October 14th 2026, 11:58 AM
BlackRock Beats Earnings as Crypto Bets Add to Revenue
Key Summary
BlackRock reported a 38% increase in adjusted earnings per share, driven by performance fees from a single hedge fund and gains from its crypto bets, including an $80 million gain on Securitize and a $22 million gain on Circle. The company's revenue rose 19% year-over-year to $7.75 billion, with assets reaching a record $15.5 trillion. Shares rose 3% before the market opened.
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Earnings Highlights
BlackRock beat third-quarter forecasts with the help of a single hedge fund, with performance fees more than doubling from $305 million in the second quarter to $409 million. The fees were largely driven by hedge-fund-style products, which made up nearly half of the $668 million revenue increase from the second quarter.Crypto Bets
BlackRock booked an $80 million gain on Securitize, a firm that turns funds and stocks into blockchain tokens. Securitize stock jumped 15% in September after a US regulatory exemption. The company also added a $22 million gain on Circle, issuer of the USDC stablecoin, a token pegged to the US dollar. A year earlier, the same stake produced a $115 million loss.Outlook
Chief executive Larry Fink said BlackRock enters its 'seasonally strongest fourth quarter with accelerating momentum.' The hedge fund behind this quarter's fee jump does not reach its next annual measurement date until the third quarter of 2027.The gains from BlackRock's crypto bets and performance fees contributed to the company's adjusted earnings per share growing 38%, with adjusted operating income rising 27%. The company's revenue rose 19% year-over-year to $7.75 billion, with assets reaching a record $15.5 trillion.
#BlackRock#Crypto#EarningsBeat#SEC