BlackRock Re-Underwrites Bitcoin, and the Portfolio Math Still Holds

Bitcoin Magazine BlackRock Re-Underwrites Bitcoin, and the Portfolio Math Still Holds Bitcoin’s roughly 50% decline from its October 2025 high has created a useful test for the institutional investment thesis.

It is relatively easy to make the case for a new asset while prices are rising, correlations are favorable and capital is flowing into the market.

The more revealing exercise comes after a major drawdown, when investors can revisit the original assumptions and determine which were structural and which were simply products of the preceding cycle.

That is effectively what BlackRock has done in its latest research, Re-Underwriting Bitcoin: Still a Portfolio Diversifier.