BLK

BlackRock Inc

research_scan theme='dollar-system'; value_chain_position='downstream-beneficiary'; Downstream-beneficiary of USD-asset-incumbent architectural lock-in. Operates IBIT (Bitcoin), BUIDL (tokenized Treasury fund — directly the GENIUS-adjacent Treasury-on-chain vehicle), iShares passive-flow USD-asset family, and the BLK Aladdin platform. Captures the marginal mandate flow into USD-denominated index products regardless of which segment of C-03 is binding — the only single name with operational exposure to all four BPA-relevant USD-asset wrappers (Bitcoin ETF, tokenized Treasury, passive USD index, private-credit-adjacent fixed income).