BlackRock’s crypto inflows jump 370% in Q2 while net flows slump

BlackRock, the world’s largest asset manager with $11.5 trillion in assets under management, reported a massive increase in cryptocurrency fund inflows in the second quarter of 2025.

According to BlackRock’s quarterly earnings released on Tuesday, Q2 inflows into its crypto iShares exchange-traded funds (ETFs) surged 366% to $14 billion, up from $3 billion in the previous quarter.

The crypto inflows accounted for 16.5% of BlackRock’s total Q2 ETF inflows of $85 million, marking notable growth from just below 3% in Q1 2025.

BlackRock’s net flow data in Q2 2025 (in billions of US dollars). Source: BlackRock

Still, BlackRock total inflows declined 19%, falling from $84 billion in Q1 to $68 billion in Q2.

The decline reflected the impact of a “single institutional client’s $52 billion lower-fee index partial redemption,” BlackRock said.

Digital assets still account for 1% of base fees

As of June 30, digital assets generated $40 million in base fees, representing about 1% of BlackRock’s long-term revenue. This figure reflects an 18% increase from $34 million in Q1.

“While digital assets account for just 1% of base fees, their rapid growth signals increasing revenue contribution potential,” BlackRock noted in the update.

BlackRock’s business results in Q2 2025 (in millions of US dollars). Source: BlackRock

“iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%,” BlackRock CEO Larry Fink said, adding:

“We’re attracting a new and increasingly global generation of investors through things like our digital assets offerings and recently launched funds in India through our joint venture Jio BlackRock.”

This is a developing story, and further information will be added as it becomes available.

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