BlackRock

BlackRock reported net inflows of $205 billion in the third quarter of 2026, and iShares, its ETF business, took in $135 billion of that amount. Active strategies added $66 billion, led by fixed income and systematic funds. Revenue from technology services and subscriptions grew 14 percent year over year to $588 million in that quarter, and BlackRock names continued demand for Aladdin as the main reason.

BlackRock employs more than 24,000 people, and more than 1,000 client firms with about 130,000 users work with its Aladdin and eFront software. At the end of 2025, iShares offered more than 1,700 ETFs worldwide with about $5.47 trillion in assets under management.

The BlackRock USD Institutional Digital Liquidity Fund, called BUIDL, launched on 20 March 2024 as the first tokenized fund that BlackRock issued on a public blockchain, starting on Ethereum. The fund holds all of its assets in cash, US Treasury bills and repurchase agreements, aims for a stable value of $1 per token and pays the daily accrued dividends once a month as new tokens. Securitize is the transfer agent and tokenization platform, Bank of New York Mellon is custodian and administrator, and the minimum investment is $5 million.

With a new share class on Solana in March 2025, BUIDL ran on seven blockchains: Aptos, Arbitrum, Avalanche, Ethereum, Optimism, Polygon and Solana. Wormhole connects these networks so that holders can move BUIDL tokens from one chain to another, and the fund had passed $1 billion in assets by then. BUIDL is a tokenized money market fund for US dollar cash whose shares move between wallets on these blockchains.

On 4 August 2026, BlackRock launched tokenized share classes for six money market funds of its Institutional Cash Series (ICS), its first tokenized fund access in Europe. The funds are UCITS money market funds in euros, pounds and US dollars, among them the ICS Euro Government Liquidity Fund and the ICS US Treasury Fund, and each has one distributing and one accumulating tokenized class. Kinexys by J.P. Morgan mints the tokens on Ethereum, and each token stands for one fund share while the official register stays with the transfer agent of the fund.

Eligible investors in Ireland, Luxembourg, Germany, France, the Netherlands, Spain, Sweden, the United Kingdom and five further markets can use the new classes. Hannah Winter, Head of Digital Cash at BlackRock, described tokenized money market funds as a way to bring short-duration, high-quality holdings into digital formats under the same standards for capital preservation and liquidity. With these classes, the tokenized funds of BlackRock now include regulated European fund structures besides the US private fund BUIDL.

The iShares Bitcoin ETP is issued by iShares Digital Assets AG, a company that was incorporated in Zurich on 5 August 2024 and issues debt securities backed by bitcoin. The product started trading on 25 March 2025 on Xetra and Euronext Paris under the ticker IB1T and on Euronext Amsterdam as BTCN. SIX Swiss Exchange of the SIX Group added a Swiss franc line on 14 August 2025, the London Stock Exchange followed on 20 October 2025 and Borsa Italiana on 9 February 2026.

Coinbase Luxembourg S.A., a unit of Coinbase, holds the bitcoin as custodian, and the product tracks the CME CF Bitcoin Reference Rate. The total expense ratio is 0.15 percent per year until 31 December 2026 and rises to 0.25 percent on 1 January 2027, when a partial fee waiver ends. The series had a value of about $1.50 billion on 16 October 2026, and investors trade it on the exchange like a share, while only authorized participants deal with the issuer directly.

In the US, BlackRock runs the iShares Bitcoin Trust ETF (IBIT) and the iShares Ethereum Trust ETF (ETHA), which held more than $55 billion and $6.5 billion on 6 March 2026. On 12 March 2026, BlackRock added the iShares Staked Ethereum Trust ETF (ETHB), which holds ether and stakes part of it to earn rewards for its investors. Robert Mitchnick, Global Head of Digital Assets at BlackRock, linked the launch to the use of Ethereum for tokenization and stablecoins.

In the same announcement, BlackRock put its digital asset business at roughly $130 billion across crypto ETPs, tokenized liquidity funds and the management of stablecoin reserves. BlackRock also states that iShares received about 95 percent of the industry flows into digital asset ETPs in 2025. In its quarterly figures, the product type digital assets reached $79.6 billion at 30 September 2026, after $7.9 billion of net inflows in the third quarter.

BlackRock is a global asset manager and technology provider whose shares trade on the New York Stock Exchange under the ticker BLK. It managed $15.5 trillion at 30 September 2026, compared with $13.5 trillion a year earlier. Equity funds made up 57 percent of that amount, fixed income 22 percent and cash management about 7 percent.

The UCITS Directive bars UCITS funds, including ETFs, from holding physical commodities or crypto assets, so BlackRock offers its bitcoin exposure in Europe as an ETP. Like other bitcoin ETPs in Europe, the iShares Bitcoin ETP is a debt security that trades on an exchange like an ETF and is backed by bitcoin that a custodian holds for the issuer.

BlackRock opened its first Swiss office in Zurich in 1996 with a team of three and added an office in Geneva in 2006. At 30 June 2025, its 115 employees in both cities served more than 800 Swiss clients, for whom BlackRock invested more than CHF 210 billion. BlackRock Asset Management Schweiz AG at Bahnhofstrasse 39 in Zurich is the Swiss representative of the foreign funds and the fund management company of the Swiss iShares ETFs.

Aladdin Copilot is a generative AI assistant inside Aladdin, and BlackRock has made it available to all Aladdin clients. Users ask questions in plain language and get answers from data across the platform, limited to what their permissions allow. The assistant gives no investment advice, does not answer questions outside the Aladdin platform and uses content filters to limit the risk of hallucinations.