These figures contrast with BlackRock’s overall business, which recorded record assets under management (AUM) of $15.3 trillion after attracting $192 billion in net inflows during the quarter. The company also beat Wall Street expectations with adjusted earnings per share of $13.91 on revenue of $7.08 billion.
BLK shares traded 4.15% higher at £1,068 in pre-market trading on Wednesday.
BlackRock’s crypto target
BlackRock is targeting annual revenue of $500 million as part of its 2030 plan, the company said on its earnings call.
That would represent a more than tenfold increase from the $40 million BlackRock currently generates in base fees and securities lending, which represents less than 1% of the firm’s total fee revenue.
BlackRock has gradually expanded its crypto ETF lineup since listing its spot bitcoin ETF (IBIT) and spot ether ETF (ETHA), in 2024. More recently, the company introduced the iShares Bitcoin Income ETF (BITY), which seeks to generate income by writing covered calls on bitcoin exposure, giving investors an alternative to simply tracking the price of the cryptocurrency.
The asset manager also manages $60 billion of Circle’s reserves, about a quarter of the $300 billion stablecoin market, and aims to become the industry’s reserves manager of choice, he added.
BlackRock highlighted 5 billion crypto wallets as a new distribution channel for its traditional investment products during the earnings call.
