BlackRock now makes more money from its Bitcoin ETFs than from any other product it runs, according to Cristiano Castro, the director of business development at BlackRock Brazil.
He said the company’s Bitcoin funds now sit at the top of its revenue list. Keep in mind that BlackRock runs more than 1,400 ETFs worldwide and controls over $13.4 trillion in total assets.
Cristiano spoke at the Blockchain Conference in São Paulo and called the growth “a big surprise.”He said money flowing into BlackRock’s Bitcoin ETFs, including the U.S. fund IBIT and Brazil’s IBIT39, is now close to $100 billion.
He said, “When we launched, we were optimistic, but we didn’t expect this scale.” The comment came as Bitcoin funds faced both inflows and outflows across global markets.
IBIT breaks records and pulls in billions
IBIT launched in January 2024 after U.S. regulators approved spot Bitcoin ETFs. The fund became the fastest ETF in history to reach $70 billion in assets. It did that in 341 days. Even with Bitcoin price swings, the fund now holds $70.7 billion in net assets, based on SoSoValue data.
During its first year, IBIT recorded more than $52 billion in net inflows. That number beat every other ETF launched in the past ten years. By October 2025, IBIT had already produced about $245 million in yearly fees.
The growth came from BlackRock’s global sales network and from rising demand by large institutions after U.S. approval.
IBIT now controls more than 3% of Bitcoin’s total supply. After that success, BlackRock rolled out other Bitcoin-linked products, including overseas ETPs. Cristiano also spoke on recent money leaving some Bitcoin funds.
He said outflows match how retail investors often react when prices drop. “ETFs are a very liquid and powerful tool. They’re meant for people to manage flows,” he said.
BlackRock also increased its own exposure. Its Strategic Income Opportunities Portfolio recently lifted its IBIT stake by 14%, showing the firm is still increasing its Bitcoin-linked exposure from inside.
Former BlackRock staff launch HelloTrade
Two former BlackRock digital asset staff, Kevin Tang and Wyatt Raich, later left to build their own company. Both worked inside BlackRock as it shifted from crypto skeptics to ETF issuers.
Kevin served as a senior director on the digital assets team. Wyatt ran engineering at the digital asset lab. During their time there, they helped with the launch of IBIT and the iShares Ethereum Trust (ETHA).
Both funds posted record openings on the stock market and ranked among the first crypto ETFs ever released.
Kevin and Wyatt later said it was too hard for people outside the U.S. to invest in basic assets like American stocks. That led them to start HelloTrade, a mobile-first trading platform built on blockchain tech.
The company announced on Thursday that it raised $4.6 million in seed funding. The round was led by Dragonfly Capital, with backing from Mirana Ventures and angel investors.
Kevin, now the CEO, said in an interview with Fortune, “We see a huge market opportunity to make these traditional assets such as stocks and commodities accessible to anyone around the world with an internet connection.”
He added, “We believe that the next frontier of blockchain adoption will be the movement of these traditional markets on chain.”
HelloTrade plans to let users outside the U.S. buy American assets. For example, people in Vietnam or Indonesia who want to buy Tesla stock often cannot do so through local brokers. The company wants to fix that using crypto tools. The platform will also offer perpetual futures, which give users more exposure than standard cash trades.
Kevin said platforms like Robinhood and Revolut offer similar access but feel clunky to many users. He said HelloTrade will focus on a cleaner user experience. The product is not live yet. Kevin expects the launch by the end of this year or the beginning of next year. The company currently employs about 10 staff members.
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