Is BlackRock BTC ETF top source of its revenue? > Blackrock BTC IBIT ETF AUM is ~ $100B. > Management fee is 0.25%, so annual revenue is ~$250m. > Blackrock makes $20B in 2024. > Not significant in %. However $250m is from a single ETF product. > Bloomberg confirms the BTC ETF is the most profitable ETF for Blackrock. > JP Morgan will be making their leveraged BTC structured note (the $MSTR ‘competitor’) against IBIT, thus driving more flows to IBIT. Win win for JPM and Blackrock. So yes, BTC strategy has become too important for Blackrock. And Blackrock is winning.