BlackRock Dominates Cryptocurrency Market Revenue Structure..."Monopolizes 61% of Bitcoin ETF Market"

▲ BlackRock Bitcoin/ChatGPT generated image

An analysis suggests that BlackRock (BLK) is dominating the cryptocurrency market's revenue structure, using Bitcoin ETFs as a springboard. As its business expands beyond ETFs to staking, options, and tokenization of financial assets, the debate over the centralization of cryptocurrencies is intensifying.

Guy Turner, host of the cryptocurrency-focused YouTube channel Coin Bureau, analyzed in a video uploaded on July 8 (local time) that institutional investors have not left the market despite Bitcoin (BTC)'s weakness. Bitcoin has fallen by about 32% since the beginning of the year, but institutional holdings are approximately 1.25 million BTC, which is 8% lower than the all-time high. BlackRock's IBIT held net assets of approximately $47.4 billion and over 765,000 BTC as of the end of June.

IBIT accounts for approximately 61% of the total Bitcoin ETF market and about 74% of daily trading volume. From May 15 to June 3, funds flowed out for 13 consecutive trading days, resulting in an outflow of approximately $3.3 billion from IBIT, but BlackRock's assets under management for cryptocurrency-related products exceeded $130 billion. Turner pointed out that 75% of IBIT investors had never held a BlackRock ETF before, suggesting that Bitcoin ETFs serve as a gateway into BlackRock's financial product ecosystem.

BlackRock's strategy has extended beyond holding cryptocurrency products to expanding its revenue structure. According to the video, BlackRock plans to launch the staked Ethereum (ETH) ETF, ETHB, in March 2026, creating a structure that takes 18% of staking rewards. It then launched the iShares Bitcoin Premium Income ETF, selling call options on 25-35% of IBIT holdings monthly. The target annual return is 15-25%, and the fee is 0.65%.

Tokenization strategy was presented as the next pillar of BlackRock's business. BlackRock's tokenized government bond fund is valued at approximately $2.5 billion to $2.85 billion and operates on nine blockchains. Larry Fink, BlackRock CEO, stated, “All stocks, bonds, and funds will eventually be tokenized.” As BlackRock pushes for the tokenization of its $4 trillion iShares business, DTCC is also conducting blockchain pilot programs with over 50 companies, including JP Morgan and Goldman Sachs.

Turner evaluated the entry of institutional finance into blockchain as a signal acknowledging cryptocurrency technology as financial infrastructure but warned of the concentration of control. In the DTCC structure, a centralized ledger stores final records, and some tokenized products have structures that allow asset freezes, wallet blocking, and transfer restrictions. Turner remarked, “Wall Street is recreating the cryptocurrency financial network for Wall Street,” analyzing that BlackRock's expansion simultaneously reveals institutional recognition and the risk of centralization.

[Article Key Summary]

- BlackRock's IBIT accounts for approximately 61% of the Bitcoin ETF market and about 74% of daily trading volume.

- BlackRock is expanding its cryptocurrency revenue structure with Ethereum staking, Bitcoin options products, and tokenized government bonds.

- Coin Bureau analyzed that Wall Street's entry into blockchain is institutional recognition but also increases the risk of centralization, which is the concentration of asset control.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*