Circle · Wall Street · CoinDesk
BlackRock's crypto assets fall 39% despite $15 billion of net inflows
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★ Tier-1 Source
BlackRock's (BLK) digital asset business shrank sharply over the past year even as investors continued to pour money into its crypto products, highlighting the impact of lower crypto prices on the world's largest asset manager.
Key facts
- The firm reported digital asset products falling to $48.8 billion at the end of the second quarter from $79.6 billion a year earlier, a decline of nearly 39%, in its latest earnings release
- CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B
- The figures contrast with BlackRock's broader business, which posted record assets under management (AUM) of $15.3 trillion after attracting $192 billion in net inflows during the quarter
- The asset manager also manages $60 billion of Circle’s reserves, about one-quarter of the $300 billion stablecoin market, and wants to become the industry’s reserve manager of choice, it added
Summary
BlackRock's digital asset funds fell to $48.8 billion from $79.6 billion a year earlier despite $15.1 billion in net inflows. The decline was driven by $45.8 billion in market losses, which outweighed new investor money. Digital asset products also recorded $3.1 billion in net outflows during the second quarter, even as BlackRock posted record firmwide assets and beat Wall Street earnings estimates. The firm reported digital asset products falling to $48.8 billion at the end of the second quarter from $79.6 billion a year earlier, a decline of nearly 39%, in its latest earnings release on Wednesday.