BlackRock CEO: Crypto Wallets Surpass $4 Trillion, "Asset Tokenization" Is the Next "Financial Revolution"

Original Title: "World's Largest Asset Management CEO: 'Crypto Wallets' Now Exceed $4 Trillion, 'Asset Tokenization' Is the Next 'Financial Revolution'"

Original Author: Long Yue, Wallstreetcn

Larry Fink, CEO of BlackRock, the world's largest asset management company, has positioned "asset tokenization" as the next revolution in financial markets, aiming to "put all traditional financial assets into digital wallets."

On October 14, during the company's latest Q3 2025 earnings call, BlackRock not only announced a record-breaking $13.5 trillion in assets under management (AUM), but Fink also clearly outlined the company's key future direction. According to him, the total assets held in global digital wallets have reached approximately $4.1 trillion, representing a huge potential market.

Fink's vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between traditional capital markets and a new generation of tech-savvy crypto investors.

"This is the next wave of opportunity for BlackRock over the coming decades," Fink said in an interview with CNBC. This strategy has already seen initial validation through the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billion in assets in less than 450 days, making it the fastest-growing ETF in history.

This forward-looking approach has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its "overweight" rating on BlackRock stock in a research report, noting that "tokenization of all assets" is one of the core narratives supporting its bullish outlook on BlackRock.

Aiming at the $4 Trillion Digital Wallet Market

The core of BlackRock's strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is valued at about $4.1 trillion.

In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded $4.5 trillion, and that these funds "currently do not have access to long-term investment products."

According to Morgan Stanley's analysis, BlackRock's goal is to "replicate everything in today's traditional finance into digital wallets."

By achieving this, BlackRock can introduce young investors accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, providing them with long-term retirement savings opportunities.

Fink believes that tokenization can also reduce transaction costs and intermediary fees, such as in the real estate sector.

Asset Tokenization: The Future Vision of Finance

Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to bring new investors into mainstream financial products through digital means.

Fink pointed out that although tokenization has huge potential, it is still in its early stages. He cited research from Mordor Intelligence, which predicts that the market size of tokenized assets will exceed $2 trillion by 2025 and could soar to over $13 trillion by 2030.

BlackRock is already laying the groundwork for deeper involvement in this field. Internal teams are actively exploring new tokenization strategies to solidify its leadership in digital asset management.

From Bitcoin Skeptic to Blockchain Advocate

Fink's shift in attitude toward digital assets marks an evolution in how mainstream financial institutions view the sector. He once referred to bitcoin as a "money laundering index," but his stance has changed dramatically.

In a recent interview, Fink admitted that his views have changed. He told CNBC, "I used to be a critic, but I am growing and learning."

He now likens crypto assets to gold, seeing them as an alternative investment for portfolio diversification.

Wall Street Bullish on Tokenization Growth Prospects

Wall Street analysts believe that BlackRock, with its industry position and resources, is fully capable of dominating the tokenization space.

Morgan Stanley analyst Michael J. Cyprys raised BlackRock's target share price to $1,486 in a report, emphasizing that its "grand vision of tokenizing all assets" is a key driver.

The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown to nearly $3 billion in assets under management since its launch in March 2024.

Morgan Stanley believes that with strategic focus from the top, company scale, broad business footprint, and client relationships, BlackRock is well-positioned to shape the future industry structure and collaborate with leading exchanges and providers to execute and deliver tokenized BlackRock products.

BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the native digital wallet paradigm—currently, crypto assets, stablecoins, and tokenized assets valued at over $4.5 trillion cannot access long-term investment products.

BlackRock's goal is to replicate everything in today's traditional finance into digital wallets, so that investors never need to leave their digital wallets to build a long-term, high-quality portfolio including stocks, bonds, cryptocurrencies, commodities, and more.

By achieving this, BlackRock can guide a large number of young investors who use tokenized assets toward more traditional assets and prepare them for future long-term retirement savings opportunities.