BlackRock, the world’s largest asset manager, reported a record $14.1 billion in net inflows into digital assets for the second quarter of 2025, bringing its total assets under management (AUM) in digital assets to $79.6 billion. This marks a significant milestone in the firm’s growing engagement with the crypto space, as digital assets now represent approximately 1% of BlackRock’s $12.5 trillion total AUM, highlighting crypto as one of the fastest-growing product lines within the company.
A substantial portion of these inflows came through BlackRock’s crypto iShares exchange-traded funds (ETFs), with digital products contributing $14 billion of the $85 billion total ETF inflows in Q2. This means that crypto ETFs accounted for 16.5% of BlackRock’s ETF inflows in the quarter, a sharp rise from just 2.8% in the first quarter of 2025. The year-to-date digital asset inflows have reached about $17 billion, demonstrating persistent institutional interest even amid challenging macroeconomic conditions.
Despite this rapid growth in inflows, the revenue contribution from digital assets remains modest but expanding. In Q2 2025, digital assets generated around $40 million in base fees and securities lending revenue, roughly 1% of the firm’s total revenue from investment advisory and administration services. This represents an 18% increase from $34 million in the previous quarter, signaling a growing stream of yield-generating products related to crypto.
BlackRock’s CEO, Larry Fink, emphasized the strategic importance of digital assets in the company’s broader investment offerings, noting that these products are helping attract a new, global generation of investors. He highlighted that BlackRock is leveraging digital assets alongside custom strategies and technology platforms like Aperio, and continuing efforts including partnerships such as the recent launch of funds in India through the Jio BlackRock joint venture.
While digital assets still form a small slice of BlackRock’s overall portfolio, the firm’s commitment to tokenized finance, crypto ETFs, and related infrastructure points to a long-term institutional adoption strategy rather than a short-term trend**. Fink described this phase as just the “early days” in what promises to be even stronger future growth for BlackRock’s digital asset business.
Notably, BlackRock’s shares declined over 6% following the quarter, primarily due to a single large institutional client in Asia redeeming $52 billion from the firm’s index funds, underscoring the volatility inherent even for the world’s largest asset manager. Nevertheless, BlackRock’s overall business remains robust, with net income rising 6.5% year-over-year to $1.59 billion, illustrating operational resilience amidst short-term outflows.
BlackRock’s Q2 2025 earnings highlight an accelerating institutional embrace of crypto assets, demonstrated by record inflows and increasing revenue contributions. The firm’s sustained efforts in integrating digital assets into its ETF lineup and investment strategies position it as a major player in the maturing institutional crypto market.
Key Takeaways:
| Metric | Q2 2025 Figures |
|---|---|
| Digital Asset Net Inflows | $14.1 billion |
| Total Digital Asset AUM | $79.6 billion |
| Digital Assets % of Total AUM | ~1% of $12.5 trillion |
| Crypto ETF Inflows as % of Total ETF Inflows | 16.5% |
| Revenue from Digital Assets (base fees) | $40 million (1% of total revenue) |
| Year-to-Date Digital Asset Net Inflows | $17 billion |
BlackRock’s growth in digital asset offerings underscores a clear institutional trend toward crypto adoption, as the company builds out infrastructure and product offerings for a new generation of global investors.
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