To be honest, the FIL project has been heavily hyped, and BlackRock has indeed invested in it. However, if you look at the financial report, you'll find it quite awkward—subsidy expenses are higher than actual profits, which clearly indicates that they are burning money.

This makes one ponder: Can giants like BlackRock really not understand this ledger? Or do they simply not care about short-term returns? Personally, I tend to lean towards the latter. Perhaps they are not in it for quick profits at all, but rather aiming to position themselves in the decentralized storage sector, or it could be a strategic consideration for data security and compliance layout.

Look at the market now, sometimes the investment logic is no longer just a simple calculation of ROI. The technical narrative and ecological position of FIL are there, and it makes sense for institutions to take positions in advance.