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. The firm’s chairman and CEO, Larry Fink, detailed new steps toward tokenizing money market funds and expanding the company’s digital asset business.
The asset manager’s adjusted earnings per share reached $13.91, up 15% from a year ago, and adjusted operating income hit $2.9 billion, a 39% increase. GAAP diluted earnings per share stood at $12.19, up 20% year over year.
Blackrock’s assets under management (AUM) rose to $15.3 trillion, driven by $868 billion in net inflows over the trailing 12 months and 10% organic base fee growth. The firm brought in $192 billion in net inflows during Q2 alone, contributing to the strongest first half in its history. First-half 2026 flows exceeded $321 billion, more than double the same period last year.
CFO Martin Small attributed the results to Blackrock’s position at the center of mega trends reshaping public and private markets, as well as technology. The adjusted operating margin reached 45.9%, its highest in nearly five years.
iShares, Blackrock’s ETF platform, crossed $6 trillion in AUM, roughly doubling in three years. The unit attracted $178 billion in net inflows in Q2, led by $85 billion into core equity ETFs and $61 billion into index bond ETFs.
Blackrock filed two SEC registration statements for tokenized money market funds. One would create a tokenized share class on Ethereum for an existing fund, and the other is a digitally native strategy with features like daily dividend reinvestment. Small said the funds aim to connect Blackrock’s cash management products to investors with digital wallets, operating across multiple blockchains with stablecoin support for on-chain transactions. He noted an estimated 5 billion digital wallets worldwide as a long-term growth opportunity.
The firm now has roughly $110 billion in AUM linked to digital assets, including iShares Bitcoin Trust, Ethereum Trust, and the BUIDL tokenized fund. Blackrock set an internal target to turn digital assets into a $500 million revenue business by 2030. It manages $60 billion in reserves for stablecoin issuer Circle, representing about a quarter of the $300 billion stablecoin market.
Despite declining Bitcoin and Ethereum prices, Blackrock’s European Bitcoin ETF attracted over $650 million in international demand. Small described Bitcoin as a small diversifying allocation rather than a core holding. Digital assets as a product category recorded $3.1 billion in net outflows for Q2, with AUM falling to $48.8 billion from $60.7 billion in Q1 due to price declines.
Fink described a market environment with 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,” he said. Fink noted U.S. equity markets hitting new highs and said returns are broadening beyond American stocks. He also addressed dollar volatility tied to Federal Reserve policy.
Blackrock raised its 2026 share repurchase plan to $2 billion, after buying back $450 million in stock during Q2. Executives expect quarterly buybacks of at least $550 million going forward.
The firm’s private markets business, from HPS and Global Infrastructure Partners acquisitions, added $15 billion in net inflows during Q2. Infrastructure and private credit deployment activity have been among the busiest periods on record. Fink noted that the firm closed about $10 billion in high-grade and infrastructure debt mandates for insurers so far this year.