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During these years, crypto was still considered an outsider volatile, unregulated and often dismissed by traditional finance. BlackRock, despite witnessing rising client curiosity, remained cautious. Its leadership publicly emphasized risk management, regulatory clarity, and long-term stability. Yet quietly, 2021 became the first significant turning point. BlackRock began dipping its toes into Bitcoin by allowing select funds to gain exposure through regulated Bitcoin futures. It wasn’t a mainstream adoption, but it was the earliest sign that the world’s largest asset manager was preparing for something much bigger.
As global markets fluctuated in 2022 and traditional asset classes suffered, BlackRock’s AUM temporarily slipped to around $8.6 trillion. But the decline only deepened the push toward innovation. Internal research intensified. Client demand accelerated. The firm’s leadership, particularly CEO Larry Fink, slowly shifted the narrative publicly acknowledging the long-term potential of digital assets, blockchain and tokenization. By late 2023, the transformation that once seemed impossible became inevitable.
BlackRock filed for its first Spot Bitcoin ETF in June 2023, shocking both Wall Street and the crypto community. Many believed the approval was guaranteed simply because it came from BlackRock an institution with a near-perfect regulatory record. When the iShares Bitcoin Trust (IBIT) was finally approved in January 2024, it marked one of the most historic milestones in the digital-asset industry. BlackRock had officially joined crypto not as a spectator, but as a leader.
The shift was immediate. IBIT grew at lightning speed, becoming one of the fastest-growing ETFs in history. Billions of dollars flowed into Bitcoin through BlackRock’s gateway, and the firm’s crypto strategy expanded aggressively. It soon launched its iShares Ethereum Trust, strengthened partnerships with digital-asset custodians like Coinbase, and introduced institutional tokenized funds such as BUIDL, opening the doors for real-world asset tokenization.
By 2025, this strategic pivot reshaped BlackRock’s entire identity. Its total AUM surged to a record $13.46 trillion, powered not only by market recovery but also by the explosive success of its digital-asset offerings. Cryptocurrencies, once a peripheral experiment, became one of BlackRock’s most profitable business lines. Tokenization, once theoretical, evolved into a core strategy for future financial markets.
The contrast between BlackRock before and after joining crypto is dramatic. Earlier, the firm represented traditional finance slow, cautious and bound by legacy systems. Today, it stands at the forefront of the global shift toward digital assets, blockchain-based financial infrastructure and tokenized capital markets. BlackRock no longer observes the future from a distance; it shapes it. And as crypto acceptance grows worldwide, the firm’s influence is likely to remain central in defining how institutional capital adopts the next generation of digital finance.
QUICK COMPARISON: BLACKROCK BEFORE vs AFTER CRYPTO
BEFORE JOINING CRYPTO (2019–2023)
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Managed $9–10 trillion AUM
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Focus only on traditional assets: stocks, bonds, ETFs, retirement funds
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Public stance: crypto is risky, speculative
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First minor exposure (Bitcoin futures) in 2021
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No direct spot crypto products
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Tokenization only a theoretical concept
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Revenue from traditional ETFs & index funds
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Institutional clients asking about crypto, but no official solutions
AFTER JOINING CRYPTO (2024–2025)
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AUM jumped to $13.46 trillion (record high)
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Launched IBIT – Spot Bitcoin ETF (January 2024)
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Launched iShares Ethereum Trust
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Bitcoin ETF became one of the most profitable products
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Major push into tokenized funds (BUIDL)
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Crypto became a core business line
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Huge inflow from global institutions entering crypto via BlackRock
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CEO Larry Fink became openly bullish on digital assets
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BlackRock became a global leader in institutional crypto adoption
FAQs
1. When did BlackRock officially enter the crypto market?
BlackRock officially entered crypto in January 2024, when its Spot Bitcoin ETF (IBIT) was approved by U.S. regulators.
2. How much AUM did BlackRock have before joining crypto?
Before its crypto expansion, BlackRock managed around $9–10 trillion between 2021 and 2023.
3. How much AUM does BlackRock have currently (2025)?
As of late 2025, BlackRock’s AUM stands at approximately $13.46 trillion.
4. Why did BlackRock move into crypto?
Massive client demand, the potential of blockchain technology, and the future of asset tokenization pushed the firm to embrace digital assets.
5. What is BlackRock’s role in tokenization?
BlackRock launched tokenized funds like BUIDL, marking its commitment to transforming real-world assets into blockchain-based digital securities.