Blackrock Becomes World’s First $15 Trillion Asset Manager, Unleashes Tokenization Blitz

Blackrock reported record second-quarter results on Wednesday, with revenue climbing 31% year over year to $7.1 billion as the firm’s chairman and chief executive officer, Larry Fink, detailed new steps toward tokenizing money market funds and expanding the company’s digital asset business.

The New York-based asset manager posted adjusted earnings per share of $13.91, up 15% from a year ago, and adjusted operating income of $2.9 billion, a 39% increase. On a GAAP basis, diluted earnings per share reached $12.19, up 20% year over year.

Blackrock’s assets under management (AUM) reached a whopping $15.3 trillion, driven by $868 billion in net inflows over the trailing 12 months and 10% organic base fee growth.

Ishares, Blackrock’s exchange-traded fund platform, crossed $6 trillion in assets under management, roughly doubling in three years. The unit pulled in $178 billion of net inflows in the quarter, led by $85 billion into core equity ETFs and $61 billion into index bond ETFs. Active ETFs added another $20 billion.

Blackrock disclosed it has filed two registration statements with the Securities and Exchange Commission (SEC) for tokenized money market funds. One would create a tokenized share class on ethereum for an existing fund. The other is described as a digitally native strategy with features like daily dividend reinvestment.

“When we talk about tokenized assets, tokenized assets are the spear tip into an entirely new distribution channel,” Small explained, pointing to an estimated 5 billion digital wallets worldwide as a long-term growth opportunity for the firm.

Blackrock’s financial tables showed digital assets as a product category recorded $3.1 billion in net outflows for the quarter, with digital asset AUM falling to $48.8 billion from $60.7 billion in the first quarter, reflecting the price declines Small referenced.

Fink used much of his prepared remarks and the question and answer session to lay out his view of the broader economy. He described a market environment marked by rising corporate earnings and technology-driven productivity gains.

“Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology,” Fink said in the earnings release.

Fink added:

“The scale and depth of our client relationships globally have never been greater.”

Fink also highlighted Blackrock’s role supporting the U.S. Treasury Department’s newly launched Trump Accounts program, with two Ishares ETFs expected to become investment options later this year. He closed the call on an optimistic note.

“Our momentum is accelerating, and I’ve never been more optimistic about the growth ahead,” Fink stressed.

Blackrock raised its planned 2026 share repurchases to $2 billion, up from prior guidance, after buying back $450 million in stock during the quarter. Executives said they expect quarterly buybacks of at least $550 million going forward, citing confidence in free cash flow growth.

The firm’s private markets business, built around its HPS and Global Infrastructure Partners acquisitions, added $15 billion in net inflows during the quarter. Executives said infrastructure and private credit deployment activity have been among the busiest periods on record for the platform, with insurance companies increasingly seeking higher yields through private market allocations. Fink remarked that the firm has closed about $10 billion in high-grade and infrastructure debt mandates for insurers so far this year, a trend he expects to keep building.