Spot Bitcoin ETFs (exchange-traded funds) are one of the biggest novels and have been game-changers in the cryptocurrency space in the last couple of years. With these Investment productspeople are able to participate in the cryptocurrency market without having to directly own the digital assets.
Interestingly, one of the biggest – and often overlooked – winners are issuers, especially as the cryptocurrency industry has seen increasing institutional adoption since the launch of Bitcoin ETFs. According to the company’s CEO, it was unimaginable that BTC ETFs would become the main source of revenue for BlackRock, the world’s largest asset manager.
BlackRock’s Bitcoin funds exceed expectations
At the Blockchain 2025 conference in São Paulo on Friday, November 28, BlackRock’s Brazil business development director, Cristiano Castro, said, He said Reporters report that Bitcoin ETFs are their company’s largest source of revenue. According to the executive, this development came as a “big surprise” to the asset management company.
Castro said in a statement:
We were very optimistic when we launched, but we didn’t think it would reach these proportions. Just to give you an idea, that [IBIT in the US and IBIT39 in Brazil – the asset’s reference names] Very close to $100 billion [in allocation].
This is a remarkable feat for Bitcoin ETFs, especially considering that BlackRock offers more than 1,400 exchange-traded products globally and has a massive $13.4 trillion in assets under management. The US-based bitcoin fund (with ticker IBIT) has more than $70.7 billion in net assets, becoming the first ETF to reach $70 billion (it did so in June 2025).
while Bitcoin ETF market in the United States Slowing down somewhat, BlackRock’s IBIT still continues to outperform other ETFs launched in recent years. As previous reports indicated, IBIT generated approximately $245 million in annual fees as of October 2025.
Bitcoin ETF Flows ‘Completely Normal’ – Castro
When asked about the recent outflows from BlackRock’s Bitcoin ETF as… The value of the market leader has declinedThe director stated that there are no surprises in this direction. “ETFs are very liquid and powerful instruments, and they work specifically to allow people to allocate their capital and manage their cash flows,” Castro noted.
The BlackRock director said that withdrawals are expected, considering that the product is largely owned by retail investors, who are inherently reactionary to price corrections. On Friday, the iShares Bitcoin Trust saw a net outflow of $113.72 million, bringing the weekly record to negative $137.01 million and the fund’s fifth straight week of withdrawals.
Featured image from Getty Images, chart from TradingView
