贝莱德在2025年加速其扩展到数字资产，分歧比特币和以太坊采用

在帝国播客的采访中，贝莱德（Blackrock）的ETF和INDEX Investments的高级董事总经理兼首席投资官Samara Cohen为世界上最大的资产经理如何看待两个最大的加密货币资产，以及为什么比特币在客户和投资Follio Intermation方面果断地提前策划比特币立场。

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

随着贝莱德（NYSE :)在2025年加快其扩展到数字资产的扩展，因此在制度采用率中比特币和以太坊之间的差异变得越来越明显。

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《帝国播客》上的一次采访中，贝莱德ETF和Index Investments的高级董事总经理兼首席投资官萨马拉·科恩（Samara Cohen）为世界上最大的资产经理如何看待两个最大的加密货币资产，以及为什么比特币在客户群领取客户和投资企业的集成方面如何确定比特币立场。

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.

讨论了iShares比特币基金会（IBIT）的历史发布，这是贝莱德（Blackrock）数字资产策略中的关键时刻，科恩（Cohen）详细阐述了推动此举的关键因素。

“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.

科恩说：“这是所有这三件事。”

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比特币信托是客户大量要求的产品。他们想用比特币将其投资组合多样化，但他们无法以结构化的方式获得它，因此我们着手创建满足客户需求的产品。”

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.

在任何监管绿光之前，核心动机是投资者强烈希望获得比特币，这是多元化投资组合的一部分。整个2023年，这种愿望一直是一个不变的主题，因为投资者表现出对将比特币融入其投资策略的兴趣。

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进入比特币的第一步。 2022年，该公司为机构客户提供了一个私人比特币信托，这是一个关键的内部里程碑。

“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.”

科恩解释说：“直到2022年推出该机构产品之前，我们才真正与实际的比特币动手。” “对于我们来说，这是一个非常重要的机构时刻，使工作流以及风险管理和系统感到满意。”

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.

对比特币的需求既比许多人预期的都要广泛更深。 IBIT已成为历史上最成功的ETP推出，这是科恩（Cohen）属性的一部分，部分归功于以前未开发的投资者。

“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：“从广义上讲，现在约比特的持有人中约有一半是我们所说的自我指导的投资者。” “对于3/4人口，他们在某些情况下建立了一个经纪帐户，并购买了第一个ETP，因为他们想要在ETP包装纸中的比特币。”

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.

这与以太坊形成鲜明对比，以太坊的语气更加谨慎。虽然贝莱德还推出了基于以太坊的ETP，但需求却不那么强大。

“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.”

“我们已经启动了基于以太坊的ETP，但是与比特币相比，需求量很小。但是我认为这也是用例和投资论文的函数，对于比特币而定为明确定义。”

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.

与比特币越来越被视为潜在的价值存储和多元化的资产类别不同，以太坊的投资论文尚未在机构一级巩固。

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

评估以太坊时，科恩进一步阐述了复杂性机构面临的。

“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.”

“您可能真的对公共以太坊区块链的实用性表示看涨，但不一定知道这如何转化为本地令牌的价值，这对机构投资者来说确实很重要。”

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.

这种不确定性使基于广泛采用的情况变得复杂。尽管比特币作为“无边界价值存储”的叙述相对简单，但以太坊的定位仍然更加不透明，将技术效用与有关令牌经济学，竞争和长期市场动态的问题相互交织。

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

除叙事差距外，科恩还确定了一个更加结构性的障碍：加密普遍缺乏标准化的数据和指标。

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

她说：“加密确实存在数据和标准问题。”他补充说，传统市场具有明确的指标来评估投资。

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）强调，与传统市场进行比较，在大多数加密资产中，现金流，治理和团队透明度（用于股权投资的关键组成部分）之类的指标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.

“如果我从根本上考虑将索引作为市场的组织技术，那么您现在如何在加密货币中执行该任务？”她言辞地问，强调了即使在领先的加密生态系统中，基础标准仍然如何缺失。

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，比特币的采用涉及其稀缺性，发行时间表和市场基础设施成熟的清晰指标的支持，使得更容易适应传统的投资组合模型。

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.

科恩确认，贝莱德为寻求敞口的投资者建议进行1-2％的比特币分配，这是基于他们对投资组合的风险贡献的分析。

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

她警告说：“如果您超过2％，那么对整体投资组合波动率的增量贡献呈指数增长。”

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.

尽管以太坊继续取得了进步，尤其是在分散的金融和OnChain应用中，至少目前，Blackrock的观点反映了机构需要清晰，标准化和定义明确的估值模型之前的现实。

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

正如科恩总结的那样，“了解如何为以太坊或任何其他代币创建估值框架变得更加复杂。”

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

发稿时，BTC的交易价格为95,120美元。