BlackRock’s digital assets ETFs, managing nearly $60.7 billion in assets, produced $42 million in fees during the first quarter of 2026. This figure represented 1.75% of the firm’s total ETF fees, despite comprising just 1.11% of ETF assets under management. The revenue highlights crypto’s higher fee rates but also its vulnerability to market swings.
BlackRock’s digital assets products earned $42 million in investment advisory, administration fees, and securities lending revenue in the first quarter. The firm’s overall ETF complex generated over $2.4 billion in fees during the same period, with digital assets accounting for a modest share. At roughly 24.8 basis points annualized, crypto products outperformed the ETF average of 17.2 basis points, yielding a higher revenue slice relative to their asset footprint. Net inflows into these products reached $935 million, or 0.71% of total ETF inflows of $132 billion. However, a negative market move of nearly $18.7 billion reduced assets under management from $78.4 billion at the end of 2025 to $60.6 billion by March 31. BlackRock’s flagship iShares Bitcoin Trust (IBIT) held about $61.7 billion in net assets as of April 29, implying roughly $152.9 million in annualized sponsor fees at 0.25%. The iShares Ethereum Trust (ETHA) managed over $7 billion, while the newer iShares Staked Ethereum Trust (ETHB), launched February 18, raised $594.5 million. Competition intensified as Morgan Stanley launched its Bitcoin ETF (MSBT) on April 8 at a 0.14% sponsor fee, undercutting IBIT’s rate. Charles Schwab announced direct Bitcoin and Ethereum trading for retail clients on April 16 at a 75-basis-point per-trade fee. Goldman Sachs filed for a Bitcoin Premium Income ETF, focusing on options-based income. These developments signal narrowing margins in a maturing market. Analysts note that crypto revenue remains beta-driven, tied closely to asset prices like Bitcoin. BlackRock describes IBIT as the most-traded US spot Bitcoin ETP since launch, but sustained growth will depend on inflows offsetting price volatility and richer product structures like staking.
