Key Takeaways
- • BlackRock reported in its Q3 2026 earnings release that assets under management for its crypto-related ETFs reached $79.632 billion at the end of September 2026, up roughly 63% from $48.839 billion at the end of June.
- • Net inflows of $7.907 billion and a $22.9 billion price-driven valuation increase accounted for the $30.8 billion quarterly AUM gain, with market appreciation representing roughly three-quarters of the increase.
- • Crypto-related AUM remains approximately 23% below the $103.965 billion recorded a year earlier, reflecting a $30.6 billion valuation decline over the past 12 months that outweighed $6.3 billion in net inflows.
- • Crypto-related base fees and securities lending revenue totaled $39 million, about 0.6% of BlackRock's $6.036 billion total revenue, underscoring the segment's limited contribution to earnings.
- • All crypto-related assets are iShares-branded ETFs; the earnings report did not break out AUM or flows for the iShares Bitcoin Trust (IBIT) individually.
Summary
BlackRock's crypto-related assets under management reached $79.632 billion by the end of September 2026, according to the firm's Q3 2026 earnings release published on the 14th. The figure represents a roughly 63% increase from $48.839 billion at the end of June and was driven by a reversal in fund flows, which moved from net outflows in the first half of the year to net inflows in the third quarter, alongside a rise in crypto market prices.
Net inflows for the third quarter totaled $7.907 billion, while the valuation of held assets rose $22.9 billion on price appreciation. Together these accounted for the $30.8 billion total AUM increase for the quarter. Cumulative net inflows from January through September reached $5.726 billion. The first half of the year had seen net outflows of approximately $2.2 billion, meaning third-quarter inflows exceeded the full first-half outflows. The earnings report did not disclose AUM or flow data for individual products, including the iShares Bitcoin Trust (IBIT), which the firm manages as its spot Bitcoin ETF.
Despite the quarterly recovery, the balance remains about 23% below the $103.965 billion recorded at the end of September 2025. Over the past twelve months, the segment took in $6.3 billion in net inflows, but market valuation declines totaling $30.6 billion more than offset them. The company's disclosures indicate that AUM remains highly sensitive to Bitcoin price volatility, and that a market pullback could reduce AUM even if inflows continue.
The segment's financial contribution remains modest. Base fees and securities lending revenue from crypto-related products totaled $39 million, approximately 0.6% of BlackRock's total revenue, and the ratio to total company AUM was about 0.5%. Company-wide, Q3 revenue rose 19% year-on-year to $7.75 billion, ahead of market expectations of $7.52 billion. Adjusted operating income was $3.33 billion, adjusted earnings per share were $15.93, and quarterly net inflows reached $205 billion. Total firm AUM grew 15% year-on-year to $15.49 trillion. On the earnings call, Chairman and CEO Laurence Fink said the firm raised $68 billion in private markets over the past 12 months. BlackRock continues to prioritize fixed income, alternatives, private markets, and technology services, with crypto ETFs positioned as an established but still small part of that strategy.
Net inflows for the third quarter totaled $7.907 billion, while the valuation of held assets rose $22.9 billion on price appreciation. Together these accounted for the $30.8 billion total AUM increase for the quarter. Cumulative net inflows from January through September reached $5.726 billion. The first half of the year had seen net outflows of approximately $2.2 billion, meaning third-quarter inflows exceeded the full first-half outflows. The earnings report did not disclose AUM or flow data for individual products, including the iShares Bitcoin Trust (IBIT), which the firm manages as its spot Bitcoin ETF.
Despite the quarterly recovery, the balance remains about 23% below the $103.965 billion recorded at the end of September 2025. Over the past twelve months, the segment took in $6.3 billion in net inflows, but market valuation declines totaling $30.6 billion more than offset them. The company's disclosures indicate that AUM remains highly sensitive to Bitcoin price volatility, and that a market pullback could reduce AUM even if inflows continue.
The segment's financial contribution remains modest. Base fees and securities lending revenue from crypto-related products totaled $39 million, approximately 0.6% of BlackRock's total revenue, and the ratio to total company AUM was about 0.5%. Company-wide, Q3 revenue rose 19% year-on-year to $7.75 billion, ahead of market expectations of $7.52 billion. Adjusted operating income was $3.33 billion, adjusted earnings per share were $15.93, and quarterly net inflows reached $205 billion. Total firm AUM grew 15% year-on-year to $15.49 trillion. On the earnings call, Chairman and CEO Laurence Fink said the firm raised $68 billion in private markets over the past 12 months. BlackRock continues to prioritize fixed income, alternatives, private markets, and technology services, with crypto ETFs positioned as an established but still small part of that strategy.
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