BlackRock had its strongest inflows ever last quarter — $342 billion in Q4 alone, bringing 2025 net flows to $698 billion and pushing total AUM past $14 trillion. But during the company's earnings call, it did not mention Bitcoin at all. Not even once. Amusing for many, the word "crypto" did not appear either. Instead, "digital assets" was used nine times.
This was not an accident, according to Bloomberg's Eric Balchunas. The change in terminology makes it clear that they are trying to match the language used by institutions. "Crypto" has a bad reputation, but "digital assets" is a better fit for a slide deck for pension funds.
Even with $76 billion already in IBIT, BlackRock is keeping the story simple and wide-ranging.
Knowing the context is helpful. Over the year, long-term funds took in $268 billion, equity flows topped $126 billion and ETF inflows reached $181 billion. That includes the spot Bitcoin ETF, which is now the largest of its kind. But BlackRock is treating it like any other product in its pipeline. With no buzzwords.
BlackRock's new priority
At the same time, the company is stepping up its move into private markets. In the last quarter, private credit and alternatives brought in $15.6 billion. The long-term goal is to reach $400 billion by 2030. That includes acquisitions like Preqin and GIP, which are all aimed at higher-margin business beyond ETFs.
It is pretty obvious that BlackRock is not just selling coins; it is working on a distribution model that works across all channels. Digital assets are part of it, but they are not the main focus. The numbers do the job.
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