The world's largest asset management CEO: "Crypto wallet" scale has exceeded $4 trillion, "asset tokenization" is the next "financial revolution."

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 third-quarter 2025 earnings call, BlackRock not only announced that its assets under management (AUM) had reached a record $13.5 trillion, but Fink also clearly outlined the company’s key future direction. According to him, the value of assets held in global digital wallets has reached about $4.1 trillion, representing a huge potential market.

Fink’s vision is that by tokenizing traditional investment instruments such as ETFs, a bridge can be built between traditional capital markets and a new generation of investors fluent in crypto technology.

“This is the next wave of opportunity for BlackRock for the coming decades,” Fink said in an interview with CNBC. This strategy has already been preliminarily validated through the success of its iShares Bitcoin Trust (IBIT), which reached $100 billion in assets in less than 450 days, becoming the fastest-growing ETF in history.

This forward-looking move quickly won positive feedback on Wall Street. Investment bank Morgan Stanley reiterated its “overweight” rating on BlackRock stock in a research report and pointed out that “the tokenization of all assets” is one of the core narratives supporting its positive outlook for BlackRock.

Targeting the $4 Trillion Digital Wallet Market

The core of BlackRock’s strategy is to reach the vast pools of capital currently outside the traditional financial system. According to Fink, the digital wallet market is valued at approximately $4.1 trillion.

Morgan Stanley, in a report released on October 15, estimated that the total value of crypto assets, stablecoins, and already tokenized assets has exceeded $4.5 trillion, but 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 traditional finance into digital wallets.”

By achieving this goal, BlackRock can introduce young investors used to tokenized assets into more traditional asset classes such as stocks and bonds, and provide them with long-term retirement saving opportunities.

Fink believes tokenization can also lower transaction costs and intermediary fees, for example in real estate and other sectors.

Tokenization of Assets: The Vision for the Financial Future

Fink firmly believes that the next major transformation of global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In interviews, he said the company regards tokenization as an opportunity to attract new investors to mainstream financial products using digital means.

Fink points out that although tokenization has huge potential, it is still in its early stages. He cited research from Mordor Intelligence predicting that by 2025, the tokenized asset market will exceed $2 trillion, and could soar above $13 trillion by 2030.

BlackRock is already laying the groundwork for deep participation in this space. Its internal teams are actively exploring new tokenization strategies to strengthen its leadership in digital asset management.

From Bitcoin Skeptic to Blockchain Advocate

Fink’s shift in attitude towards digital assets marks an evolution in mainstream financial institutions’ views on the sector. He once referred to Bitcoin as the “index of money laundering,” but now his stance has changed dramatically.

In a recent interview, Fink admitted his views have changed. He told CNBC: “I was a skeptic, but I’m growing and learning.”

He now compares crypto assets to gold, considering them an alternative investment for portfolio diversification.

Wall Street Optimistic About the Prospects of Tokenization

Wall Street analysts believe that, with its industry status and resources, BlackRock is fully capable of taking a leading position in the tokenization space.

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

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

Morgan Stanley believes that, backed by strategic focus from the top management, company scale, extensive business footprint, and client relationships, BlackRock has the ability to shape the future industry structure, and can collaborate with leading exchanges and providers to deliver and execute 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 worth 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 investors never need to leave their digital wallets to build a long-term, high-quality portfolio of stocks, bonds, cryptocurrencies, commodities, and more.

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

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