BlackRock Sees Crypto Business Plunge Amid Falling Prices

BlackRock's digital asset business experienced a significant decline over the past year despite steady investor demand for its crypto products. The company reported $48.8 billion in digital asset products at the end of the second quarter, down from $79.6 billion a year earlier, representing a nearly 39% year-over-year decline.

The sharp decline was largely due to falling crypto prices weighing on asset values, with the company experiencing $45.8 billion in market depreciation over the past 12 months. This outweighed the $15.1 billion in net inflows into its digital asset products during this period.

BlackRock's overall operations continued to grow, however, with assets under management reaching a record $15.3 trillion after $192 billion in quarterly net inflows. The firm exceeded Wall Street expectations, reporting adjusted earnings per share of $13.91 on revenue of $7.08 billion.