BlackRock targets $500 million digital asset revenue by 2030 with wallet-native strategy

Key points

BlackRock CFO Martin Small disclosed a target of $500 million in annual digital asset revenues by 2030 during the firm's quarterly earnings call.
The firm manages $110 billion in digital assets, representing approximately 5% of the $2.3 trillion total crypto market capitalisation per CoinGecko.
BlackRock's digital asset portfolio includes the IBIT Bitcoin ETF, the ETHA Ethereum ETF, and BUIDL, one of the leading tokenised money market funds.
Small identified digital wallet holders as a source of organic growth, noting that while five billion wallet addresses exist, a16z crypto estimated 40 to 70 million monthly active users and 716 million crypto owners.
The stated ambition is to become a 'digital wallet native asset manager' offering model portfolios, SMAs, and managed accounts in tokenised format.

During its quarterly earnings call, BlackRock set out a three-pronged digital asset ambition centred on exchange-traded funds, tokenised funds, and wallet-native asset management. Chief Financial Officer Martin Small named a $500 million annual revenue target from the sector by 2030, anchoring the plan around the firm’s existing positions: the IBIT Bitcoin ETF, the ETHA Ethereum ETF, and BUIDL, its tokenised money market fund, which already sits among the leading products in that category.

BlackRock currently manages $110 billion in digital assets, equivalent to roughly 5% of the total crypto market capitalisation of $2.3 trillion according to CoinGecko figures cited on the call. Small characterised digital wallet holders as an untapped organic growth pool, referencing five billion wallet addresses while acknowledging that figure inflates the actual user base given bots and multi-address behaviour. A 2024 a16z crypto estimate placed monthly active crypto users at between 40 and 70 million, with 716 million people holding crypto in some form.

The most operationally significant signal is Small’s framing of the end-state: building a ‘digital wallet native asset manager’ that delivers model portfolios, separately managed accounts, and managed accounts in tokenised format directly to wallet holders. That framing positions BlackRock not merely as a crypto product issuer but as a distribution infrastructure competitor, one seeking to reach investors through on-chain rails rather than through conventional intermediaries.

What this means

distribution & BD: BlackRock's explicit intent to distribute tokenised managed accounts and model portfolios directly through digital wallets reframes the competitive landscape: intermediaries and platforms that assumed BlackRock would remain a product manufacturer relying on their rails should now stress-test whether wallet-native delivery erodes their position in the value chain.
product owner: The pairing of a $500 million revenue target with a wallet-native delivery model suggests the product development priority sits at the intersection of tokenised wrappers and portfolio construction, not just single-asset ETF expansion; the SMA and managed account formats named by Small warrant closer scoping as near-term build candidates.
treasury & allocator: BUIDL's citation alongside IBIT and ETHA as a pillar of a $110 billion AUM franchise signals that tokenised money market funds are now mainstream shelf products at the world's largest asset manager, which should inform any allocator still treating tokenised cash equivalents as experimental rather than benchmarkable.
founder & strategy: A firm of BlackRock's scale declaring wallet-native asset management as a strategic destination compresses the window for infrastructure and distribution startups building in that space; assumptions about partnership versus competition with incumbent asset managers deserve re-examination against this specific framing.

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Ledger Insights

ledgerinsights.com

BlackRock targets $500 million digital asset revenue by 2030 with wallet-native strategy

Key points

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