BlackRock’s bitcoin exchange-traded funds (ETFs) have become the firm’s most profitable product line, according to Cristiano Castro, director of business development at BlackRock Brazil.
The figure is notable given that the firm manages over 1,400 ETFs globally and is the world’s largest asset manager with more than $13.4 trillion in assets under management.
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Speaking at the Blockchain Conference in São Paulo to local media, Castro called the development “a big surprise” and said that allocations in the firm’s bitcoin ETFs, including the U.S.-based IBIT and Brazil’s IBIT39, had come close to $100 billion.
“When we launched, we were optimistic,” Castro said, “but we didn’t expect this scale.”
The firm’s U.S.-listed spot bitcoin ETF IBIT, launched in January 2024, became the
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