BlackRock Cashes In On Crypto Downturn Despite $30B Valuation Drop

BlackRock, the world's largest asset manager, generated $82 million in revenue from its digital-asset products during the first half of 2026. This revenue came despite the value of its crypto funds dropping nearly $30 billion due to falling Bitcoin and Ethereum prices.

The company earned $42 million in digital-asset base fees and securities-lending revenue in the first quarter, followed by $40 million in the second quarter. The results reflect a lucrative expansion into cryptocurrency products that began with the launch of BlackRock's spot Bitcoin and ETH exchange-traded funds in 2024.

Revenue proved more resilient during this year's downturn because BlackRock collected fees on average balances that remained substantially higher than the amount held at the end of the second quarter. The company's digital-asset assets under management fell 38% during the first half of the year, declining to $48.84 billion from $78.44 billion at the end of December.

The drop in value was largely driven by market depreciation, with $27.4 billion of the decline attributed to lower asset prices. Net withdrawals and foreign-exchange effects accounted for only a small portion of the total reduction.