NEW YORK (July 10, 2025) – ISS Market Intelligence (MI), a leading provider of data, analytics, insights, media, and events solutions to the global financial services industry, reveals that just three firms — BlackRock, Fidelity, and Grayscale Investments — now control nearly 85 percent of all crypto fund assets under management (AUM), totaling approximately $123 billion.
With the U.S. Senate having passed the landmark Genius Act, setting the stage for the enactment of the first federal framework for stablecoins, ISS MI reveals new insights into the rapidly evolving crypto fund landscape.
BlackRock leads the field by a wide margin, holding nearly $70 billion in crypto AUM across its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). These funds have also seen strong investor interest, with combined net inflows of 22.3 percent year-to-date. In contrast, Grayscale Investments has experienced nearly $2 billion in outflows, likely driven by recent fee increases.
While the dominance of traditional asset managers like BlackRock and Fidelity may not come as a surprise, the top 10 list also includes newer entrants such as Tidal Investments. Tidal’s YieldMax COIN Option Income Strategy ETF (CONY), which focuses on income generation rather than growth, has attracted $1.1 billion in AUM and posted a 25 percent increase in net flows this year, highlighting growing investor appetite for differentiated crypto strategies.
“The Senate’s passage of the Genius Act is a major milestone for the digital asset industry, and we’re expecting to see its impact on fund flows and product development,” said Adam Feldstein, Associate Director at ISS Market Intelligence. “MarketPulse gives our clients the ability to track these shifts in near real-time—helping them understand where capital is moving, which strategies are gaining traction, and how they can position themselves in a fast-changing market.”
If enacted, the Act is expected to accelerate institutional adoption of digital assets, particularly stablecoins, and could reshape fund flows in the months ahead. As the regulatory environment becomes clearer, asset managers are re-evaluating their crypto offerings and positioning.
ISS MI’s MarketPulse platform has recently added thematic tags to funds. This enhanced filtering capability, combined with monthly updates and fund-level flow data, uniquely positions MarketPulse as a tool for asset managers to track trends, benchmark performance, and identify emerging opportunities in the thematic fund space.
To learn more about ISS MI’s MarketPulse, visit https://www.issmarketintelligence.com/solutions/marketpulse
###
About ISS Market Intelligence
ISS Market Intelligence (MI) is a leading provider of data, insights, and market engagement solutions to the global financial services industry. ISS MI empowers asset and wealth management firms, insurance companies, distributors, service providers, and technology firms to assess their target markets, identify and analyze the best opportunities within those markets, and execute on comprehensive go-to-market initiatives to grow their business. Clients benefit from our increasingly connected global platform that leverages a combination of proprietary data, powerful analytics, timely and relevant insights, in-depth research, as well as an extensive suite of industry-leading media brands that deliver unmatched market connectivity through news and editorial content, events, training, ratings, and awards.
About ISS STOXX
ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,400 professionals operating across 33 global locations in 19 countries. Its approximately 6,400 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.
Media Contact:
Hayley Tarleton
Associate, Marketing
press@issmarketintelligence.com
