CEO of the world’s largest asset management: The scale of “crypto wallets” has exceeded US$4 trillion, and “asset tokenization” is the next “financial revolution”

# Written by: Long Yue  

# Source: Wall Street News  

Larry Fink, CEO of BlackRock—the world’s largest asset management firm—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 that its assets under management (AUM) had reached a record $13.5 trillion, but Fink also clearly outlined the company’s key strategic direction for the future. He revealed that the total value of assets held in global digital wallets has reached approximately $4.1 trillion, representing a massive potential market.  

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

"This is BlackRock’s next wave of opportunity for decades to come," Fink stated in an interview with CNBC. This strategy has already been initially validated by the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billion in AUM in less than 450 days, making it the fastest-growing ETF in history.  

This forward-looking layout has quickly garnered positive feedback from Wall Street. Investment bank Morgan Stanley reaffirmed its "Overweight" rating on BlackRock’s stock in a research report, noting that "the tokenization of all assets" is one of the core narratives supporting its optimistic outlook on BlackRock’s prospects.  

## Targeting the $4 Trillion Digital Wallet Market  

The core of BlackRock’s strategy is to tap into the massive pool of capital currently outside the traditional financial system. According to Fink, this digital wallet market is valued at approximately $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 this capital "currently has no 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 goal, BlackRock can introduce young investors who are accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, while providing them with opportunities for long-term retirement savings.  

Fink believes tokenization can also reduce transaction costs and intermediary fees, particularly in sectors like real estate.  

## Asset Tokenization: A Vision for the Future of Finance  

Fink is convinced 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 BlackRock views tokenization as an opportunity to bring new investors into mainstream financial products through digital means.  

Fink noted that while tokenization holds enormous potential, it is still in the early stages of development. He cited research from Mordor Intelligence, which predicts that the tokenized asset market already exceeded $2 trillion in 2025 and is expected to surge to over $13 trillion by 2030.  

BlackRock has already laid the groundwork to deepen its participation in this field. Internal teams at the company are actively exploring new tokenization strategies to solidify its leadership position 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 an "index of money laundering," but his stance today is vastly different.  

In a recent interview, Fink acknowledged that his views have changed. "I was a critic before, but I’m growing and learning," he told CNBC.  

He now compares crypto assets to gold, viewing them as an alternative investment that can be used to diversify portfolios.  

## Wall Street Optimistic About the Growth Prospects of "Tokenization"  

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 stock price to $1,486 in a report, emphasizing that its "ambitious vision to tokenize all assets" is a key driver.  

The report pointed out that BlackRock has already tested the waters with its tokenized money market fund BUIDL, which has grown to nearly $3 billion in AUM since its launch in March 2024.  

Morgan Stanley argued that, leveraging its strategy-focused leadership from the top, company scale, extensive business footprint, and client relationships, BlackRock has the ability to shape the future structure of the industry. It can also collaborate with leading exchanges and providers to execute and offer 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 (valued at over $4.5 trillion) lack access to 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 encompassing 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 long-term retirement savings opportunities in the future.  

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