BlackRock crypto ETF: 260 million per year

According to recent estimates released by CoinDesk and presented by Leon Waidmann of Onchain Foundation, based on the average assets under management (AUM) and current fees, BlackRock earns approximately 260 million dollars annually from its ETFs on Bitcoin and Ether.

In this context, the annualized data highlights the scale effect achieved in a short time by the world’s largest asset manager. Update: data and figures in the text refer to September 23, 2025, with snapshots taken from public dashboards and issuers’ prospectuses.

According to the data collected by our editorial team from public reports and market dashboards, the estimate is consistent with the prospectuses and available quarterly reports.

Industry analysts consulted note that the rapid concentration of AUM among a few issuers is a phenomenon that solidified in the early quarters of 2024 and has continued into 2025. These direct verifications strengthen the reliability of the indicated magnitude.

The leadership is clear also in terms of market share in the United States: the main spot Bitcoin ETF by BlackRock holds over half of the assets in the sector.

For many traditional operators, this is a clear signal: regulated crypto vehicles have moved from the experimental phase to commercial maturity, while still remaining a market in evolution.

Revenue: what’s inside those 260 million

The estimate of 260 million comes from the management fees applied to the average assets of the funds. The contribution mainly comes from Bitcoin ETFs, with a smaller share from Ether products: approximately 218 million and 42 million, respectively, according to data released by CoinDesk. It should be noted that the distribution reflects both the asset base and the flows over time.

These are recurring and relatively predictable revenues, linked to the asset base and net flows. However, promotions, fee cuts, and market changes can alter the picture, impacting the annualized figures.

Why It Matters for Institutions

For banks, insurance companies, and managers, these numbers serve as an economic benchmark: a regulated business, with clear fees and institutional custody infrastructures. The appeal is evident: few top-tier managers have generated margins of this magnitude in such a short time, under the same operating conditions.

At the same time, some critical issues remain: the concentration of assets among a few issuers, competitive pressure on fees, and evolving regulatory risks. Indeed, these factors could affect future profitability.

USA Market Share: The Current Picture

According to dashboards like those of Dune Analytics and VettaFi, BlackRock holds about 57.5% of the spot Bitcoin market in the United States.

Its flagship ETF currently manages approximately 85 billion dollars in AUM; Fidelity follows with about 22.8 billion dollars and a market share around 15.4%. That said, the balances remain dynamic and reflect price movements.

——————– | ————- |
| BlackRock | ~85 billion $ | ~57.5% |
| Fidelity | ~22.8 billion $ | ~15.4% |
| Others (ARK 21Shares, Invesco/Galaxy, VanEck, etc.) | The rest of the market | ~27.1% |

Indicative data, rounded; the rates may vary in relation to daily flows and price trends. Snapshot and percentages updated as of September 23, 2025, according to the cited dashboards.

How a Crypto ETF Really Earns

The manager collects the management fees on the AUM. Occasionally, additional costs are applied, such as creation/redemption fees for authorized market makers.

Trading spreads do not represent revenue for the manager, as they belong to the liquidity providers on the secondary market.

In summary, greater assets and net flows generate higher recurring revenues, while fee cuts and market downturns reduce the annualized total. In this context, the main leverage remains the breadth of the AUM base.

Impact on Bitcoin Price: Scenarios and Counter-Scenarios

The influx of capital through ETFs and potential inclusion in pension plans could support demand, going beyond the classic halving cycle.

According to André Dragosch of Bitwise, in a favorable scenario Bitcoin could reach $200,000 by the end of 2025.

Other analysts, like Ryan Lee from Bitget, emphasize how massive subscriptions can facilitate the process of price discovery in the coming weeks. However, macro volatility, developing regulation, and risk rotations could slow down this dynamic or lead to phases of pullback.

Risks and Open Issues

• Fee war: competition could compress margins and reduce annualized revenues.
• Concentration: an excessively high share in a few issuers and a limited number of custodians increase operational risk.
• Regulation: potential regulatory changes on Ether and stablecoins could alter flows and allocations.
• Liquidity: in times of market stress, wider spreads and tracking errors could temporarily worsen.

Essential Timeline

• January 11, 2024: debut of spot Bitcoin ETFs in the USA.
• 2024: entry and ascent of top-tier asset managers.
• 2025: consolidation of shares and expansion of distribution towards institutional clients and financial advisors.

Quick FAQ

How the inclusion of crypto in US retirement plans can change the market?

The expansion of the investor base with stable and long-term flows could mitigate episodic volatility and support a more consistent demand for Bitcoin, all else being equal in macroeconomic conditions. However, the effect will depend on the actual pace of adoption.

Conclusions

The combination of annualized revenues in the order of 260 million dollars and the dominance in AUM places BlackRock at the center of the crypto ETF ecosystem in the USA. Although the model can be replicated by other large managers, the future trajectory will depend on fees, regulatory developments, and competition.

In the global market, the stakes are twofold: the institutionalization of digital assets and the potential structural impact on Bitcoin price formation. The current context suggests wider adoption, although not without possible trade-offs.