BlackRock Targets the "Digital Wallet Era": Larry Fink Aims to Tokenize All Traditional Assets

Original Title: BlackRock CEO: The scale of encryption Wallets exceeds $4 trillion, and “asset tokenization” is the next “financial revolution”

Original author: Long Yue, Wall Street Insight

Original source:

Reprint: Daisy, Mars Finance

Larry Fink, the CEO of the world's largest asset management company BlackRock, has positioned “asset tokenization” as the next revolution in the financial markets, aiming to “put all traditional financial assets into digital wallets.”

On October 14th, during the company's latest Q3 2025 earnings call, BlackRock not only announced that its assets under management (AUM) reached a record $13.5 trillion, but Fink also clearly pointed out the company's key direction for the future. He revealed that the asset size held in global digital Wallets has reached approximately $4.1 trillion, which represents a huge potential market.

Fink's vision is to bridge the gap between traditional capital markets and a new generation of investors proficient in encryption by tokenizing traditional investment tools such as exchange-traded funds (ETFs).

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

This forward-looking layout quickly received positive feedback from 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 optimistic outlook on BlackRock.

Aiming at the $4 trillion digital wallet market

BlackRock's strategic core is to reach the vast pool of funds currently outside the traditional financial system. According to Fink, the market size of this digital wallet is approximately $4.1 trillion.

Morgan Stanley estimated in a report released on October 15 that the total value of current encrypted assets, stablecoins, and tokenized assets has exceeded $4.5 trillion, and these funds “are currently unavailable for 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 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 fields such as real estate.

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

Fink pointed out that although the potential for tokenization is enormous, it is still in the early stages of development. He cited research from Mordor Intelligence predicting that the market size for tokenized assets will exceed $2 trillion by 2025, and is expected to soar to over $13 trillion by 2030.

BlackRock has laid the groundwork for deeper involvement in this field. The internal team is actively exploring new tokenization strategies to solidify its leadership position in the digital asset management sector.

From Bitcoin skeptic to blockchain advocate

Fink's shift in attitude towards digital assets marks the evolution of mainstream financial institutions' views on the field. He once referred to Bitcoin as a “money laundering index,” but his stance today is completely different.

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

He now compares encryption assets to gold, believing that they can serve as an alternative investment for portfolio diversification.

Wall Street is 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 field.

Morgan Stanley analyst Michael J. Cyprys raised BlackRock's target stock price to $1486 in a report, emphasizing that its “grand vision of tokenization of all assets” is the key driver.

The report points out that BlackRock has been experimenting with its tokenized money market fund BUIDL, which has grown to nearly $3 billion in assets under management since its launch in March 2024.

Morgan Stanley believes that with strategic focus starting from the top management, company scale, extensive business footprint, and customer relationships, BlackRock has the ability to influence the future structure of the industry and collaborate with leading exchanges and suppliers to execute and provide 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, over $4.5 trillion worth of encryption assets, stablecoins, and tokenized assets are inaccessible to long-term investment products.

BlackRock's goal is to replicate everything in today's traditional finance into a digital Wallet, so that investors never have to leave their digital Wallet 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 towards more traditional assets and prepare them for future retirement long-term savings opportunities.