BlackRock keeps crypto fees steady as it pushes deeper on-chain

BlackRock's latest results matter for crypto investors because they show where large asset managers still see revenue when token prices fall. In the first half of 2026, BlackRock made $82 million from digital-asset products, even though its crypto assets under management dropped by nearly $30 billion.

The decline was mostly a market move, not a rush for the exit. BlackRock's digital-asset AUM fell to $48.84 billion on June 30 from $78.44 billion at the end of 2025. The company attributed $27.4 billion of that drop to lower asset prices, while net withdrawals accounted for $2.18 billion. Average balances stayed higher than quarter-end balances, which helped keep fee revenue relatively stable. Second-quarter digital-asset fees slipped just 5% from the prior quarter, even as ending assets fell almost 20%.

BlackRock is now trying to rely less on spot Bitcoin and Ethereum ETF fees alone. CFO Martin Small said the firm has about $110 billion tied to digital markets and wants that segment to generate $500 million in annual revenue by 2030.

Its next areas are stablecoin reserves and tokenized funds. BlackRock already manages about $60 billion of reserves for Circle's USDC and has filed for tokenized money-market products that would support stablecoin-funded subscriptions and redemptions across multiple blockchain networks.