BlackRock posted a standout quarter, propelled by record investor inflows into its iShares ETFs and surging institutional demand for digital assets.

The firm’s results highlight how crypto exposure has become a powerful growth engine for the world’s largest asset manager.

The iShares platform, spanning more than 1,400 ETFs, saw $205 billion in net inflows during the third quarter – its highest ever. While traditional products remain the backbone of BlackRock’s business, its digital asset funds have rapidly gained traction.

Crypto ETFs brought in $17 billion over the quarter, lifting total inflows for 2025 to $34 billion and pushing digital asset AUM to nearly $104 billion, or around 1% of the firm’s $13.46 trillion total.

The iShares Bitcoin Trust (IBIT), approved by U.S. regulators in early 2024, has become a flagship product, nearing $100 billion in assets and outpacing every other BlackRock ETF in fee generation. Its success was followed by the iShares Ethereum Trust (ETHA), which has quickly reached $10 billion in assets after a slow start.

CEO Larry Fink said the results reflect BlackRock’s focus on innovation across technology, data, and digital assets. The firm’s earnings and revenue both surpassed expectations, underscoring strong momentum in its ETF business.

Institutional adoption of crypto ETFs continues to accelerate, offering investors a compliant and simplified route into digital assets. This inflow of capital has supported Bitcoin’s ongoing rally, which recently hit a new all-time high above $126,000, signaling a broader shift toward viewing BTC as a hedge against inflation and currency debasement.