貝萊德在2025年加速其擴展到數字資產，分歧比特幣和以太坊採用

在帝國播客的採訪中，貝萊德（Blackrock）的ETF和INDEX Investments的高級董事總經理兼首席投資官Samara Cohen為世界上最大的資產經理如何看待兩個最大的加密貨幣資產，以及為什麼比特幣在客戶和投資Follio Intermation方面果斷地提前策劃比特幣立場。

As BlackRock (NYSE:) accelerates its expansion into digital assets in 2025, the divergence between Bitcoin and Ethereum in institutional adoption has become increasingly pronounced.

隨著貝萊德（NYSE :)在2025年加快其擴展到數字資產的擴展，因此在製度採用率中比特幣和以太坊之間的差異變得越來越明顯。

In a recent interview on the Empire podcast, Samara Cohen, Senior Managing Director and Chief Investment Officer of ETF and Index Investments at BlackRock, offered a rare window into how the world’s largest asset manager views the two largest crypto assets — and why Bitcoin stands decisively ahead of Ethereum in client demand and portfolio integration.

在最近在《帝國播客》上的一次採訪中，貝萊德ETF和Index Investments的高級董事總經理兼首席投資官薩馬拉·科恩（Samara Cohen）為世界上最大的資產經理如何看待兩個最大的加密貨幣資產，以及為什麼比特幣在客戶群領取客戶和投資企業的集成方面如何確定比特幣立場。

Discussing the historic launch of the iShares Bitcoin Trust (IBIT), which was a pivotal moment in BlackRock’s digital asset strategy, Cohen elaborated on the key factors that drove the move.

討論了iShares比特幣基金會（IBIT）的歷史發布，這是貝萊德（Blackrock）數字資產策略中的關鍵時刻，科恩（Cohen）詳細闡述了推動此舉的關鍵因素。

“It was all three of those things,” Cohen said, referring to the investment thesis and client demand to market structure and readiness to obviously the regulatory backdrop.

科恩說：“這是所有這三件事。”

The iShares Bitcoin Trust is a product that was heavily requested by clients. They want to diversify their portfolios with Bitcoin but they can’t get it in a structured way, so we set out to create a product that meets the needs of clients.”

iShares比特幣信託是客戶大量要求的產品。他們想用比特幣將其投資組合多樣化，但他們無法以結構化的方式獲得它，因此我們著手創建滿足客戶需求的產品。 ”

Before any regulatory greenlight, the core motivation was the strong desire from investors to access Bitcoin as part of diversified portfolios. This desire was a constant theme throughout 2023, as investors showed keen interest in integrating Bitcoin into their investment strategies.

在任何監管綠光之前，核心動機是投資者強烈希望獲得比特幣，這是多元化投資組合的一部分。整個2023年，這種願望一直是一個不變的主題，因為投資者表現出對將比特幣融入其投資策略的興趣。

The launch of IBIT was not BlackRock’s first move into Bitcoin. In 2022, the firm introduced a private Bitcoin trust for institutional clients, a critical internal milestone.

IBIT的推出不是BlackRock進入比特幣的第一步。 2022年，該公司為機構客戶提供了一個私人比特幣信託，這是一個關鍵的內部里程碑。

“We didn’t get hands-on to actual Bitcoin until we launched that institutional product in 2022,” Cohen explained. “That was a very important institutional moment for us to just get comfortable with the workflows and the risk management and the systems.”

科恩解釋說：“直到2022年推出該機構產品之前，我們才真正與實際的比特幣動手。” “對於我們來說，這是一個非常重要的機構時刻，使工作流以及風險管理和系統感到滿意。”

The demand for Bitcoin was both broader and deeper than many had anticipated. IBIT has become the most successful ETP launch in history, a fact Cohen attributes in part to a previously untapped segment of investors.

對比特幣的需求既比許多人預期的都要廣泛更深。 IBIT已成為歷史上最成功的ETP推出，這是科恩（Cohen）屬性的一部分，部分歸功於以前未開發的投資者。

“Broadly speaking, about half of IBIT’s holders right now are what we call self-directed investors,” she noted. “For 3/4 of that population, they set up a brokerage account in some cases and bought their first ETP because they wanted their Bitcoin in the ETP wrapper.”

她指出：“從廣義上講，現在約比特的持有人中約有一半是我們所說的自我指導的投資者。” “對於3/4人口，他們在某些情況下建立了一個經紀帳戶，併購買了第一個ETP，因為他們想要在ETP包裝紙中的比特幣。”

This stands in sharp contrast to Ethereum, where Cohen’s tone was notably more cautious. While BlackRock has also launched Ethereum-based ETPs, demand has been far less robust.

這與以太坊形成鮮明對比，以太坊的語氣更加謹慎。儘管貝萊德還推出了基於以太坊的ETP，但需求卻不那麼強勁。

“We have launched Ethereum-based ETPs, but the demand has been minimal compared to Bitcoin. But I think that’s also a function of just the use cases and investment thesis being more well-defined for Bitcoin.”

“我們已經啟動了基於以太坊的ETP，但是與比特幣相比，需求量很小。但是我認為這也是用例和投資論文的函數，對於比特幣而定為明確定義。”

Unlike Bitcoin, which is increasingly viewed as a potential store of value and a diversifying asset class, Ethereum’s investment thesis has yet to solidify at the institutional level.

與比特幣越來越被視為潛在的價值存儲和多元化的資產類別不同，以太坊的投資論文尚未在機構一級鞏固。

Cohen further elaborated on the complexity institutions face when evaluating Ethereum.

評估以太坊時，科恩進一步闡述了複雜性機構面臨的。

“You might be really bullish on the utility of the public Ethereum blockchain but not necessarily know how that translates into value accrual to the native token, which is really what matters to institutional investors.”

“您可能真的對公共以太坊區塊鏈的實用性表示看漲，但不一定知道這如何轉化為本地令牌的價值，這對機構投資者來說確實很重要。”

This uncertainty complicates the case for broad-based adoption. While Bitcoin’s narrative as a “borderless store of value” is relatively straightforward, Ethereum’s positioning remains more opaque, intertwining technological utility with questions about token economics, competition, and long-term market dynamics.

這種不確定性使基於廣泛採用的情況變得複雜。儘管比特幣作為“無邊界價值存儲”的敘述相對簡單，但以太坊的定位仍然更加不透明，將技術效用與有關令牌經濟學，競爭和長期市場動態的問題相互交織。

Beyond the narrative gap, Cohen identified a more structural obstacle: crypto’s general lack of standardized data and metrics.

除敘事差距外，科恩還確定了一個更加結構性的障礙：加密普遍缺乏標準化的數據和指標。

“Crypto does broadly have a data and standards problem,” she stated, adding that traditional markets have well-defined metrics for evaluating investments.

她說：“加密確實存在數據和標準問題。”他補充說，傳統市場具有明確的指標來評估投資。

Drawing comparisons to traditional markets, Cohen emphasized that metrics like cash flow, governance, and team transparency — critical components for equity investing — are largely absent or inconsistent across most crypto assets.

科恩（Cohen）強調，與傳統市場進行比較，在大多數加密資產中，現金流，治理和團隊透明度（用於股權投資的關鍵組成部分）之類的指標在很大程度上是不存在或不一致的。

“If I think about indexing fundamentally as an organizing technology for a market, how do you perform that task in crypto right now?” she asked rhetorically, highlighting how foundational standards remain missing even in leading crypto ecosystems.

“如果我從根本上考慮將索引作為市場的組織技術，那麼您現在如何在加密貨幣中執行該任務？”她言辭地問，強調了即使在領先的加密生態系統中，基礎標準仍然如何缺失。

Bitcoin’s adoption, by contrast, is supported by clearer metrics around its scarcity, issuance schedule, and market infrastructure maturity, making it easier to fit into traditional portfolio models.

相比之下，比特幣的採用涉及其稀缺性，發行時間表和市場基礎設施成熟的清晰指標的支持，使得更容易適應傳統的投資組合模型。

Cohen confirmed that BlackRock recommends a 1–2% Bitcoin allocation for investors seeking exposure, which is based on their analysis of risk contribution to portfolios.

科恩確認，貝萊德為尋求敞口的投資者建議進行1-2％的比特幣分配，這是基於他們對投資組合的風險貢獻的分析。

“If you go beyond 2%, the incremental contribution to overall portfolio volatility gets exponentially higher,” she cautioned investors.

她警告說：“如果您超過2％，那麼對整體投資組合波動率的增量貢獻呈指數增長。”

While Ethereum continues to make technological strides — particularly in decentralized finance and onchain applications — BlackRock’s view, at least for now, reflects the reality that institutions require clarity, standardization, and well-defined valuation models before committing meaningful capital.

儘管以太坊繼續取得了進步，尤其是在分散的金融和OnChain應用中，至少目前，Blackrock的觀點反映了機構需要清晰，標準化和定義明確的估值模型之前的現實。

As Cohen summarized, “Understanding how to create a valuation framework for Ethereum or any other token gets more complicated.”

正如科恩總結的那樣，“了解如何為以太坊或任何其他代幣創建估值框架變得更加複雜。”

At press time, BTC traded at $95,120.

發稿時，BTC的交易價格為95,120美元。