BlackRock’s Head of Crypto Robbie Mitchnick joins Ryan to unpack how institutions are actually allocating (and why correlation to “digital gold” matters), what the ETF data says about demand for BTC and ETH, and why the October leverage flush didn’t dent long-term adoption.

We dig into BlackRock’s tokenization roadmap, from the BUIDL-style tokenized money market funds and the Genius Act angle to the stablecoin flywheel, plus what’s still missing: secondary liquidity and pragmatic regulatory clarity.

Robbie lays out a realistic 24–36 month path, a 2026 “show-me” phase for real utility, and candid advice for allocators on sizing and asset selection.

------
📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24

https://bankless.cc/spotify-premium

------

BANKLESS SPONSOR TOOLS:

🪙FRAXNET | MINT, REDEEM, EARN

https://bankless.cc/fraxnet

🦄UNISWAP | SWAP ON UNICHAIN

https://bankless.cc/unichain

🛞MANTLE | MODULAR L2 NETWORK

https://bankless.cc/Mantle

💤EIGHT SLEEP | IMPROVE YOUR SLEEP

https://bankless.cc/eight-sleep

💠BIT DIGITAL ($BTBT) | ETH TREASURY

https://bankless.cc/bit-digital
We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors

------

TIMESTAMPS

0:00 Is It Over?

11:54 Institutional Response to Liquidations

13:57 Bitcoin vs Gold

16:36 Bitcoin’s IPO Moment?

19:29 Next Catalyst

24:23 Institutional Growth

26:41 Central Bank Adoption

28:25 BlackRock ETFs

30:21 Ethereum ETFs

32:38 Tokenization Roadmap

35:33 GENIUS-Aligned Money Market Fund

38:08 Progress in Tokenization

43:04 Regulatory Clarity

46:30 Bull Case for Tokenization

48:08 Is Wall Street Convinced?

49:59 Bear Case for Tokenization

52:01 Restructuring Banks

54:16 How Many Stablecoins?

55:10 1-Year Goals

57:37 Advice to Institutional Investors

59:47 Closing & Disclaimers

------
RESOURCES

Robbie Mitchnick

https://x.com/robbiemitchnick

Blackrock Digital Assets

https://www.blackrock.com/us/financial-professionals/investments/products/bitcoin-investing

“Bitcoin’s Silent IPO”

https://finance.yahoo.com/news/bitcoins-silent-ipo-analyst-addresses-144047837.html

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠

12.22.25 Avoid Fraud 2 Ways / The Outlook On Gas Prices

The Clark Howard Podcast

AI Cameras, Shrinkage, and Self-Checkout

The AI-powered Podcast Player