Bitcoin’s integration into traditional finance is being driven by financialization rather than custody alone, Jay Jacobs, BlackRock’s head of U.S. equity ETFs, said in a podcast interview. He said the ETF structure makes Bitcoin usable like other financial assets, including as collateral, for options trading and for borrowing. Bitcoin has traded in a tight range for more than a month after moving above $80,000 in August, while volatility compressed from about 80 to between 35 and 40. Jacobs attributed part of that shift to the growth of BlackRock’s IBIT Bitcoin ETF and its related options market, which have broadened institutional access and increased the role of longer-term buyers. BlackRock’s digital-asset lineup includes IBIT, ETHA, ETHB and BIDI. The firm is also developing products around artificial intelligence as a macro investment theme.