BlackRock Inc., the world’s largest asset manager, reported $84 billion in total net inflows during the first quarter of 2025, the company said in its earnings report released Friday. The inflows mark a 3% annualized growth in assets under management, which stood at $11.6 trillion as of March 31.
The firm attributed its first-quarter performance to continued demand for exchange-traded funds (ETFs) and private market products amid a broader market recovery following volatility earlier this year.
ETF Inflows Drive Growth With Modest Crypto Gains
ETFs accounted for the bulk of the inflows, with iShares products bringing in $107 billion during the quarter. Of that amount, approximately $3 billion, or 2.8%, was allocated to digital asset ETFs, according to BlackRock.
Despite market uncertainty and recent outflows across the broader crypto ETF landscape, BlackRock’s data indicates a sustained level of investor interest in digital asset-backed investment vehicles.
While digital asset inflows were notable, they still represent a small portion of BlackRock’s overall business. As of the end of the quarter, the firm reported $50.3 billion in digital assets under management—about 0.5% of its total AUM.
Private Markets and Revenue Contribution
Private market investments also contributed to the firm’s inflows, with $9.3 billion directed to alternative investments in the first quarter. The report noted that revenue generated from digital asset products remains limited, with base fees totalling $34 million—less than 1% of BlackRock’s long-term revenue.
The firm did not disclose detailed performance data for specific ETF categories or asset classes but noted broad-based participation across investment strategies.BlackRock’s Q1 earnings follow a period of heightened investor focus on market volatility, inflation concerns, and shifting interest rate expectations.
While digital assets remain a minor component of BlackRock’s operations, the company’s ability to attract inflows in that segment suggests cautious but ongoing institutional interest. BlackRock’s next earnings report is expected in July.
