Blackrock, the world’s largest asset manager with more than $13.4 trillion in assets under management (AUM), says its spot bitcoin exchange-traded funds (ETFs) have risen to the top of its global revenue stream. The update came from Cristiano Castro, Blackrock’s business development director in Brazil, who said the results exceeded the firm’s expectations.

Castro made the remarks on Nov. 28 during the Blockchain Conference 2025 in São Paulo, shortly after joining a panel on digital asset allocation, according to E-Investidor reporting, a publication under the umbrella of Estadão. The Blackrock executive called the performance of the ETFs “a big surprise,” noting that investor demand expanded far beyond what Blackrock anticipated when it entered the market.

The executive said the firm’s flagship bitcoin ETFs — IBIT in the United States and IBIT39 in Brazil — reached levels close to $100 billion in combined allocations at their peak. The scale, according to Castro, reflects broad participation from both retail and institutional investors seeking regulated exposure to bitcoin through an exchange-listed product.

Castro added that Blackrock was optimistic during the launch phase but did not expect the funds to accumulate assets at such speed. He also highlighted retail participation as a key factor behind the rapid buildup of inflows, which helped position bitcoin ETFs as a leading contributor to the firm’s global revenue.

Read more: Blackrock’s Bitcoin ETF Nears Breakthrough as SEC Weighs Expansive 1M Options Limit

When addressing recent outflows tied to fluctuations in bitcoin’s price, Castro described the activity as routine. He said ETF structures are designed for liquidity and allow investors to adjust exposure quickly as market conditions shift. Movements during price compression, he said, are typical for products held heavily by retail investors.

Castro emphasized that the withdrawals should not be interpreted as structural weakness. Instead, he framed them as a normal feature of ETF mechanics, noting that the products continue to serve as a preferred entry point for those seeking regulated access to bitcoin without managing custody directly.

IBIT has been on a tear all year and has barely eased up since the moment it debuted. Back in July, Eric Balchunas, the senior ETF analyst at Bloomberg Intelligence, pointed out that IBIT had become “the 3rd highest revenue-generating ETF for Blackrock out of 1,197 funds, and is only $9b away from being #1.” At the time, Strategy’s Michael Saylor jumped into the conversation and replied to Balchunas:

“IBIT will be #1.”

Blackrock’s bitcoin ETFs have rapidly become a focal point in global digital asset investing. With allocations approaching historic highs, the company’s products have helped draw mainstream attention to bitcoin exposure within traditional financial markets.

• How big did Blackrock’s bitcoin ETF allocations get?
  They approached the $100 billion mark at their peak.
• Why are Blackrock’s bitcoin ETFs drawing attention?
  They became the firm’s most profitable product line due to stronger-than-expected demand.
• Are recent ETF outflows worrying for investors?
  Blackrock says the shifts are normal and reflect typical ETF liquidity.
• Which funds does Blackrock use to offer bitcoin exposure?
  Its primary products are the IBIT ETF in the U.S. and the IBIT39 ETF in Brazil.

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