we have to be really thoughtful in the types of

• 33:41Speaker 03

  commentary we're providing. I think that's really important. The other piece is there's so much choice out there now. There's so many, there's more ETFs than there are stocks listed in the United States.

• 33:51Anthony Pompliano?

  Crazy.

• 33:51Speaker 03

  This is going to be a record year for ETF launches. We're seeing there's more active ETFs now than index-based ETFs. And with that amount of breadth on the market, it does make it much harder for investors to make the decisions of what ETF they should buy. And making it further harder, you know, the names can be the same. You can have plenty of ETFs that all sound like an AI ETF or a power infrastructure ETF. What's going on under the hood? What are the companies you're invested in? What's the process? How did you structure that product to be really designed in a way that was really thoughtful? One example of that is Bita. So Bita is our Bitcoin premium income ETF, as I was mentioning a bit earlier. And we made a very intentional choice to structure it, and I'm going to nerd out, I'm sorry, but we structured it as a 33 Act

• 34:36Speaker 03

  product instead of a 40 Act product. 33 Act is the same structure that you have for Bitcoin, for gold ETFs. But it's a bit unusual compared to the 40 Act structure, which is for predominantly almost all ETFs otherwise. But we did that because there are certain tax advantages to investors. It does come with a K1 form, which can be a little bit more complex. But at the end of the day, it can be more after-tax efficient for investors. And so, you know, we looked at these two different structures, we looked at the 33 Act, we had to make the decision of it might be a little bit more complicated, but if we educate people on why we did this, and it's for after-tax investors, that can ultimately be a better choice for many people out there.

• 35:18Speaker 03

  So there's so much nuance that goes under the hood with ETFs. I guess my message to people out there is don't just look at the name, a catchy name's great. There's a lot going on under the hood of the decisions and the quality that an ETF provider is putting into their ETF. One other example, it's just, it's not just about the design of the ETF itself. It's also about how it trades on the market. That's something that in many ways is a bit arms-length from us. We're not a market maker, we're not setting out markets on an individual ETF. But we have relationships with market makers. And when we design an ETF, we're thoughtful about what are the pain points for market makers in terms of how they can make the best possible markets for our ETFs. And so, again, you could have two ETFs that sound exactly the same.

• 36:03Speaker 03

  One ETF is supported by a really wide range of market makers. If we end up in an environment where there's liquidity challenges or markets are getting a bit shaky, I'm going to bet the ETF that has a more robust market-making community around it and better relationships is probably going to have a better liquidity experience than one where that doesn't exist.

• 36:22Anthony Pompliano?

  Yeah, it's fascinating how you all have been very disciplined as well to not go do certain things, right? You mentioned in the in-kind creation process, you all don't do it, a third party does it and then participates. You're not a market maker. There's a lot of people who would say, well, if I got that big and I had that many assets, like, it would make sense to eventually get into that game. And so, the discipline almost feels like that is a core competency of the firm, whether it is, you know, what businesses do we get into? But even in the fund launches, like, you're not going to the third, fifth, 10th, 20th cryptocurrency. You're just kind of saying, look, two-thirds to three-fourths of the industry is right here. And let's just be really good at doing this and solving the client's problems rather than trying to, you know, just show people how many tickers we can create or something.

• 37:06Anthony Pompliano?

  Like, does that feel like something that comes up during the day in regular conversation?

• 37:10Speaker 03

  It does. Just to be clear, we still have over 480 ETFs in the US. So we have a very wide library, you know, for all the books in your library here, we have an ETF. But we've also probably said no to just as many, if not more, concepts. And having that discipline around what is our framework for thinking about product innovation is a great north star to make sure we're bringing out great products for investors.

• 37:35Anthony Pompliano?

  As I've talked to people in the ETF industry, one thing that I'm always interested in, it's kind of like investing. Everyone thinks that buying the right investment is the hard part. I'm now convinced selling and knowing when to sell, how to sell, you know, all at once over time, you know, all of these components. Like, selling is actually way more difficult to me than buying. Launching ETF seems like that. I mean, you could just lick your fingers, stick it in the air at this point. And there's all these providers, people can do that stuff. When you shut one down or you realize it's not working, that feels like people all across the industry have different views. And I have one friend, he had an ETF.

• 38:10Anthony Pompliano?

  It wasn't really going anywhere. Covid happened and he happened to have the exact type of ETF that all of a sudden everyone cared about. And it was for airlines and it exploded. And it was like, oh, he's a genius. And I'm like, I don't know, man, he kind of ate it for two years or three years or whatever, right? And he was losing money and doing this. And so he got rewarded for not shutting it down. Covid never happens like he probably was not being smart and should have shut it down. So how do you guys think about, you know, you have 400, 500 different ETFs? I'm sure one time you lost one and you know, you ended up shutting it down. So what does that framework look like?

• 38:41Speaker 03

  So a lot of it has to do again with client demand. If this is continuing to provide an important allocation or strategy to clients and they're looking for this type of exposure, we have plenty of scale to support those products, even if the market has to evolve a little bit to be, to make that exposure a strategy really valuable. Sometimes that doesn't always work out. I think we have quite a high hit rate of bringing out products that people love. But being patient, I do think is important, especially if you're looking at the thematic investing space, where these themes can just take quite a long time to play out and to be really valuable. I think to your point, I really like your point though around it can be harder to sell than to buy. We hear this from clients all the time. Like it's easy to, for me to come to a client and say, here's a really cool part of AI.

• 39:26Speaker 03

  What do I sell to fund that really interesting part of AI? And one of the ways that we've developed products around that type of discipline is to build out rotation strategies, which are run by our systematic investing team, which is ingesting hundreds of different data points and signals around the world constantly to basically understand what are the buy and sell signals on behalf of clients. And there's two benefits to this. One is if you were trying to pick these themes yourself, you have to get the timing right. So if you were thinking sell tech by AI, you'd ideally want to time that trade appropriately. But then two, even if you get that right, you might still have a tax

• 40:05Speaker 03

  liability at the end of that, because you've sold something at a gain and you're buying something else. By wrapping a rotation strategy in an ETF, it's timing those trades for you. And we're able to use the ETF structure to effectively defer those capital gains until someone decides to sell that ETF. And so this has become a really important part of our active ETF strategy is taking things like themes, like factors, countries where people like to be tactical, but struggle with timing and can struggle with some of the tax implications of trading those very quickly.

• 40:39Anthony Pompliano?

  Yeah, it's fascinating because there's also been a rise of, what is it? 351 exchanges or something, right? Where basically you can use the ETF wrapper as a tax mitigation strategy or a tax deferment strategy. And to me, you know, something has become successful as an industry. Once you start getting to the tax stuff. 2012, no one is talking about Bitcoin and taxes. 2021, there's a lot of people talking about Bitcoin and taxes, right? And just like, hey, what do I do? What is the tax implications, all this kind of stuff? ETFs now, I actually do hear quite a bit of tax, whether it is, I've seen individuals who have a portfolio. So should I just like set up an ETF and put all my own stocks in there? I don't know if people have been super successful doing that, but like that's been something. 351s, this rotation strategy.

• 41:24Anthony Pompliano?

  That to me tells me we have a mature market that now is like ready for the big time and is going to continue to grow at a pretty healthy clip, right?

• 41:31Speaker 03

  Well, I think tax efficiency has always been core to ETFs. It started with early ETFs just were index based and didn't have a ton of turnover. It evolved into the ETF structure itself and how it can use the called custom in kind baskets, but effectively defer some of the capital gains, especially in the US equity markets. But it's not, it's not some universal

• 41:56Speaker 03

  constant that ETFs have to be the most tax efficient vehicle. There are other ways that people are looking to mitigate taxes. There's different strategies. I won't get too far into that, but I think what's important is as you see more ETFs coming to market, it's not as simple as saying ETFs are the most tax efficient vehicle. For example, certain strategies using certain different underlying financial instruments might not have the same tax efficiency. If you're buying options or futures, it's going to look very different from buying stocks. If you're buying bonds instead of equities, it's going to be very different in terms of how you see the implications of coupon payment versus a dividend payment. So I think for investors, it's again a do your homework situation of ETFs can be more tax efficient. But as we see the ETF vehicle being pushed into more and more strategies,

• 42:41Speaker 03

  there's more homework to be done.

• 42:44Anthony Pompliano?

  When you look over the next 12 months, 24 months, there's a lot of questions around interest rates, around inflation, around the election, around geopolitics, around technology and what is real, what is not, what is hype? How do you personally think about the market and how much of that stuff is noise versus just like USA, you know? And like let it all happen, but here's kind of the ability to navigate this with a long-term mindset.

• 43:11Speaker 03

  So I've always thought about it as, you know, one, really important to build a portfolio anchored on the core. The core should be based off of what are your long-term goals and your investments? If you're saving for retirement, having low cost, tax efficient, liquid vehicles to be able to achieve that is a great place to start your portfolio. I for one, have just longed in someone who's thought about long-term structural shifts. And I think there's plenty of opportunity if you can capture those shifts the right way. So when we think about AI, when we think about geopolitics, I tend to look at kind of what is the, what is the major inflection point that we're seeing? It's not about the news on a day-to-day basis. It's not about some rumor or some company with necessarily just kind of a new product upgrade. What's changed?

• 43:56Speaker 03

  And when we look at artificial intelligence, I mean, clear inflection point, ChatGPT in November 2022, right? What changed? In many ways, that version of GPT was not that new or interesting. It was a couple of years old already, but they introduced a chat box, which meant that so many more people could participate in it. And it became the fastest growing online platform of all time. That's obviously an inflection point. If there is some new regulation that passes, that can be a major inflection point. You know, we saw the huge infrastructure bill, what was it? 2017, I want to say. Huge inflection point for the build out of infrastructure in the United States. So it can, it can come from a variety of different sources.

• 44:37Speaker 03

  But when you see that major tech breakthrough, that major new change in regulation, major societal change, that's what we want to anchor our insights on to think about kind of adding themes to a portfolio.

• 44:49Anthony Pompliano?

  The, I think the story in finance has really shifted now to sovereignty, decentralization of now there's so many firms, it's pushing towards these independent investors. It really does feel like AI and Bitcoin, like the ethos is more generational than just the technologies, right? I think you and I probably, we think differently than maybe, you know, our parents or our grandparents do about investing. And I always wondered, it's like chicken or egg, like, do we think differently because the industry was changing? Or because there's a bunch of people who are, you know, I don't know, 20 to 50 years old, they think differently, so the market starts to shift. And I don't know the answer, right? But it's fascinating to me as this changes, you get the Robin Hoods and the fintechs and all that.

• 45:35Anthony Pompliano?

  But I'll give you a concrete example. On Sylvia, the consumer platform that we have, when you look at the asset breakdown,

• 45:44Anthony Pompliano?

  you still have some timeless things. There's, I don't know, 20-ish percent or so of assets, primary residence or real estate. Makes sense, right? When you think of like, oh, people are using a fintech product, you're like, everyone is obviously, you know, on the latest meme stock, like that's what I'm hearing, you know, the headlines. No, man, they still own, they are still on real estate. Only 10% is crypto. So you would think that, you know, people coming from my audience are like, oh, they must be 90% crypto. 10 is a higher number than I think the average American, but it's still like a relatively low number. You look at public equities, that is the bulk of their investment portfolio. And so it always is fascinating to me is like, when you look at the data versus the narratives, we know things are changing, but how much do they really? You know, people still are going to allocate in a certain way.

• 46:27Anthony Pompliano?

  And I think that's why maybe you guys are so interesting as a business is

• 46:32Anthony Pompliano?

  you are leading with Bitcoin, you are leading in AI, you are leading in many of these areas. And you're like embracing the new stuff. But if you go and you look at the assets, you've still got a lot core and, you know, these like normal assets that maybe the early adopters, you know, that's where the bulk of their capital is.

• 46:48Speaker 03

  Absolutely. You know, I think going back to the generational comment, you know, millennials were the first real kind of tech native generation. But social media wasn't necessarily native to all millennials for many of us.

• 47:00Anthony Pompliano?

  When did you get a cell phone?

• 47:02Speaker 03

  I got it in high school and it was a flip phone. And I remember still like punching the number four times to get like

• 47:07Anthony Pompliano?

  T9.

• 47:08Speaker 03

  Send in to be a P or whatever it was, right? Like, so.

• 47:12Anthony Pompliano?

  Boomer.

• 47:15Speaker 03

  My thumbs are still sore.

• 47:17Anthony Pompliano?

  By the way, I told somebody in our office recently, I was like, yeah, you know, we had a T9 texting phone. And they were like, what's T9? I'm like, oh, my God, like, we're getting old, you know?

• 47:26Speaker 03

  I had the flip, I had the slider, I had the one that had the keyboard, it like flipped that way. Like it used to just be like every generation looked completely different.

• 47:34Anthony Pompliano?

  Sidekick, you know, flip or whatever, you turn it and it would like to have a keyboard, you could use two thumbs.

• 47:38Speaker 03

  Yeah, right. Yeah.

• 47:39Anthony Pompliano?

  Yeah, you were like, I'm moving.

• 47:41Speaker 03

  And then it was, and then having a trackball on the BlackBerry, like, yeah, huge range. But it was, it was still pre-social media and basically because it was pre 4G connectivity, where it was really hard to watch a video or send a photo on these early cell phones. The Gen Z generation, like born in social media, like don't know another life. And I think you look at like Gen Alpha and a lot of how they're going to experience the financial world is going to look very different from how their parents and their parents' parents interacted with it. So I do think it's, it's important to understand these differences. It's also important for, when we think about our business, a lot of it is, is, is bringing our ETFs to financial advisors who are serving those generations.

• 48:24Speaker 03

  And they have to talk to the parent and the child in a lot of those relationships. And so the parent's saying, you know, talk to me about your large cap growth fund. And the kid is saying, tell me about your Bitcoin fund. And so oftentimes, a lot of the education we do is helping advisors communicate to both generations, especially amid this tremendous amount of transfer of wealth that's going to happen from the boomer to the millennial generation. So one of the, one of the reasons why I think IBIT has been so successful is advisors have recognized the types of products that they spoke about with their, with their baby boomer generation clients does not necessarily resemble the types of products they'll talk about with their millennial clients. And they need to bridge that gap and be at least conversant in some of these topics.

• 49:02Anthony Pompliano?

  I mean, it makes sense, right? And I don't know, I hear all the time, like, I think they call it the silver tsunami of like, all these assets are going to come and the young people are going to like sell whatever and they're going to move it into the things they like. And I think there will be some of that. I think that there's a lot of businesses that are kind of what is our, you know, our plan, our transition plan. Farmers are coming under a lot of pressure because usually they're a fourth or fifth generation farmer and they would hand the farm to their kids and their kids don't want to be a farmer. And so, you know, that's happening, I think, with like businesses. It's going to be fascinating to watch with the assets. Like if you're a kid who, you don't inherit, you know, some incredible amount of money. Maybe your parents just had a small stock portfolio.

• 49:44Anthony Pompliano?

  Like, do you go and sell those stocks to buy something else you like? And maybe your parents had Coca-Cola and, you know, Walmart. And you're like, well, I want to own, you know, Palantir and Tesla or something. I don't know. But I think that's probably the challenge for a lot of these financial advisors is like, they may be the only constant in that, you know, conversation and try to figure out what to do with the assets.

• 50:05Speaker 03

  Yeah, they have to manage that transition. They have to manage the fact that many ways that millennials or Gen Z want to interact with their finances is going to be, you know, in a more kind of technology driven way as well. So building tools for advisors, it's, it's an important shift for sure. I do think the fundamental principles of building a portfolio are generational. These are, these go back to just basics of risk and return. The instruments available are shifting, the, you know, the, the structure of those instruments, the different types of asset classes, those are evolving. But the fundamental principles of portfolio management don't change. And so I think the important thing for advisors is, you know, stay clear with how you manage money, but be able to have the conversations with each generation,

• 50:47Speaker 03

  mostly from a behavioral perspective to keep them focused on their end goals.

• 50:51Anthony Pompliano?

  Now, I said all that and the Sylvia Misfits that are like over the age of 50, there's a couple of them that they'll comment and they'll say, I own Palantir, I own Tesla, I own whatever. And they'll, they'll say, you know, I'm not like the rest of, of the, of my cohort. So there's obviously a lot of unique ones as well. Where can we send people to find, find more about the funds that you guys have or find you online?

• 51:12Speaker 03

  Easy, iShares.com, specifically iShares.com/insights is where we have our thematic mid-year update. That's where we have basically 10 really interesting slides on what the next phase of artificial intelligence is going to look like, what some of those choke points might be, where we see some opportunity in various different sectors that live outside of technology. So encourage people to go there, iShares.com/insights.

• 51:33Anthony Pompliano?

  Amazing. Well, thank you so much for doing this. I always enjoy talking with you and look forward to doing it again in the future.

• 51:37Speaker 03

  Thank you for having me.