BlackRock, the world’s largest asset manager with $11.6 trillion in assets under management, reported $84 billion in total net inflows in the first quarter of 2025, marking a 3% annualized growth in assets under management.
The firm’s strong performance was led by a record first quarter for iShares exchange-traded funds (ETFs) alongside continued strength in private markets and net inflows, according to BlackRock’s Q1 earnings released on April 11.
Of the $107 billion in net inflows to iShares ETFs, $3 billion, or 2.8% of the total ETF inflows, was directed to digital asset products in Q1, BlackRock said.
BlackRock’s net flow data in Q1 2025 (in billions of US dollars). Source: BlackRock
Alternative investments also played a significant role in Q1, with private market inflows totaling $9.3 billion.
Digital assets remain small segment
As of March 31, digital assets accounted for $34 million in base fees or less than 1% of BlackRock’s long-term revenue.
By the end of the first quarter, BlackRock’s total digital assets under management amounted to $50.3 billion, which represents about 0.5% of the firm’s $11.6 trillion in total assets under management.
BlackRock’s business results in Q1 2025 (in millions of US dollars). Source: BlackRock
BlackRock’s financial results suggest that digital assets still make up a modest share of the company’s business.
Despite that, BlackRock’s $3 billion in digital asset inflows is notable given widespread liquidations in the Bitcoin ETF market earlier this year. The company’s figures suggest that investor interest in crypto-backed ETFs remains steady.
Base fee growth shows “best start to a year since 2021,” CEO says
Despite BlackRock recording a 70% drop in net inflows in the first quarter of 2025 compared to the previous quarter, with inflows falling from $281 billion in Q4 2024 to $84 billion, BlackRock CEO Larry Fink pointed to the company’s solid fee growth as a major indicator of success.
“We delivered 6% organic base fee growth in the first quarter, representing our best start to a year since 2021 and secular strength against a complex market backdrop,” Fink said in the report.
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Fink also mentioned that the company is focused on helping clients navigate market and policy changes while also providing insights on “long-term structural growth opportunities,” adding:
“The goal for us is to keep our clients focused on the long-term, and help them achieve any near-term allocation or liquidity changes they need within the BlackRock platform.”
While BlackRock saw $3 billion in crypto asset inflows in Q1 2025, some other Bitcoin ETF issuers have suffered massive outflows.
Flows by issuer (in millions of US dollars). Source: CoinShares
According to CoinShares data, Grayscale saw roughly $1.4 billion in outflows from its crypto ETFs year-to-date as of April 4.
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