Finance

BlackRock’s Bitcoin ETF Revolution: How IBIT Became King of Revenue Charts in Record Time

BlackRock’s Bitcoin ETF is now most profitable. S&P launches digital markets index, Coinbase gets NY staking approval.

October 10, 2025, 6:44 PM

Glowing digital illustration of the Bitcoin symbol centered within a futuristic circuit board ring of blue and orange light.

This abstract digital graphic features the Bitcoin 'B' logo at the center of a futuristic circuit board, symbolizing cryptocurrency, blockchain technology, and decentralized finance. By MDL.

Executive Summary

BlackRock’s iShares Bitcoin Trust (IBIT) has become the firm’s most profitable ETF by annualized fee revenue, approaching $100 billion in assets under management in just 21 months.

S&P Global launched its “Digital Markets 50” index, a hybrid benchmark combining 35 blockchain-related stocks with 15 major cryptocurrencies to offer consolidated exposure.

Coinbase secured approval to offer crypto staking services for Ethereum, Solana, and Cosmos to New York residents, marking a significant regulatory win and making it the first major exchange to do so in the state.

The Story So Far

The rapid expansion and profitability of BlackRock’s Bitcoin ETF, alongside S&P Global’s launch of a hybrid digital markets index, underscore a significant and growing institutional embrace of cryptocurrencies and blockchain-related investments. This trend is further buoyed by a maturing regulatory environment, exemplified by Coinbase securing approval for crypto staking services in New York, collectively signaling increasing mainstream acceptance and investment in the digital asset sector.

Why This Matters

The rapid success of BlackRock’s Bitcoin ETF, becoming its most profitable in under two years, underscores significant institutional demand and mainstream acceptance of Bitcoin as a legitimate asset class. This growing integration is further solidified by S&P Global’s launch of a hybrid digital markets index, providing traditional investors with diversified exposure to the crypto ecosystem, while Coinbase’s regulatory approval to offer staking services in New York marks a pivotal step towards expanding access and legitimizing crypto-native financial products in a major market.

Who Thinks What?

BlackRock and CEO Larry Fink view Bitcoin as a highly profitable asset and a valuable hedge against currency debasement, evidenced by the iShares Bitcoin Trust (IBIT) becoming the firm’s most profitable ETF in a short period.

S&P Global believes the digital asset industry is maturing and aims to provide consistent, rules-based tools for evaluating and gaining exposure to this market through its new “Digital Markets 50” index, which combines blockchain stocks and major cryptocurrencies.

Coinbase sees value in offering crypto staking services and has successfully navigated regulatory hurdles to gain approval from the New York Department of Financial Services, positioning itself as a leader in providing regulated digital asset services in the state.

BlackRock’s iShares Bitcoin Trust (IBIT) has rapidly become the asset manager’s most profitable exchange-traded fund by annualized fee revenue, accumulating nearly $100 billion in assets in just 21 months. This milestone coincides with S&P Global’s debut of its “Digital Markets 50” index, combining blockchain stocks and cryptocurrencies, and Coinbase securing approval to offer crypto staking services for Ethereum, Solana, and Cosmos to New York residents after a prolonged regulatory battle.

BlackRock’s Bitcoin ETF Dominates Revenue Charts

BlackRock’s IBIT, launched only 21 months ago, now stands as the firm’s most profitable ETF, generating approximately $244.5 million in annual revenue. The fund’s assets under management are nearing the $100 billion mark, surpassing the revenue of products that have been trading for over two decades, such as the iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF.

Despite recent market volatility, which included analyst commentary on institutional flows potentially counteracting widespread downturns even amidst news of President Trump’s proposed tariffs on Chinese goods, IBIT shares experienced a decline on Friday. BlackRock CEO Larry Fink previously articulated his belief in Bitcoin as a hedge against currency debasement, a sentiment that analysts have linked to the cryptocurrency’s recent ascent.

S&P Global Launches Hybrid Digital Markets Index

S&P Global has introduced its first hybrid “Digital Markets 50” index, designed to track a blend of cryptocurrencies and publicly traded companies involved in the blockchain sector. The new benchmark integrates 35 blockchain-related stocks with 15 major cryptocurrencies, including Bitcoin, Ethereum, XRP, BNB, Solana, and Tron, which are drawn from the S&P Cryptocurrency Broad Digital Market Index.

The index aims to offer asset managers a consolidated avenue for exposure to significant crypto-related assets, mitigating the need to pick individual winners. Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices, stated that the new suite provides “consistent, rules-based tools to evaluate and gain exposure” as the digital asset industry matures in global markets.

Coinbase Secures New York Staking Approval

Coinbase has successfully ended a multi-year regulatory dispute, gaining approval to offer crypto staking services to residents in New York. The exchange is now authorized to provide staking for Ethereum, Solana, and Cosmos, marking it as the first major exchange to secure such approval in the state.

This development positions Coinbase uniquely, as other prominent crypto exchanges like Gemini, Kraken, and Robinhood’s Bitstamp platform continue to exclude New York residents from their staking programs. The specific details of the agreement with the New York Department of Financial Services remain undisclosed, with both parties declining to comment beyond public statements.

Additional Market Developments

In other market news, Morgan Stanley has expanded access to Bitcoin, Ethereum, and Solana for all its wealth clients through its E*Trade platform. Concurrently, shares of Bitcoin miners experienced a significant surge earlier in the week, following Bitcoin’s achievement of a new all-time high above $125,000.