BlackRock

BlackRock is the world’s largest asset manager and, in crypto, the firm behind the iShares Bitcoin Trust (IBIT) and the BUIDL tokenized Treasury fund. It emerged as one of the most influential forces in digital assets by turning spot Bitcoin exchange-traded funds (ETFs) into a mainstream investment avenue.

Origin and Background

Founded in 1998, BlackRock built its reputation in traditional index funds, ETFs, and risk technology before moving into digital assets. The firm first tested getting into cryptocurrencies via exchange-traded products (ETPs) in Europe. Then, it helped lead the U.S. spot Bitcoin ETF trend with IBIT. In 2024, it launched BUIDL.

Major Contributions

• Launched IBIT, the world’s largest spot Bitcoin ETF, which crossed around $100 billion in assets under management by mid-October 2025, and sat near $98-99 billion in November.
• Turned U.S. spot Bitcoin ETFs into an easy investment method by placing BTC on both retail and institutional trading platforms, with IBIT showing net inflows even when others might show outflows.
• Created BUIDL, a tokenized money-market fund that passed roughly $2.9 billion in value by September 2025, making it the largest on-chain tokenized Treasury fund. 

Impact on the Industry (2025)

In 2025, BlackRock treated Bitcoin and tokenized Treasury as a traditional mainstream product rather than a fringe experiment. 

Its size in Bitcoin ETFs and tokenized funds inspired other funds to get involved as well, and even led the charge for Ethereum spot ETFs, and potentially others to follow. 

Looking Ahead (2026 and Beyond) 

Looking ahead, BlackRock is positioning IBIT, BUIDL, and future tokenized ETFs as a base layer for real-world assets (RWAs) on-chain. 

If regulators keep working with BlackRock, the firm will likely define how tokenized funds will continue issuance, trading, and their use as collateral. Establishing itself as the foundation for some of crypto’s largest innovations could lead to a multi-generational run.