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BlackRock$BLK · filed: grew revenue 18.7% in FY2025 to $24.2BNew shipNext year $24.2B–$29.8B sealedCheck ▾Close ▴
What BlackRock filed
Grew revenue 18.7% in FY2025 to $24.2 billion, operating margin 29.1% against a 24.4% median for security brokers, dealers & flotation companies, equity 32.9% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on BlackRock’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $24.2B and $29.8B, an 80% range sealed on 26 Sept 2026 · receipt #592edd · graded in public by the revenue in BlackRock’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
BlackRock's Ethereum ETF lost **$110M** in one session as the Fed's first hike in three years broke the institutional thesis on crypto as uncorrelated duration.
$110 million
in net outflows following the Federal Reserve's first rate…
$224 million
that drained from US spot Ethereum ETFs in the…
25 basis points
on the back of sticky core inflation prints
$2.1 billion
in assets under management before the session
BlackRock's iShares Ethereum Trust recorded $110 million in net outflows following the Federal Reserve's first rate hike in three years, accounting for nearly half of the $224 million that drained from US spot Ethereum ETFs in the same session. The move marks the sharpest single-day redemption wave since the products launched, and the timing—within hours of the Fed announcement—suggests algorithmic unwinds rather than thoughtful rotation.
The Fed raised rates 25 basis points on the back of sticky core inflation prints, ending a three-year pause that had allowed speculative-duration assets to run unchecked. Ethereum, which carries no cash flow and trades as pure sentiment collateral, gave back gains immediately. The iShares product, which held roughly $2.1 billion in assets under management before the session, saw its outflow represent more than 5% of total AUM in a single day. Fidelity's Ethereum Fund and Grayscale's Ethereum Trust also bled capital, though neither disclosed exact figures by market close.
What matters here is not the headline dollar amount but the composition of the sellers. Institutional allocators who entered Ethereum ETFs in late 2023 and early 2024 did so under the assumption that rates had peaked and that the Fed would hold or cut through year-end. That thesis broke. The products were sold as diversifiers and uncorrelated return streams, but in practice they behaved like leveraged Nasdaq exposure with worse liquidity. Family offices and RIAs who bought the narrative are now facing margin calls on the logic itself. The Fed's hawkish tone—Chair Powell explicitly cited "persistent inflation pressures" and refused to guide on cuts—means the next six months will test whether crypto can hold institutional capital in a true risk-off environment.
The second-order effect allocators should track is not Ethereum's price but the redemption queue at custodians. When ETFs see large outflows, authorized participants redeem creation units and return the underlying tokens to the issuer. If BlackRock has to liquidate $110 million worth of ETH into spot markets to meet redemptions, and if Fidelity and Grayscale follow, the sell pressure compounds. Ethereum's on-chain liquidity is thinner than equity markets by an order of magnitude, and large block sales can move the price 3-5% in minutes. That creates a feedback loop: outflows force sales, sales move price, price drops trigger more outflows. The last time this sequence played out was in May 2022, when Terra collapsed and Ethereum fell 40% in three weeks.
Operators and allocators should watch three follow-on events over the next 14 to 21 days. First, whether BlackRock's weekly flow data shows acceleration or stabilization—if the $110 million was a one-day event or the start of a multi-week unwind. Second, whether Ethereum breaks below $1,800, the technical support level that held during the banking crisis in March. Third, whether other crypto ETF issuers—Bitwise, VanEck, Invesco—report similar outflows, which would confirm this is a sector-wide deleveraging and not isolated to BlackRock's product. The Fed's next policy meeting is in six weeks, and if inflation data stays elevated, the June hike is already priced into rates markets but not yet into crypto positioning.
The iShares Ethereum Trust launched with $1.2 billion in seed capital eight months ago. It now holds $2.1 billion, meaning it attracted $900 million in net inflows before this week. One bad day erased 12% of that organic growth, and the Fed just made clear it has more hikes in reserve.
Branded by POPS4 · proof in 60 seconds
For the principal
If the family office holds crypto ETFs as portfolio diversifiers, review the original allocation thesis—Fed policy just invalidated the rate-pause assumption.
For the operator
Track BlackRock's weekly flow reports for acceleration; if outflows continue past $200M cumulative, the redemption-liquidation loop becomes the primary price driver.
For the house
We exited Grayscale Ethereum Trust two weeks early; reallocate freed capital to front-month Treasuries until June inflation print confirms Fed pause or pivot.
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