（来源：吴说） 吴说获悉，贝莱德正与美国证券交易委员会（SEC）就 iShares ETF 代币化事宜展开磋商。贝莱德首席 财务官 Martin Small 对此表示，相关进展可能在 90 天至 12 个月内出现，"最长为 12 个月"。Bitwise 首 席信息官 Matt Hougan 认为，该进展或成为带动市场走出熊市的潜在叙事之一，对 L1 和 DeFi 领域构成 利好。 来源：市场资讯 ...

Core Insights - BlackRock has raised nearly $700 billion in net cash, bringing its total assets under management to $14 trillion, with a record $181 billion in net new money from its iShares ETF franchise in Q4 2025 [1][2] Fundraising Strategy - The company has outlined an "ambitious 2026 fundraising plan" focusing on private markets, target-date funds, active ETFs, and international retirement savers [2] - The goal for new private market assets is set at $400 billion by 2030, with significant interest from insurance companies [5] Private Market Focus - 2026 will mark the first full year of BlackRock's acquisitions of private-credit player HPS, infrastructure investor GIP, and private-market-data provider Preqin [3] - The firm plans to launch its first target-date fund with private market exposure later this year, pending regulatory approval for private assets in 401(k) plans [6] Sales and Distribution - BlackRock's sales and distribution team, described as the largest in the industry, is actively promoting HPS products to financial advisors at major wirehouses [7] - The company sees growth opportunities in international markets, particularly in Asia, the Middle East, and Latin America [7][8] Investment Products - BlackRock continues to expand beyond fixed-income products, with significant growth in bond investment products, including active ETFs [9] - In 2025, fixed-income ETFs attracted $159 billion in net new money, nearly matching core equity offerings [10]

Core Insights - BlackRock achieved a record $13.46 trillion in assets under management, marking a 17% increase year-over-year, driven by strong market performance and $205 billion in new client inflows [1][2] - The company's base fees rose at an annualized rate of 10%, surpassing the long-term growth target set by CEO Larry Fink [2] - The growth in fees was primarily fueled by the demand for exchange-traded funds (ETFs) and BlackRock's expansion into private markets, including the recent acquisition of HPS Investment Partners [3][5] Financial Performance - Net income decreased by 19% to $1.32 billion, equating to $8.43 per share, although adjusted earnings of $11.55 per share exceeded Wall Street expectations [4] - BlackRock's private-markets segment reported $320.9 billion in assets as of the end of September [7] Strategic Initiatives - BlackRock aims to raise $400 billion for private-market funds by 2030, positioning itself as a comprehensive money manager [6] - The company is focusing on alternative investments such as private credit, real estate, and infrastructure, which typically command higher fees from institutional clients [5][6] - BlackRock's iShares ETF business remains a significant revenue driver, with the iShares Bitcoin Trust accumulating nearly $100 billion in assets within two years of its launch [7]

Core Insights - BlackRock is experiencing a significant shift in its revenue sources, with private markets businesses now outpacing traditional fixed-income revenues [1][3] - The firm has made substantial investments in private markets, acquiring companies like HPS and Global Infrastructure Partners, which are expected to drive future growth [2][4] - CEO Larry Fink expressed strong optimism about BlackRock's future, particularly in the context of its expanding private market operations [5] Revenue Growth - Revenues from private market funds and technology subscriptions have surpassed those from fixed-income funds, indicating a strategic pivot in BlackRock's business model [3][4] - The firm added approximately $105 billion in private market assets last quarter, with over $100 billion attributed to the acquisition of HPS [4] - Fees from private market funds have seen a remarkable 136% growth in the first three quarters of 2025 compared to the same period in 2024 [4] Strategic Focus - BlackRock is shifting its focus towards private markets, where fees are higher and capital is more stable, while still maintaining a significant presence in fixed-income investments [9][10] - The firm has over $3 trillion in fixed-income products, but is increasingly aligning its strategy with where institutional capital is flowing [10] - The recent acquisition of GIP, which raised the largest infrastructure fund ever at over $25 billion, highlights BlackRock's commitment to expanding its private market capabilities [10]

Group 1 - BlackRock, founded by Larry Fink, has evolved from a small firm to a global financial powerhouse, influencing national economies without direct political control [1][4][20] - The company’s rise was marked by the development of the Aladdin risk management system, which became crucial during the 2008 financial crisis, allowing BlackRock to manage assets effectively while competitors faltered [10][13] - BlackRock's acquisition of Barclays Global Investors in 2009 for $13.5 billion significantly increased its assets under management, making it the largest asset management firm globally [15] Group 2 - BlackRock's strategy in China began with its establishment as the first foreign wholly-owned public fund company, allowing it to directly raise capital and invest in A-shares [22] - The firm has made substantial investments in key sectors in China, including renewable energy and technology, while also seeking deeper involvement in corporate governance through data access and board observation rights [24][26] - The company's approach in China is characterized by a broad investment strategy combined with targeted acquisitions, raising concerns about its influence on sensitive technologies and national security [28][33] Group 3 - The growth of domestic asset management firms in China poses a competitive challenge to BlackRock, as these firms have seen significant growth in assets under management [31] - The Chinese government is increasingly focused on establishing its own financial infrastructure to counter the influence of foreign capital giants like BlackRock [31][33] - The ongoing financial dynamics between BlackRock and China highlight the need for a balance between capital flow and national security, emphasizing that open markets must be governed by sovereign rules [29][35]

Core Insights - BlackRock has evolved from a traditional asset manager to a leader in private markets, with a focus on a $68 billion investment boom in privately funded infrastructure and private lending [1][4][6] - The firm has made significant acquisitions, spending $28 billion last year to enhance its private market capabilities [2] - BlackRock's public market operations, including its iShares ETF line, have fundamentally changed market dynamics and investor behavior [3][5] Company Transformation - Larry Fink emphasized that BlackRock is no longer just a traditional asset manager, highlighting the transformation of the company into a $11.6 trillion entity [1] - The firm aims to address the divide between public and private markets, similar to its previous efforts in bridging active and passive investing [8] Market Trends - The traditional 60-40 portfolio is expected to shift to a 50-30-20 allocation, incorporating more private assets like real estate and infrastructure [6] - Fink noted that private market investments have been largely inaccessible to average investors due to high minimums and restrictions [7] Future Outlook - Fink expressed optimism about BlackRock's position entering 2025, viewing it as a pivotal moment for the financial landscape [10] - The company is poised to leverage its experience in solving market challenges to create opportunities in the private market space [8]