A BlackRock executive revealed that its spot Bitcoin ETF has become the company's highest-earning product line, a result described internally as "unexpected."

Cristiano Castro, Head of Business Development for BlackRock Brazil, disclosed at the São Paulo Blockchain Conference that the combined assets under management for the U.S.-listed iShares Bitcoin Trust (IBIT) and Brazil's IBIT39 have approached $100 billion. Since its approval in January 2024, the U.S. IBIT reached $70 billion in assets in just 341 days, making it the fastest ETF in history to achieve this milestone. In its first year, it attracted over $52 billion in net inflows and generated approximately $245 million in annualized fee revenue by October 2025.

BlackRock, with $13.4 trillion in global assets under management and more than 1,400 ETFs, now holds over 3% of Bitcoin’s total supply through IBIT, positioning it as one of the most significant institutional holders. The firm has also increased its internal allocations, with its Strategic Income Portfolio Fund raising its exposure by 14% recently.

Despite Bitcoin’s notable volatility in November, IBIT saw net outflows of about $2.34 billion, including a single-day redemption of $523 million on November 18. However, Castro attributed this to normal ETF liquidity patterns, particularly as retail investors adjusted positions amid price corrections. "ETFs are designed for easy entry and exit—that’s their purpose," he noted.

As of November 30, Bitcoin traded around $90,800, down from October highs but recovering from monthly lows. With prices rebounding above $90,000, IBIT investors’ cumulative unrealized gains returned to approximately $3.2 billion.