BlackRock Just Called Most Crypto Tokens “Nonsense” — Here’s What They’re Buying Instead

TLDR

• BlackRock’s Robbie Mitchnick says institutional investors are focused on Bitcoin and Ether, calling most other tokens “nonsense”
• He argues AI is a bigger long-term force for crypto than the growth of new tokens
• Bitcoin miners like Hut 8, Core Scientific, and Iren are already pivoting toward AI computing
• CEO Larry Fink’s annual letter says AI will create economic value and calls for sustained investment in AI infrastructure
• Fink also says tokenization could modernize financial markets by making investments easier to issue, trade, and access

BlackRock’s digital assets head Robbie Mitchnick told attendees at the Digital Asset Summit in New York on Tuesday that most of the thousands of tokens in circulation are failing to hold long-term relevance.

He said the turnover among top tokens has been “pretty ferocious,” with only Bitcoin and Ether holding consistent positions. Most other tokens, he said, are simply “nonsense.”

Institutional clients are not looking for broad crypto exposure anymore. They are narrowing their focus to a small number of assets, with Bitcoin and Ethereum dominating allocations.

He argued that AI agents are unlikely to use traditional payment systems like Fedwire or SWIFT. Instead, crypto infrastructure fits more naturally with how AI systems operate.

Bitcoin Miners Are Already Making the Shift

Several publicly listed Bitcoin miners are already acting on this trend. Hut 8, Core Scientific, and Iren are repurposing data centers or signing hosting deals tied to AI and high-performance computing.

Others have signaled similar plans, even if mining remains their primary business. The shift is driven by steadier revenue streams and rising demand for computing power.

Larry Fink Sees AI as Central to Economic Competition

BlackRock CEO Larry Fink made similar points in his annual letter released March 23, 2026. He wrote that AI “is here to stay” and called it central to the strategic competition between the United States and China.

Fink said the U.S. sees AI leadership as non-optional and that it will require sustained investment in research, infrastructure, and talent.

He called for updated regulatory frameworks so traditional and tokenized markets can operate side by side, with buyer protections and digital identity verification in place.

Fink’s letter marks one of the clearest statements yet from a major asset manager linking AI growth directly to capital market structure and crypto infrastructure.

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