BlackRock’s Bitcoin exchange-traded funds (ETFs) have become the company’s most profitable product line, according to Cristiano Castro, director of business development at BlackRock Brazil.
This figure is remarkable given that the company manages more than 1,400 ETFs globally and is the world’s largest asset manager with more than $13.4 trillion in assets under management.
Speaking at the Blockchain Conference in São Paulo in front of local media, Castro called the development a “big surprise” and said allocations in the company’s Bitcoin ETFs, including the US-based IBIT and Brazil’s IBIT39, had approached $100 billion.
“When we started the project, we were optimistic,” Castro said, “but we didn’t expect it to be this big.”
The company’s US-listed IBIT Spot Bitcoin ETF, launched in January 2024, became the fastest in history to reach $70 billion in assets, in 341 days. This momentum has continued despite recent Bitcoin price volatility, with the ETF currently sitting at $70.7 billion in net assets according to data from SoSoValue.
Net inflows exceeded $52 billion in the first year, far outpacing all other ETFs launched in the last decade. IBIT also generated approximately $245 million in annual fees by October 2025.
IBIT’s rapid growth has been fueled by BlackRock’s global distribution network and a wave of institutional interest following US regulatory approval of spot Bitcoin ETFs. It now holds more than 3% of the total Bitcoin supply, and it has been followed by various BTC-related products from BlackRock, including foreign ETPs.
Castro addressed recent Bitcoin outflows, saying such a move was expected given how retail investors tend to react to price drops. “ETFs are a very liquid and powerful tool. They are for people who want to manage flows,” he said.
BlackRock itself made a bet on its Bitcoin ETF. Its strategic revenue opportunities portfolio recently increased its stake in IBIT by 14%.
CoinDesk reached out to BlackRock but has not received a response as of this writing.
