BlackRock Smashes Records: Crypto ETFs Propel Firm to $12.5T AUM Milestone

Wall Street's sleeping giant just woke up—and it's hungry for digital assets.

BlackRock's crypto ETF gamble paid off big-time, catapulting the asset manager to an unprecedented $12.5 trillion in assets under management. The move proves even old-school financiers can't ignore blockchain's gravitational pull.

How the tide turns: The same firm that once dismissed Bitcoin now rides its volatility to record profits. (Cue the institutional FOMO.)

Behind the numbers: Spot Bitcoin ETFs became the firm's golden goose, attracting both retail investors and—ironically—the very hedge funds that used to mock crypto 'degenerates.'

The kicker? This avalanche of institutional money didn't stabilize crypto markets—it just made Wall Street's swings as violent as a DeFi rug pull. Happy trading, suits.

In brief

• BlackRock’s crypto ETFs saw $14B in Q2 inflows, up 366% from the previous quarter.
• Crypto ETFs made up 16.5% of total ETF inflows, rising sharply from under 3% in Q1.
• AUM reached a record $12.5T, with $152B in net inflows for the first half of 2025.

Crypto ETFs Drive $14B Inflow Surge for BlackRock in Q2

Investor activity in BlackRock’s crypto-related ETFs surged during the April to June period. Compared to the first quarter, which saw $3 billion in inflows, the second quarter brought in $14 billion—marking a 366% increase.

Crypto-focused iShares ETFs from BlackRock made up 16.5% of the total ETF inflows during the quarter. This is an increase from the previous quarter’s figure, which was below 3%. The rise indicates that investors are increasingly allocating funds into cryptocurrency through institutional products.

Revenue from digital assets also improved during the same timeframe. BlackRock generated $40 million in base fees tied to crypto investments, up from $34 million in the first quarter. This growth represents close to an 18% increase. While still a small share of the company’s overall income, digital assets continue to contribute steadily to long-term revenue.

BlackRock Strong Half-Year Performance 

Chairman and CEO Laurence Fink stated that the iShares ETF delivered a strong first half in terms of new investments. He also noted that the company experienced increased demand across private markets and digital assets, supported by the continued expansion of its data-driven strategies.

Fink emphasized the firm’s ability to attract new global investors, especially through recent developments such as Jio BlackRock, a joint venture in India. The collaboration has launched several investment offerings aimed at tapping into the Indian market.

iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%. This Core strength, alongside client demand for private markets, digital assets, Aperio, and our tech and data-driven systematic strategies, propelled another consecutive quarter of above-target organic base fee growth and record AUM of $12.5 trillion.

Overall Inflows Fall Due to Single Client Exit

Despite the gains in digital asset products, the company’s total inflows for the quarter dropped. BlackRock recorded $68 billion in total inflows, compared to $84 billion in the first quarter—reflecting a 19% decrease.

This decline was driven by one institutional investor’s partial withdrawal of $52 billion from a low-cost index strategy. BlackRock confirmed that this single redemption had a notable impact on the quarter’s overall inflow numbers.

Still, the company’s broader momentum remained strong. By the end of June, BlackRock’s total assets under management had grown to $12.5 trillion. The company also reported $152 billion in net inflows for the first six months of the year, driven by strong ETF performance, along with contributions from private and cash strategies.

Other notable reports from BlackRock include:

• Revenue grew 13% year-over-year, fueled by market strength and increased fee-based earnings.
• GAAP operating income declined 4%, impacted by noncash acquisition-related accounting expenses.
• Adjusted operating income rose 12%, reflecting strong performance when excluding one-time costs.
• Earnings per share (EPS) increased 2%, while adjusted EPS jumped 16% despite tax and share pressures.

Crypto ETF Momentum Grows Across the Industry

Julio Moreno, Head of Research at CryptoQuant, noted that total net investments into U.S. spot crypto ETFs have already exceeded last year’s figures at this point in the year. In 2024, the figure stood at roughly $14.8278 billion by midyear. In 2025, it has slightly edged past that, reaching approximately $14.8381 billion.

Based on current trends, the approval of additional cryptocurrency-based ETFs could further accelerate inflows. This could benefit leading asset managers such as BlackRock as digital assets continue to attract institutional interest.

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