BlackRock 表示，對於希望在傳統多資產組合中獲取該資產曝隲的投資人，1%至2%的比特幣配置可能是一個合理的範圍，這是全球最大資產管理公司之一對相關配置的最清晰的 portfolio-construction 支持之一。

在一篇關於比特幣在投資組合中的規模的研究報告中，BlackRock 投資研究所表示，投資者應該以與股票、債券或私募市場投資不同的方式看待該資產，因為比特幣不會產生可用於預估未來回報的現金流。代わり，該公司指出，比特幣的回報主要取決於未來的普及程度，風險預算框架比傳統估值模型更具實務性。

該建議是針對 already 想要持有比特幣曝隲的投資者而設計，並以標準的 60/40 投資組合為框架，其中 60% 配置於股票，40% 配置於固定收益。BlackRock 表示，1%至2% 的比特幣持倉所佔整體投資組合風險的比例，相當於持有「七大科技巨頭」之一的典型持股比例。根據其分析，1% 的比特幣配置約佔整體投資組合風險的 2%，而 2% 配置則約佔 5%。相對地，4% 的配置則使比特幣的預估風險貢獻約佔總風險的 14%。

BlackRock 將比特幣定位為風險預算資產

The significance of BlackRock’s position lies less in the size of the allocation and more in the institutional framing. The firm is not presenting Bitcoin as a replacement for core portfolio assets, but as a high-volatility satellite exposure that should be sized carefully within an investor’s broader risk tolerance.

That framing is likely to resonate with wealth managers, registered investment advisers and institutional allocators that have been reassessing crypto exposure since the approval of U.S. spot Bitcoin exchange-traded funds in January 2024. Earlier institutional discussions often centered on whether Bitcoin should be excluded entirely because of volatility, custody complexity, regulatory uncertainty and the absence of cash flows. BlackRock’s analysis instead treats Bitcoin as an investable asset with a defined risk contribution, comparable in portfolio terms to concentrated exposure in large technology stocks.

The caution is equally important. BlackRock said allocations above the 1% to 2% range could sharply increase Bitcoin’s contribution to total portfolio risk. That limits the interpretation of the recommendation: the firm is not calling for aggressive crypto positioning, but for controlled exposure among investors who understand Bitcoin’s volatility and uncertain adoption path.

ETF Access Strengthens Institutional Use Case

The recommendation comes as BlackRock’s own role in the Bitcoin market has expanded through the iShares Bitcoin Trust, one of the most successful ETF launches following U.S. approval of spot Bitcoin funds. The product gave advisers and institutions a regulated, exchange-listed vehicle for Bitcoin exposure without requiring direct custody, private keys or crypto-native infrastructure.

BlackRock reported $13.9 trillion in assets under management at the end of the first quarter of 2026, underscoring why its research carries weight across global advisory and institutional channels. Even small allocation ranges from a firm of that scale can influence model portfolios, platform due diligence and risk-management frameworks over time.

For the crypto market, a 1% to 2% allocation framework could support a more durable institutional demand base than speculative trading alone. It also strengthens the case for Bitcoin as a macro-sensitive portfolio asset rather than a purely retail-driven instrument.

Regulatory and fiduciary implications remain central. Spot ETF approval has made Bitcoin easier to access in the U.S., but advisers still face obligations around suitability, volatility, disclosure and client risk tolerance. BlackRock’s position may give allocators a clearer reference point, while reinforcing that Bitcoin exposure should be treated as a measured risk allocation, not a blanket recommendation for all investors.