BlackRock Sees Big Q3 Bounce in Crypto Assets but Trails Year-Ago Levels

BlackRock closed September with $79.6 billion in digital assets under management, marking a significant upswing from $48.8 billion at the end of June. The firm’s crypto holdings recovered in the third quarter after weakness earlier in the year, though they remain well below last year’s peak.

The third-quarter boost reflected both market-driven gains and renewed investor interest. While investors added fresh capital, rising crypto prices were the main driver of the increase.

Quarterly performance and drivers

Net inflows and market appreciation worked together to lift BlackRock’s digital asset totals. Investors contributed approximately $7.9 billion during the quarter, offsetting withdrawals of about $2.2 billion recorded in the first half of 2026. Meanwhile, asset price appreciation accounted for the lion’s share of the quarter’s gains.

Of the roughly $30.8 billion increase in digital assets during Q3, $22.9 billion came from market gains and $7.9 billion from investor additions. The combined effect produced the quarter-over-quarter jump of 63% in assets under management.

Year-over-year context and flows

Even after the rebound, BlackRock’s crypto assets are still about 23% below the nearly $104 billion it managed a year earlier. That shortfall is largely attributable to market value declines rather than investor departures: over the past 12 months the funds attracted approximately $6.3 billion in net new money, while market losses wiped out about $30.6 billion.

These figures underline how sensitive BlackRock’s digital-asset business remains to crypto price swings, despite continuing investor interest.

Revenue and product notes

BlackRock reported $39 million in combined fees and securities-lending revenue from its digital asset products during the quarter. The company did not break out separate asset or flow figures for the iShares Bitcoin Trust (IBIT) in the earnings release.