BlackRock increased CEO Larry Fink's total compensation to $ 37.7 million for 2025, an increase of about 23% from the previous year, as their Bitcoin ETF quietly became one of the company's largest sources of revenue.
A power of attorney form showed that the salary package included a base salary of $ 1.5 million, a cash bonus of $ 10.6 million, and about $ 24.6 million in stock-based compensation. The stock portion accounted for most of the increase and rose by about $ 6.5 million from 2024.
Bitcoin ETF revenues surged significantly in 2025
iShares Bitcoin Trust ETF (IBIT) became an important revenue source throughout the year. Company reports show that the fund raised approximately $174.6 million in net sponsor fees for 2025, up from $47.5 million in the launch year of 2024. iShares Ethereum Trust ETF (ETHA) added an additional $18.4 million.
Together, both crypto products generated approximately $193 million in fees. Although it still represents a small portion of BlackRock's total revenue of $24.2 billion for 2025, this marked one of the fastest-growing product lines in the company's history.
IBIT passed $100 billion in assets during the year, making it one of the fastest-growing ETFs ever to reach this level.
Fink has publicly stated that digital assets could become an annual revenue source of $500 million for the company within five years.
“Private markets for insurance, private markets for wealth, digital assets, and active ETFs. We believe all of these can become revenue sources of $500 million over the next five years,” he wrote in a recent statement.
Record high AUM lifted the overall picture
Bitcoin (BTC) alone does not explain the entire wage increase. BlackRock ended 2025 with a record high of $14 trillion in managed assets, driven by $698 billion in net inflows throughout the year.
The company beat Wall Street's earnings expectations in the fourth quarter, with a net income of $2.18 billion excluding one-time costs.
The compensation committee considered the company's financial performance, strategic execution, and business growth when setting the rewards.
Expansion in private markets, active ETFs, and technology platforms also played an important role alongside the crypto business.
However, not all shareholders were convinced. The advisory firm Institutional Shareholder Services recommended voting against the executives' compensation packages.
BlackRock reported that 67% of votes cast supported the company's compensation program.
History shows that salaries can swing dramatically
Fink's salary has fluctuated in the past. BlackRock cut his total compensation by 30% to $25.2 million for 2022, as rising interest rates and market turbulence led to a 14% drop in the company's managed assets. His salary fell again, by about 18% in 2023.
These experiences suggest that a prolonged decline in crypto prices or in broader markets could put pressure on future compensation packages.
Yet, with digital assets now integrated into BlackRock's long-term strategy, Bitcoin's role in the CEO's salary history is likely here to stay.