The CEO of the world's largest asset management firm: The scale of "crypto wallets" has exceeded $4 trillion, and "asset tokenization" is the next "financial revolution"

BlackRock has revealed its goal to introduce traditional investment products such as stocks and bonds into digital wallets, tapping into this ecosystem worth over 4 trillions USD.

Written by: Long Yue

Source: Wallstreetcn

Larry Fink, CEO of the world’s largest asset management company BlackRock, has positioned “asset tokenization” as the next revolution in financial markets, with the goal of “putting 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 assets under management (AUM) of 13.5 trillions USD, 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 trillions USD, 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 billions USD in assets in less than 450 days, making it the fastest-growing ETF in history.

This forward-looking strategy 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 “the tokenization of all assets” is one of the core narratives supporting its bullish outlook on BlackRock.

Aiming at the 4 Trillion USD 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 worth about 4.1 trillions USD.

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 trillions USD, and that these funds “currently cannot access 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, and provide them with long-term retirement savings opportunities.

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

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 use digital means to bring new investors into mainstream financial products.

Fink pointed out that although the potential of tokenization is enormous, it is still in its early stages. He cited research from Mordor Intelligence predicting that the tokenized asset market will exceed 2 trillions USD by 2025 and could soar to over 13 trillions USD by 2030.

BlackRock is already laying the groundwork for deeper involvement in this field. The company’s internal teams are actively exploring new tokenization strategies to consolidate its leadership in digital asset management.

From Bitcoin Skeptic to Blockchain Advocate

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

In a recent interview, Fink admitted that his perspective has changed. He told CNBC, “I used to be a critic, but I am growing and learning.”

He now compares 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 USD in his report, emphasizing that its “grand vision of tokenizing all assets” is a key driving force.

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

Morgan Stanley believes that with strategic focus from the top management, company scale, broad business footprint, and client relationships, BlackRock is capable of influencing the future industry structure and collaborating 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 paradigm of digital wallets—currently, crypto assets, stablecoins, and tokenized assets worth over 4.5 trillions USD 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 that includes 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.