BlackRock's Crypto Assets Declined 39% In Second Quarter
BlackRock's Crypto Assets Declined 39% In Second Quarter.
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BlackRock (NYSE: $BLK), the world's largest asset manager, has reported that its cryptocurrency assets declined 39% in this year's second quarter.
The New York-based firm reported that its digital asset products fell to $48.8 billion U.S. at the end of June from $79.6 billion U.S. a year earlier.
The numbers were disclosed in BlackRock's second-quarter financial results.
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The drop came despite $15.1 billion U.S. of net inflows into the company's spot Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) exchange-traded funds (ETFs).
BlackRock operates the largest spot Bitcoin ETF in the U.S., the iShares Bitcoin Trust (NASDAQ: $IBIT).
Unfortunately, the ETF inflows were more than offset by $45.8 billion U.S. in market depreciation during the quarter.
The second quarter was weak for crypto, with Bitcoin's price falling 14% and Ethereum declining 25%.
Crypto was a notable weak spot for BlackRock's broader business, which posted record assets under management (AUM) of $15.3 trillion U.S. during the April through June period.
BlackRock is targeting $500 million U.S. in annual revenue from its crypto business by 2030, the company said in its earnings call.
That target would represent an increase of more than tenfold from the $40 million U.S. that BlackRock currently generates in fees and securities lending from its crypto business.
Cryptocurrencies currently account for less than 1% of BlackRock's total fee revenue.
BLK stock has declined 2% over the last 12 months to trade at $1,025.44 U.S. per share.
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