BlackRock now generates $260 million in annualized revenue from its crypto ETFs. The figure includes $218 million from the Bitcoin ETF and $42 million from the Ether ETF. Leon Waidmann of the Onchain Foundation shared the data on Tuesday.
The revenue reflects expense ratios applied to fund assets under management (AUM). Larger AUM produces higher fee income at the same fee rate. Therefore, asset growth directly lifts the revenue run rate.
Spot Bitcoin ETFs began trading on January 11, 2024. The revenue scale arrived in under two years. The pace highlights the size of investor allocations into the leading products.
Onchain Foundation’s Leon Waidmann calls it a benchmark for TradFi
Waidmann described the BlackRock revenue as a “benchmark” for TradFi. He framed the result as evidence that regulated crypto ETFs can sustain a fee business. His note placed the funds beside established traditional wrappers.
He said,
“This isn’t experimentation anymore. The world’s largest asset manager has proven that crypto is a serious profit center. That’s a quarter-billion-dollar business, built almost overnight. For comparison, many fintech unicorns don’t make that in a decade.”
The quote emphasized the absolute revenue level.
Waidmann also compared the entry model to Amazon starting with books. He called the Bitcoin ETF and Ether ETF an “entry point into the crypto world.” The analogy described a simple front door that can scale participation.
Bitcoin ETF AUM and market share: Dune and VettaFi data
BlackRock’s Bitcoin ETF is approaching $85 billion AUM, according to Dune dashboards. The product holds 57.5% of the U.S. spot Bitcoin ETF market. That makes it the category leader by a wide margin.
Fidelity’s Bitcoin ETF lists $22.8 billion AUM on Dune. Its 15.4% market share ranks second in the United States. The spread shows how flows concentrated in the leader through 2024 and 2025.
By global ranking, VettaFi places BlackRock’s Bitcoin ETF as the 22nd largest ETF across all categories. It moved up from 31st in January. The climb reflects persistent inflows since the Bitcoin ETF debut.
Analysts continue to track TradFi flows into crypto ETFs and corporate treasuries. They point to steady subscriptions through regulated channels. They also track how Bitcoin ETF volumes shape secondary trading.
André Dragosch, head of European research at Bitwise, highlighted potential 401(k) demand. He said that adding cryptocurrency to U.S. retirement plans could push Bitcoin toward $200,000 before year-end. His comment linked price scenarios to retirement plan access.
Ryan Lee, chief analyst at Bitget, said ETF inflows may support another price discovery attempt. He tied near-term momentum to new fund subscriptions. The remarks represent analyst views while BlackRock, Dune, and VettaFi data outline the current AUM and market share picture.