Larry Fink stays bullish as one BlackRock unit sheds nearly 40%
Larry Fink stays bullish as one BlackRock unit sheds nearly 40%.
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BlackRock's (NYSE: BLK) crypto business just showed investors what a bear market does to even the biggest player in the game.
According to the firm's second-quarter earnings release published July 15, the asset manager's digital assets under management (AUM) fell to $48.8 billion as of June 30. It is down 39% from $79.6 billion a year earlier, even as clients poured $15.1 billion of net new money into its crypto products over the same 12 months.
The math is stark because market declines wiped $45.8 billion off BlackRock's digital asset ETFs over the year, swamping every dollar of inflows three times over.
Related: BlackRock 'closing in' on $17 billion bitcoin competitor
The damage tracks the broader market. Bitcoin (BTC) closed the first half of 2026 down roughly 37%, sliding from near $95,000 in January to below $59,000 by the end of June, more than 53% below its October 2025 all-time high of $126,000.
And investor behavior has turned. After a year of net buying, BlackRock's digital asset funds bled $3.1 billion in the second quarter alone, on top of falling prices that erased another $8.7 billion. Year-to-date outflows also stand at $2.2 billion.
BlackRock's total assets hit a record $15.3 trillion, second-quarter net inflows reached $192 billion, and revenue jumped 31% year-over-year to $7.1 billion. Digital assets now generate just $40 million in quarterly base fees, about 1% of the firm's fee revenue, and round to 0% of total AUM.
"I've never been more optimistic about the growth ahead," CEO Larry Fink said in the release.
Coinbase CEO Brian Armstrong's poll shows most expect more Bitcoin pain
The filing reveals a second crypto bruise: BlackRock booked a roughly $37 million noncash pre-tax loss on its minority stake in stablecoin issuer Circle Internet Group (NYSE: CRCL) in the quarter.
This is a sharp reversal from the approximately $330 million gain that same stake delivered a year earlier.
Related: Jim Cramer has a blunt warning to Circle over BlackRock
This story was originally published by TheStreet on Jul 15, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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