Fee-based revenue models allow asset managers to profit even when the underlying holdings decline, a dynamic now visible in BlackRock's crypto business. The world's largest asset manager generated $82 million from its digital-asset products in the first half of 2026, splitting into $42 million in the first quarter and $40 million in the second. That revenue came from base fees and securities-lending activity tied to its Bitcoin and Ethereum products. Over the same period, falling Bitcoin and Ethereum prices erased close to $30 billion from the assets supporting those funds. The contrast highlights how management fees remain steady regardless of market direction, insulating providers from price swings that hit investors directly. The firm is reportedly pursuing deeper access to user wallets, signaling ambitions to expand its footprint across the broader digital-asset ecosystem.
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