BlackRock reported record assets under management (AUM) of $15.3 trillion for the second quarter of 2026, even as its flagship spot Bitcoin exchange-traded fund shed roughly $3.3 billion over the same period.
The world’s largest asset manager posted total net inflows of $191.7 billion for the quarter ended June 30, according to its earnings release, with long-term net inflows of $199.1 billion. Assets under management reached $15.34 trillion, up 22% from a year earlier.
Revenue rose 31% year-over-year to $7.08 billion. GAAP net income was $1.91 billion, and diluted earnings per share came in at $12.19, or $13.91 on an adjusted basis, both ahead of the same quarter last year.
The firm described record first-half net inflows of $321 billion, which it said were broad-based across the platform and driven by ETFs, private markets, active fixed income, and systematic equity strategies. ETFs alone contributed $177.9 billion of the quarter’s long-term inflows.
The Bitcoin ETF Ran the Other Way
Against that backdrop, BlackRock’s iShares Bitcoin Trust moved in the opposite direction. IBIT recorded roughly $3.3 billion in net outflows during the quarter, according to data from Farside Investors, accounting for the large majority of the redemptions that hit US spot Bitcoin ETFs during a record-setting June exit.
The fund now holds around $46 billion in net assets, down from about $53.4 billion at the end of the first quarter, per its regulatory filings. US spot Bitcoin ETFs as a group recorded their heaviest monthly outflow on record in June, and 2026 cumulative flows turned negative for the first time, a shift Bloomberg ETF analyst Eric Balchunas flagged as a structural marker for the product category.
The outflows coincided with a sharp price decline. Bitcoin fell roughly 30% over the first half of 2026, touching a year-to-date low near $58,000 before stabilizing, which pressured redemptions across the ETF complex.
Context: Scale and a July Turn
The Bitcoin outflows, while large in isolation, are modest against BlackRock’s overall book. IBIT’s roughly $46 billion represents a fraction of the firm’s $15.3 trillion in total assets, and the quarter’s record inflows were driven by products across the platform rather than crypto.
The flow picture also shifted after the quarter closed. In early July, IBIT led a three-day inflow run of roughly $510 million across US spot Bitcoin ETFs, the first sustained positive stretch since the June outflow wave, indicating the Q2 redemptions were not a one-way trend into the current quarter.
IBIT remains the largest spot Bitcoin ETF in the United States, with more than $60 billion in cumulative net inflows since its January 2024 launch, and continues to anchor BlackRock’s digital-asset business alongside its iShares Ethereum Trust.
What It Signals
The split within BlackRock’s results reflects a broader pattern in the first half of 2026: institutional capital flowing steadily into diversified funds while price-sensitive holders trimmed Bitcoin exposure during the drawdown. For BlackRock, the two trends ran simultaneously: record demand across the platform and net redemptions from its most prominent crypto product.
On its earnings call, the firm flagged digital assets and tokenization among the areas shaping its strategic outlook, a signal that crypto remains part of its longer-term positioning even in a quarter when its Bitcoin fund lost ground. Whether IBIT’s July stabilization holds into the third quarter is the near-term question for the product, and one the next set of flow data will answer.
Also Read: Institutions Are Selling: Record $4.5B Leaves Bitcoin ETFs in June 2026 Amid Price Dip
