BlackRock's digital asset products generated $42 million in fees during Q1 2026, despite holding only 1.11% of the firm's $5.48 trillion ETF assets under management. The digital assets accounted for nearly $60.7 billion of BlackRock's ETF AUM, with fees representing 1.75% of the total. This highlights the higher fee structure of crypto products compared to the broader ETF complex. The firm's flagship crypto products, including the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), held approximately $68.8 billion in net assets by late April. Despite the growth, BlackRock's crypto revenue remains volatile, heavily influenced by asset prices. The firm recorded a nearly $18.7 billion negative market move in the digital assets category, reducing AUM from $78.4 billion at the end of 2025 to $60.6 billion by March 31. To significantly impact BlackRock's ETF fee base, digital assets AUM would need to nearly triple, reaching up to $240.6 billion.