BlackRock’s U.S. Head of Equity ETFs, Jay Jacobs, said in a Sept. 17 interview on the Pomp Podcast that Bitcoin volatility has compressed from roughly 80 to the 35–40 range, driven by exchange-traded products, options markets, deeper liquidity and a growing base of long-term holders.
Speaking about the iShares Bitcoin Trust ETF (IBIT), Jacobs said large Bitcoin holders increasingly use ETF wrappers to access collateralized borrowing, hedging and portfolio flexibility. IBIT’s creation basket was approximately $1.73 million as of Sept. 17, containing 22.65 BTC, while Jacobs described the practical threshold as around $1.5 million. He stressed that BlackRock does not guarantee borrowing against shares; lenders such as JPMorgan decide whether to accept ETF shares as collateral.
BlackRock reported about $59.87 billion in IBIT net assets, with 1.382 billion shares outstanding and a 0.25% sponsor fee. The firm’s crypto lineup also includes ETHA for spot Ether exposure, ETHB for staked Ethereum, and BITA, the iShares Bitcoin Premium Income ETF. BITA holds spot BTC and IBIT and writes call options on roughly 25% to 35% of the portfolio, with a 13.25% distribution rate as of Sept. 9 and a 0.65% fee.
Jacobs noted that the SEC approved in-kind creations and redemptions for crypto ETPs in July 2025, making products potentially less costly and more efficient. He also said Bitcoin could still experience sharp moves, and derivatives and leverage can amplify volatility during rapid liquidations. In periods when investors worry about governments, geopolitical instability or fiat currency debasement, Bitcoin “should benefit,” he said, while noting that BlackRock remains concentrated on Bitcoin and Ethereum because the two assets represent most of the digital-asset market by capitalization.
