BlackRock's digital assets under management fell significantly during the second quarter amid a broad downturn across crypto, specifically BTC and ETH, but the Wall Street giant's onchain ambitions don't appear to have shrunk.
Besides reiterating its $500-million revenue target for its crypto-related businesses by 2030, the firm's CFO Martin Small laid out a strategy that demonstrates BlackRock has a significant appetite when it comes to utilizing blockchain technology, tokenization, and stablecoins.
"Over the longer term, we want BlackRock's products to be accessible natively, where many investors already hold digital assets," Small said Wednesday during an earnings call with analysts, adding that the firm wants to make it so "investors never need to leave digital wallets to allocate efficiently across crypto, stablecoins, and exposure to long-term stocks and bonds."
BlackRock released its second-quarter earnings, showing that its total for digital assets under management had declined to $49 billion, down about 40% from a year earlier when both the price of bitcoin (BTC) and ether (ETH) were trading at higher prices. Despite the decline in crypto AUM, the market reacted favorably to BlackRock's financial results, with the firm's shares rising over 7% during morning trading.
