BlackRock has increased CEO Larry Fink's total compensation to $37.7 million for 2025. This marks an increase of about 23% compared to the previous year. The Bitcoin ETF has quietly become a major source of revenue for the company.
According to the proxy submission materials, this compensation includes a base salary of $1.5 million, a cash bonus of $10.6 million, and approximately $24.6 million in stock awards. The stock compensation accounted for most of the increase, which is about $6.5 million more than in 2024.
Bitcoin ETF revenue surges in 2025
iShares Bitcoin Trust ETF (IBIT) has become a major source of revenue this year. According to BlackRock's data, the fund generated approximately $174.6 million in net sponsor fees by 2025, a significant increase from $47.5 million at its launch in 2024. The iShares Ethereum Trust ETF (ETHA) recorded an additional $18.4 million.
The two cryptocurrency products combined generated approximately $193 million in fees. This amount is only a small fraction of BlackRock's total revenue of $24.2 billion in 2025, but it is one of the fastest-growing product lines in the company's history.
IBIT has surpassed $100 billion in assets this year. This record represents one of the fastest growth rates in ETF history.
Pink has publicly stated, “Digital assets could become a source of annual revenue of $500 million for the company within the next five years.”
“The private market in insurance, the private market for the wealthy, digital assets, and active ETFs are all expected to become sources of revenue of $500 million each over the next five years.” – he noted in a recent memo.
AUM reaches all-time high…leading the overall trend
It is not only Bitcoin (BTC) that has driven up compensation. By the end of 2025, BlackRock's total managed assets reached a record high of $14 trillion. This is the result of an annual net inflow of $698 billion.
The company exceeded Wall Street's fourth-quarter net profit expectations, reporting a net profit of $2.18 billion, excluding one-time expenses.
The compensation committee considered overall financial performance, strategic execution, and business growth in determining compensation.
The expansion of the private market, active ETFs, and technology platforms have also been significantly reflected in the valuation alongside the cryptocurrency business.
However, not all shareholders agreed. Institutional Shareholder Services, a proxy advisory firm, recommended voting against the executive compensation proposal.
BlackRock announced that it received approval for its compensation program with 67% support from the overall votes.
History, wages have significant fluctuations
Pink's compensation has fluctuated in the past. BlackRock reduced total compensation by 30% to $25.2 million in 2022, when rising interest rates and market volatility reduced the company's managed assets by 14%. His compensation also fell by around 18% in 2023.
Such precedents suggest that a long-term decline in cryptocurrency prices or the overall market could put pressure on future compensation.
However, now that digital assets have become established in BlackRock's long-term strategy, the impact of Bitcoin on CEO compensation is expected to continue.