Cristiano Castro, director of business development at BlackRock Brazil, said BlackRock’s Bitcoin exchange-traded funds (ETFs) are the company’s most profitable product family.
These numbers are remarkable considering the company is the world’s largest asset manager, managing more than 1,400 ETFs worldwide and with more than $13.4 trillion in assets under management.
Speaking to local media at a blockchain conference in São Paulo, Castro called the development a “big surprise” and said allocations to his company’s Bitcoin ETFs, which include U.S.-based IBIT and Brazil’s IBIT39, were close to $100 billion.
“We were optimistic when we launched,” Castro said, “but we didn’t expect it to be this big.”
The company’s U.S.-listed spot Bitcoin ETF IBIT, launched in January 2024, became the fastest in history to reach $70 billion in assets in 341 days. Its momentum continues despite recent Bitcoin price fluctuations, with the ETF’s net assets now reaching $70.7 billion, according to SoSoValue data.
In its first year, net inflows exceeded $52 billion, far exceeding all other ETFs launched in the past decade. IBIT also generated an estimated $245 million in annual fees through October 2025.
IBIT’s rapid growth was fueled by BlackRock’s global distribution network and a wave of interest from institutional investors following U.S. regulatory approval for the Spot Bitcoin ETF. It currently accounts for more than 3% of the total Bitcoin supply, followed by BlackRock’s various BTC-related products, including overseas ETPs.
Castro mentioned recent outflows from Bitcoin funds, saying such a move was expected given how retail investors tend to react to price declines. “ETFs are very liquid and powerful tools. They’re for people to manage their flows,” he said.
BlackRock itself is betting on Bitcoin ETFs. The company’s Strategic Income Opportunities portfolio recently increased its stake in IBIT by 14%.
CoinDesk reached out to BlackRock but did not receive a response at the time of writing.
