BlackRock generated $82 million in revenue from digital-asset products in the first half of 2026, even as falling Bitcoin and Ethereum prices erased nearly $30 billion from its crypto-related assets under management. The firm's spot Bitcoin and Ethereum ETFs, which launched in 2024, brought in $42 million in Q1 and $40 million in Q2 — a drop of just 5% quarter over quarter, despite a 19.5% decline in ending AUM. CFO Martin Small said BlackRock now has about $110 billion in assets tied to digital markets.
Revenue holds up as prices slide
The resilience came from high average AUM throughout the period. In Q1, average AUM stood at $67.74 billion; in Q2, it was $61.48 billion. Even though ending AUM fell to $48.84 billion by June 30, the fees earned on the larger average base cushioned the blow. By comparison, BlackRock's crypto ETFs generated about $174 million in net sponsor fees in all of 2025. The H1 2026 run rate of $164 million annualized suggests the business is still growing, albeit under pressure from market conditions.
Where the money came from
Market depreciation accounted for roughly 93% of the total AUM reduction in H1 2026 — $27.4 billion from falling prices versus just $2.18 billion in net investor withdrawals and an $11 million FX effect. In Q1, the products actually attracted about $934 million in inflows, yet AUM still fell to $60.67 billion. In Q2, investors pulled $3.12 billion, and market losses erased another $8.71 billion. By mid-July, the iShares Bitcoin Trust and iShares Ethereum Trust had recovered some ground, holding a combined $52.6 billion.
Three focus areas for future revenue
Small outlined three priorities: connecting regulated investment products to digital markets, managing the reserves that back stablecoins, and tokenizing traditional assets. BlackRock has already launched two new products this year — the iShares Staked Ethereum Trust ETF in February and the iShares Bitcoin Premium Income ETF in June. The firm aims to hit $500 million in annual digital-asset revenue by 2030, roughly three times the current annualized pace.
BlackRock's digital-asset business is still in its early innings, but the revenue stability during a brutal crypto winter is notable. The next test will be whether the firm can sustain fee income if prices stay low — or if the new staking and income products can attract a different kind of investor. For now, the math is clear: price moves, not client sentiment, are driving the numbers.
