BlackRock's Bitcoin ETFs become its top revenue generator
BlackRock's Bitcoin exchange-traded funds have become the asset management giant's most profitable product line, according to a senior executive, marking a watershed moment for cryptocurrency's integration into mainstream finance.
Cristiano Castro, director of business development at BlackRock Brazil, disclosed the development at the Blockchain Conference in São Paulo on November 28-29, calling it "a big surprise" given that BlackRock manages more than 1,400 ETFs globally and oversees $13.4 trillion in assets under management. The combined allocations in BlackRock's U.S.-listed iShares Bitcoin Trust (IBIT) and Brazil's IBIT39 have approached $100 billion.
BlackRock's bitcoin ETFs, including the U.S.-listed IBIT, have become the firm's top revenue source, reaching $70 billion in assets in just 341 days and generating significant fees, despite recent outflows and bitcoin price volatility.
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