BlackRock’s crypto ETFs thrive in one of the toughest quarters with $3 billion inflow

BlackRock, the largest asset manager in the world, reported $3 billion in digital asset inflows during the first quarter of 2025 despite the volatility in the crypto market.

The update came in the firm’s latest earnings report, which also revealed $84 billion in total net flows across its broader portfolio during the quarter.

The performance was primarily fueled by record-breaking activity in BlackRock’s iShares exchange-traded funds (ETFs), which brought in $107 billion in net flows alone.

Additional gains came from private markets and systematic active strategies, reflecting strong investor confidence in the firm’s broader offerings.

Commenting on the results, BlackRock CEO Larry Fink described the quarter as the firm’s best start to a year since 2021.

Fink added:

“We delivered 6% organic base fee growth in the first quarter, representing our best start to a year since 2021 and secular strength against a complex market backdrop. We are helping clients navigate
market and policy changes, while also providing insights on long-term structural growth opportunities.”

BlackRock’s Bitcoin and Ethereum ETFs

BlackRock’s Bitcoin and Ethereum ETFs comprised around 2.8% of total Q1 inflows.

While that share remains modest, it’s significant given the market turbulence in early 2025. Bitcoin and Ethereum faced steep corrections, marking one of their most challenging quarters in recent memory.

Despite the volatility, BlackRock’s crypto-related products played a pivotal role in what many analysts have called the most successful ETF rollout in financial history.

The firm’s digital asset offerings have driven billions in liquidity to the crypto market, helping to soften the usual capital rotation cycles that dominate the space.

As a result, the firm has begun expanding its crypto-related product offerings to other regions, including Canada and Europe.

However, digital assets remain a relatively small part of BlackRock’s broader portfolio despite the momentum.

As of March 31, 2025, the firm’s digital asset ETFs held $50.3 billion under management, just 0.5% of its total $11.6 trillion portfolio. These assets generated $34 million in base fees over the period.

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