Key Insights
- BlackRock named its Bitcoin ETF a top 2025 theme, despite the ETF’s year-to-date loss.
- IBIT drew over $25B in 2025 inflows and remains ahead of rival Bitcoin ETFs
- BlackRock expanded its crypto ETFs with filings focused on income and Ethereum.
iShares Bitcoin Trust ETF Appears in the BlackRock List of Top Investment Themes in 2025
BlackRock has identified its spot Bitcoin exchange-traded fund, the iShares Bitcoin Trust ETF, as one of its three largest investment themes for 2025, placing it alongside U.S. Treasury bill exposure and an exchange-traded fund tied to major U.S. technology stocks.
The designation positions the Bitcoin-linked product within the firm’s core strategic framework for the year, reflecting how client capital has been allocated across cash management, equities, and alternative assets during a period of market volatility.
The asset manager included the iShares Bitcoin Trust ETF, along with its Treasury bill ETF, SGOV, and a technology-focused fund that tracks the so-called “Magnificent 7,” which comprises Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla. The grouping was disclosed as part of BlackRock’s assessment of its leading ETF investment themes for the year.
BlackRock Bitcoin ETF Flows Stand Out Despite Negative Returns
The BlackRock Bitcoin ETF has recorded more than $25 billion in net inflows during 2025, according to data referenced by market participants and ETF trackers. This places it behind large, broad-based index products but ahead of many established ETFs, despite the fund posting a negative return for the year.
Data cited from Farside Investors shows that total net inflows into the fund since its launch have reached approximately $62.5 billion, including roughly $37 billion gathered in 2024.
According to Bloomberg ETF analyst Eric Balchunas, the scale of inflows during a period of price weakness underscores continued investor participation.
Moreover, Nate Geraci, president of NovaDius Wealth Management, stated that BlackRock’s decision to highlight IBIT among its top themes indicates that the firm has not been deterred by Bitcoin’s recent price pullback. His comments were shared publicly on Monday following BlackRock’s thematic disclosure.
Competitive Positioning Among Bitcoin ETFs
In terms of relative flows, the iShares Bitcoin Trust ETF remains well ahead of competing spot Bitcoin products. Its cumulative inflows are more than five times larger than those of the Fidelity Wise Origin Bitcoin Fund, its closest competitor at present. This gap has persisted even as the broader ETF market has undergone shifting allocations in response to changes in interest rate expectations and equity market performance.
Despite ranking sixth on the 2025 ETF inflow leaderboard, the iShares Bitcoin Trust ETF stands out as the only fund among the top inflow leaders to show a year-to-date loss. Other ETFs in the same ranking have delivered positive returns, according to data from Farside Investors.
BlackRock Expands Crypto ETF Line-up Beyond Bitcoin
BlackRock has continued to expand its digital-asset-linked ETF offerings beyond spot Bitcoin exposure. In September, the company applied to be registered as a Bitcoin Premium Income ETF, which will purchase covered call options on futures contracts of Bitcoin.
The plan will involve extracting premiums on options to generate income, rather than relying on price gains.
Additionally, BlackRock’s iShares Ethereum Trust ETF has attracted more than $9.1 billion in net inflows during 2025, bringing its total inflows to nearly $12.7 billion since launch.
In November, BlackRock filed to register an iShares Staked Ethereum ETF, a product designed to complement ETHA after the firm initially chose not to incorporate staking features into its original Ethereum trust.
Strategic Asset Allocation
Building on this sentiment, the recent surge in altcoin-linked ETFs by other asset managers has not affected BlackRock. Asset-related products like Solana, XRP, and Litecoin have been launched over the recent months, yet BlackRock has continued to concentrate on Bitcoin- and Ethereum-based products.
The addition of the iShares Bitcoin Trust ETF and SGOV, as well as the technology-oriented ETF, can be seen as an example of how BlackRock segmented key allocation themes in 2025. SGOV represents cash management and liquidity, the technology ETF reflects equity exposure, and the iShares Bitcoin Trust ETF represents alternative asset exposure within the firm’s thematic framework.
BlackRock manages more than $10 trillion in assets globally. Its decision to list the iShares Bitcoin Trust ETF as a top investment theme places the fund within the same strategic discussion as cash-equivalent and equity allocations for the year, based on reported flow data and product filings disclosed by the firm.
