BlackRock Crypto AUM Up 63% to $79.6B, Still Below 2025
BlackRock's crypto assets rose 63% in Q3 to $79.6 billion, but most of the gain came from prices, not inflows.
BlackRock's crypto assets rose 63% to $79.6 billion in the third quarter, yet remain about 23% below the nearly $104 billion of a year earlier. Market gains supplied $22.9 billion of the $30.8 billion increase and inflows $7.9 billion, according to CoinDesk, so price, not new money, drove the rebound.
The Ledger Desk · 3 min read- BlackRock's digital asset AUM was $79.6 billion at the end of September 2026, up 63% from $48.8 billion at the end of June, as reported by CoinDesk.
- Of the $30.8 billion quarterly increase, $22.9 billion came from market gains and $7.9 billion from inflows.
- AUM is still about 23% below the nearly $104 billion reported for a year earlier.
- Over 12 months, CoinDesk reported $6.3 billion of net inflows against $30.6 billion lost to lower asset values.
- CoinDesk reported $39 million of quarterly revenue from fees and securities lending on these products.
BlackRock's digital asset business ended September with $79.6 billion in assets under management, up 63% from $48.8 billion at the end of June, CoinDesk reported on October 14, 2026, drawing on BlackRock's third-quarter results. The rebound is real but incomplete: the total is still about 23% below the nearly $104 billion reported for a year earlier. The more telling detail is the source of the growth, which was mostly price rather than new money.
Price did most of the work
Market appreciation, not demand, explains most of the quarter. Of the $30.8 billion added between June and September, CoinDesk reported $22.9 billion came from market gains and $7.9 billion from investor inflows. That means roughly three of every four dollars reflect the revaluation of holdings the products already carried. Inflows were meaningful, but they were secondary to the mark-to-market effect, and that split determines how durable the quarter's gain is.
Flows have not offset the drawdown
Over the past 12 months, CoinDesk reported that BlackRock's crypto products took in $6.3 billion of net new money while lower asset values erased $30.6 billion. Positive net flows suggest investors have not abandoned the products over the full year. But the inflows were far too small to cancel the loss in value, which is why the total still sits below the level reported for a year earlier.
Fee revenue remains modest
CoinDesk reported that BlackRock earned $39 million in the quarter from fees and securities lending on its digital asset products. Against a firm of BlackRock's size, that is a small revenue line. Because management fees are charged on assets, the figure rises and falls with the same prices that drive headline AUM, so earnings from this business depend on market direction at least as much as on investor demand.
What to watch next
Because most of the recent gain was price-driven, the AUM figure can fall as quickly as it rose. Readers tracking crypto exchange-traded products should separate net flow data from valuation effects. The test is whether quarterly net inflows stay positive and sizeable when prices stop rising. BlackRock's next quarterly release will show whether the $7.9 billion of inflows was a durable trend or a one-quarter response to a price rebound.
- How much did BlackRock's crypto assets under management grow in Q3 2026?
- They rose 63%, from $48.8 billion at the end of June to $79.6 billion at the end of September, an increase of $30.8 billion, as reported by CoinDesk.
- Was the growth driven by investor inflows or by prices?
- Mostly by prices. CoinDesk reported $22.9 billion from market gains and $7.9 billion from inflows.
- Has BlackRock's crypto business returned to its year-earlier level?
- No. The $79.6 billion total is about 23% below the nearly $104 billion reported for a year earlier. Over 12 months, CoinDesk reported $6.3 billion of net inflows and $30.6 billion lost to lower asset values.