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BlackRock's spot digital asset funds generated net inflows for the fifth consecutive quarter, but the value of those assets fell by 9% due to the decline in the price of Bitcoin and Ethereum, the company reported in its latest earnings report.
As of March 31, the world's largest asset manager held $50.3 billion in digital asset ETFs, approximately $5 billion less than in the previous quarter, according to the statement.
Still, among asset managers, BlackRock remained the leader in inflows with the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) adding $2.7 billion and $548 million in inflows, respectively, during the quarter. The combined $3.1 billion represents approximately 3% of net flows into BlackRock's products in the first quarter. Currently, BlackRock has 463 products listed on the U.S. stock market, according to Stock Analysis.
BlackRock's funds tracking the prices of the two largest cryptocurrencies by market value generated $3.1 billion in net inflows.
As of Friday, BlackRock's spot Bitcoin ETF had nearly three times the AUM of the Grayscale Bitcoin Trust ETF, totaling $45 billion and $15.2 billion, respectively, according to cryptocurrency data provider CoinGlass. BlackRock's spot Ethereum ETF had an AUM of $1.8 billion, less than the footprint of $3.46 billion from the Grayscale Ethereum Trust ETF, although the latter is a conversion from an existing fund and has lost $4.1 billion since its debut as an ETF.
However, investors had less appetite for BlackRock's crypto products in the first quarter amid a largely risk-averse environment. Over the past 12 months, BlackRock's cryptocurrency ETFs generated $30 billion in net inflows, averaging around $7.5 billion per quarter. IBIT has added approximately $39 billion in net inflows since its debut in January 2024.
BlackRock, which first chose Coinbase as custodian for its cryptocurrency ETFs, recently turned to Anchorage Digital. BlackRock revealed earlier this week that it would now rely on the digital asset trust bank as an additional option to safeguard its digital assets.
The price of Bitcoin fell by 12% in the first quarter, marking the worst performance of the asset since the second quarter of last year. Meanwhile, the price of Ethereum collapsed by 45% (its largest drop since the second quarter of 2022), but BlackRock's cryptocurrency ETFs continued to generate inflows.
