BlackRock Reports Strong Q1 as Digital Assets Gain Ground Amid Broader ETF Growth

BlackRock kicked off 2025 with $84 billion in net inflows, fueled by record-breaking demand for its iShares ETFs and growing interest in private markets.

Despite a 70% drop in quarterly inflows from Q4 2024, the world’s largest asset manager still posted a 3% annualized growth in assets under management (AUM), which now total $11.6 trillion.

In a notable highlight, iShares ETFs drew $107 billion in Q1 inflows—an all-time high for a first quarter. Of that, $3 billion, or 2.8%, went into digital asset products, signaling continued institutional appetite for crypto-backed investments even as other issuers experienced significant outflows.

While digital assets remain a small fraction of BlackRock’s overall business—accounting for just 0.5% of total AUM and less than 1% of long-term revenue—the segment now stands at $50.3 billion in assets, with $34 million in base fees generated during the quarter. This comes as other major players in the crypto ETF space, including Grayscale, have seen investor pullback, with CoinShares reporting $1.4 billion in outflows from Grayscale’s crypto ETFs year-to-date through early April.

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Private market strategies also delivered strong performance, adding $9.3 billion in inflows for BlackRock during the quarter.

Despite the overall slowdown in quarterly flows, CEO Larry Fink framed the results as a solid start to the year, emphasizing the firm’s 6% organic base fee growth—its strongest Q1 growth since 2021. He highlighted the company’s focus on long-term structural opportunities and guiding clients through a complex market environment.

BlackRock’s Q1 performance points to the firm’s diversified strength across asset classes, while also hinting at growing traction for digital asset products within traditional investment frameworks.