In Q2 2026 BlackRock reported a record $15.34 trillion AUM but its crypto exposure fell nearly 20% quarter-over-quarter to $48.8 billion after $3.1 billion of client outflows and $8.7 billion of market losses, down 39% year-over-year. iShares drove $177.9 billion in ETF inflows and BlackRock beat revenue and EPS estimates, yet Bitcoin is near $64,756 (49% below its Oct 2025 peak) and spot BTC ETFs have seen significant outflows, indicating continued weakness in crypto adoption and limited fee contribution from digital assets.

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In Brief

BlackRock's crypto AUM fell nearly 20% in its record $15.34 trillion quarter.
Digital asset products shed $3.1 billion while ETFs drew $177.9 billion in Q2.
Adjusted EPS of $13.91 topped analyst estimates on $7.08 billion in revenue.

BlackRock closed the second quarter of 2026 with a record $15.34 trillion in assets, yet crypto was the clear outlier. Digital asset products shed $3.1 billion, while ETFs, fixed income, and private markets all attracted new money.

The gap is easy to measure. BlackRock’s digital asset holdings fell nearly 20% over the past three months to $48.8 billion, while the firm’s total assets grew 10% over the same period.

BlackRock Q2 2026 AUM growth chart contrasted with digital asset decline, Source: BeInCrypto

iShares Pushed BlackRock’s Record AUM Higher

The world’s largest asset manager reported $7.08 billion in revenue on July 15, up 31% from a year earlier. Adjusted earnings of $13.91 per share topped analyst estimates of about $12.57, and its 45.9% adjusted operating margin was the best in almost five years, according to the release.

Clients added $192 billion in net inflows during the quarter. ETFs did most of the heavy lifting with $177.9 billion, lifting iShares assets above $6.2 trillion, roughly double their size three years ago.

The pace stands out even by BlackRock’s standards. Bloomberg’s Lisa Abramowicz noted that the firm has added nearly $5 trillion in assets over about 2 years.

BlackRock has expanded its assets under management by nearly $5 trillion over the next two years, to $15.3 trillion. pic.twitter.com/oGhsnZNp1d
— Lisa Abramowicz (@lisaabramowicz1) July 15, 2026

Chairman and CEO Larry Fink credited the breadth of the business.

“The quality and breadth of our platform is differentiating us with clients more than ever before. It’s enabling us to earn more of their portfolios, and power durable earnings for our shareholders.”

Crypto Shrinks 20% While Everything Else Grows

BlackRock entered April holding $60.7 billion in digital assets. Three months later, the figure stood at $48.8 billion. Client withdrawals explain $3.1 billion of the drop, and falling prices erased another $8.7 billion.

The longer arc is harsher. Digital asset AUM has fallen 39% from $79.6 billion a year ago. Clients added $15.1 billion over that period, but $45.8 billion in market losses swallowed the new money, and flows turned negative in 2026.

The unit also earns little for its size. Digital assets generated $40 million in base fees during the quarter, less than 1% of BlackRock’s $5.7 billion fee haul.

The retreat mirrors wider market pressure. US spot Bitcoin (BTC) ETFs posted their worst month on record in June, bleeding $4.5 billion as Bitcoin fell more than 20%.

The funds briefly snapped the outflow streak in early July, but daily Bitcoin ETF outflows hit $430 million this week.

Spot Bitcoin ETF Flows. Source: SoSoValue

Meanwhile, BTC price data shows the asset near $64,756, up 2% in 24 hours but 49% below its October 2025 peak of $126,080. The slump reverses the 2025 story, when the iShares Bitcoin Trust helped fuel Fink’s biggest payday as CEO.

For now, the record quarter proves BlackRock’s growth engine runs far beyond crypto. The third quarter will show whether digital assets rejoin that engine or keep trailing the rest of the platform.

Read the article at BeInCrypto

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