BlackRock, Inc.

1. Cryptocurrency Asset Management

• BlackRock plans to manage at least $50 billion in crypto assets over the next 15 years, focusing on Bitcoin spot ETFs (such as IBIT) and expanding into the European and Canadian markets. Its private trust for spot Bitcoin has been opened to U.S. institutions, providing low-cost Bitcoin exposure.

2. Asset Tokenization (RWA)

• Launching a tokenized fund based on the Ethereum network (such as the BlackRock USD Institutional Digital Liquidity Fund), with an initial fundraising of 100 million USD USDC, issued in collaboration with Securitize. The goal is to bring traditional assets (such as bonds and private equity) on-chain, achieving instant settlement and customized strategies.

3. The Private Placement Market and Its Integration with Cryptocurrency

• Plan to raise a total of $400 billion in private equity assets before 2030, with a target of $700 billion for insurance-related asset management. By acquiring private asset companies (such as spending $28 billion), incorporate crypto assets into alternative investment portfolios to enhance comprehensive asset management capabilities.

4. Application of Blockchain Underlying Technology

• Explore the compliant application of licensed blockchain in clearing and stablecoin issuance, and collaborate with Coinbase to develop the institutional trading system Aladdin, optimizing digital asset custody and trading processes.

1. Asset Management Fee (Core)

• • Crypto ETF/trust charges a 0.25% - 1.5% management fee (such as IBIT rate 0.25%);
• • The tokenized fund has a minimum investment threshold of $100,000, and charges a sales commission (initial commission of $525,000).

2. Scale Effect and Rate Optimization

• The expansion of cryptocurrency business drives the overall fee structure upgrade, aiming to increase operating profit from 8 billion ( 2024 ) to 15 billion ( 2030 ), with an average annual revenue growth rate of 10%.

3. Ecological Collaborative Benefits

• Attract institutional funds through tokenized funds, feeding back into the private equity market and active ETF business, forming a "traditional + crypto" asset management closed loop.

1. For traditional finance: Provide a compliant entry point, lower the threshold for institutions to participate in the crypto market, and promote RWA (real-world assets) to become a trillion-dollar new track.

2. On the Cryptocurrency Market:

• Liquidity enhancement: The average daily trading volume of ETFs is in the billions of dollars, significantly reducing volatility in the Bitcoin spot market;
• Credit endorsement effect: BlackRock's brand enhances regulatory trust and mainstream capital's confidence in crypto assets;
• Innovation Catalyst: Tokenization technology promotes the integration of DeFi and traditional financial protocols (such as cross-chain use of collateral).

1. Bitcoin ( BTC ) is the core anchor point of BlackRock's cryptocurrency strategy, directly holding approximately 280,000 BTC through its spot ETFs (such as IBIT) (accounting for 30% of the ETF market share) and included in the insurance asset management portfolio. Its total ETF management scale has surpassed $20 billion (2025Q2), significantly increasing the proportion of institutional holdings, reducing market volatility, and strengthening BTC's position as a reserve asset of "digital gold."

2. Ethereum ( ETH ) mainly benefits from BlackRock's asset tokenization (RWA) layout—its issued BlackRock USD Institutional Digital Liquidity Fund is based on Ethereum as the underlying network, with the first phase of $100 million funds entirely locked on-chain in the form of USDC. This model creates a rigid settlement demand for ETH and paves the way for future ETH spot ETFs, promoting its evolution towards the "financial infrastructure layer."
3. Stablecoin (USDC) has become a key channel for BlackRock to connect fiat currency with on-chain assets: tokenized funds prioritize the use of USDC as a fundraising and settlement tool, enhancing their institutional application scenarios. Currently, the seed capital of the fund is 100% anchored to USDC. If the scale of tokenized asset management expands to the trillion level, USDC will experience sustained demand for issuance.