BlackRock's iShares Bitcoin Trust (IBIT) launched in January 2024 and within one year accumulated over $86 billion in assets, capturing 56% of the spot Bitcoin ETF market. This gave a single traditional finance company enormous influence over cryptocurrency markets — the very markets that were designed to be decentralized and free from institutional control. Critics note BlackRock can now influence Bitcoin's price through its massive holdings, lending practices, and market-making activities. The company also manages $10 trillion in total assets and is the largest shareholder in most S&P 500 companies.