BlackRock’s bitcoin exchange-traded funds have quickly become the firm’s most profitable product category, according to Cristiano Castro, director of business development at BlackRock Brazil. The achievement is striking given that the world’s largest asset manager oversees more than 1,400 ETFs and holds over $13.4 trillion in assets under management.
Speaking at the Blockchain Conference in São Paulo, Castro said the performance of BlackRock’s bitcoin ETFs — including the U.S.-listed IBIT and Brazil’s IBIT39 — was “a big surprise,” with combined allocations approaching $100 billion. He emphasized that although the company was optimistic at launch, the scale of investor demand exceeded expectations.
The U.S.-based spot bitcoin ETF IBIT, introduced in January 2024, set industry records by reaching $70 billion in assets in just 341 days, becoming the fastest ETF in history to hit that milestone. Despite volatility in bitcoin’s price, IBIT continues to grow, currently holding around $70.7 billion in net assets, according to data from SoSoValue. The fund saw more than $52 billion in net inflows during its first year — far more than any ETF launched in the past decade — and by October 2025 had generated an estimated $245 million in annual fees.
Analysts attribute IBIT’s explosive growth to BlackRock’s extensive global distribution network and increasing institutional confidence following the approval of spot bitcoin ETFs in the U.S. The fund now holds over 3% of all bitcoin in circulation, and the company has since expanded its crypto offerings through additional international ETPs.
Castro also addressed recent outflows across bitcoin funds, noting that such activity is typical as retail investors adjust to price fluctuations. He highlighted that ETFs are designed to accommodate these flow dynamics. Meanwhile, BlackRock itself continues to back its flagship bitcoin ETF — its Strategic Income Opportunities Portfolio recently increased its IBIT holdings by 14%, signaling continued institutional conviction in the digital asset market.
