Assets under management in BlackRock’s digital asset products rose 63% in the third quarter, with most of the increase driven by a recovery in market values.
According to BlackRock’s third-quarter report, released Wednesday, assets under management in its digital asset products rose from $48.8 billion at the end of June to $79.6 billion at the end of September. Investors added $7.9 billion to these products during the quarter, reversing outflows of about $2.2 billion in the first half of the year.
Of the $30.8 billion quarterly increase in total assets under management, $22.9 billion came from market gains, while the remaining $7.9 billion came from investor contributions.
BlackRock’s crypto assets remain below their annual peak
Even after the recovery, BlackRock’s digital assets remained 23% below the roughly $104 billion level of a year earlier. Despite $6.3 billion in net inflows to the products over the past 12 months, declines in the market value of the assets wiped out $30.6 billion over the same period.
BlackRock earned $39 million from its digital asset products in the quarter, including fee and securities lending revenue. The report did not provide separate asset or fund flow figures for the iShares Bitcoin Trust (IBIT), which the company operates.
Not investment advice.