BlackRock is signaling a shift in institutional crypto strategy, with investors increasingly concentrating on a narrow set of digital assets while viewing artificial intelligence as a more significant long-term driver of value.
According to Robbie Mitchnick, the firm’s head of digital assets, client demand has moved away from broad exposure to smaller tokens. Instead, allocations are focused primarily on Bitcoin and Ethereum, which have maintained consistent market positions. Many newer tokens, he noted, struggle to demonstrate lasting relevance, contributing to high turnover across the broader market.
Mitchnick characterized much of the token landscape as lacking fundamental value, reinforcing a trend toward consolidation among institutional investors. This shift reflects a more selective approach to crypto, driven by liquidity, stability, and long-term utility rather than speculative diversification.
At the same time, he highlighted AI as a larger structural force that intersects with digital assets. Crypto, described as “computer-native money,” may serve as a complementary layer to AI systems, which rely on digital data and autonomous processes. This convergence could position blockchain-based assets as infrastructure for machine-driven transactions.
The shift is already visible in industry operations. Mining companies such as Hut 8, Core Scientific, and Iren are expanding into AI and high-performance computing, repurposing data centers to meet rising demand for compute resources.
Mitchnick also suggested that bitcoin may function as a portfolio diversifier amid AI-driven disruption, as rapid technological change reshapes markets. The evolving relationship between AI and crypto indicates a transition from speculative assets toward foundational infrastructure in the digital economy.
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