Key Takeaways
- • BlackRock's crypto ETF assets rose 63% to $79.6 billion at September 30, 2026, up from $48.8 billion three months earlier, according to the company's Wednesday earnings report.
- • Clients added $7.9 billion in the third quarter, reversing roughly $2.2 billion in withdrawals recorded over the first half of 2026.
- • Rising crypto prices contributed $22.9 billion to the quarterly increase, meaning market valuation gains accounted for most of the growth.
- • Holdings remained 23% below the $104 billion reported in September 2025, as investors added $6.3 billion over the past year while market movements reduced assets by $30.6 billion.
- • BlackRock earned $39 million in third-quarter fees and securities lending revenue from its digital asset business.
Summary
BlackRock's crypto ETF business recovered in the third quarter of 2026, with digital assets under management rising 63% to $79.6 billion at September 30, up from $48.8 billion three months earlier, according to the firm's earnings report released Wednesday. The increase followed a difficult first half for cryptocurrency markets and related investment products, during which clients withdrew approximately $2.2 billion.
Net client demand turned positive in the quarter, with investors adding $7.9 billion. However, the report indicates that price appreciation drove the larger share of the gain. Market movements contributed $22.9 billion to the quarterly increase, reflecting the recovery in Bitcoin and Ether prices after a period of declines that had reduced the value of crypto holdings. BlackRock reports its digital assets at market value, which moves independently of client deposits and withdrawals.
Despite the quarterly advance, holdings remained 23% below the $104 billion level reported in September 2025. Over the past twelve months, investors added $6.3 billion, but market movements reduced holdings by $30.6 billion. Recent flows have been mixed. The earnings statement did not separate iShares Bitcoin Trust (IBIT) assets or flows from the broader category. Trading data cited in coverage showed IBIT attracting $22.4 million on October 9, when US spot Bitcoin ETFs collectively received $21.1 million, and Ether product ETHA recording $201.89 million in outflows on October 6. US spot Bitcoin ETFs recorded $678.9 million in net withdrawals from October 5 through October 9, though BlackRock's Bitcoin fund registered a small weekly inflow. These single-session and short-window figures do not represent quarterly totals.
BlackRock earned $39 million in third-quarter revenue from digital asset fees and securities lending. Across all operations, the company managed approximately $15.5 trillion at quarter-end.
Net client demand turned positive in the quarter, with investors adding $7.9 billion. However, the report indicates that price appreciation drove the larger share of the gain. Market movements contributed $22.9 billion to the quarterly increase, reflecting the recovery in Bitcoin and Ether prices after a period of declines that had reduced the value of crypto holdings. BlackRock reports its digital assets at market value, which moves independently of client deposits and withdrawals.
Despite the quarterly advance, holdings remained 23% below the $104 billion level reported in September 2025. Over the past twelve months, investors added $6.3 billion, but market movements reduced holdings by $30.6 billion. Recent flows have been mixed. The earnings statement did not separate iShares Bitcoin Trust (IBIT) assets or flows from the broader category. Trading data cited in coverage showed IBIT attracting $22.4 million on October 9, when US spot Bitcoin ETFs collectively received $21.1 million, and Ether product ETHA recording $201.89 million in outflows on October 6. US spot Bitcoin ETFs recorded $678.9 million in net withdrawals from October 5 through October 9, though BlackRock's Bitcoin fund registered a small weekly inflow. These single-session and short-window figures do not represent quarterly totals.
BlackRock earned $39 million in third-quarter revenue from digital asset fees and securities lending. Across all operations, the company managed approximately $15.5 trillion at quarter-end.
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