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

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

On October 14, during the company's latest conference call for its Q3 2025 financial report, 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. According to him, the total value of assets held in global digital wallets has reached approximately $4.1 trillion, representing a huge potential market.

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

"This is the next wave of opportunity for BlackRock in the coming decades," Fink said in an interview with CNBC. This strategy has been initially validated through the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billion in assets in less than 450 days, becoming the fastest-growing ETF in history.

This forward-looking layout has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its "overweight" rating on BlackRock stock in a research report, stating 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 reach the vast pool of funds currently outside the traditional financial system. According to Fink, this digital wallet market is estimated to be around $4.1 trillion.

Morgan Stanley's report released on October 15 estimated that the total value of current crypto 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 accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, providing them with long-term retirement savings opportunities.

Fink believes that tokenization can also reduce transaction costs and intermediary fees, particularly in areas 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 been laying the groundwork for deeper involvement in this field. The company's internal team is 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 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 current stance is entirely different.

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

He now likens crypto assets to gold, believing they can serve as an alternative investment for portfolio diversification.

Wall Street Optimistic About 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 stock price to $1,486 in a report, emphasizing that its "grand vision of tokenizing all assets" is a key driver.

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

Morgan Stanley believes that with strategic focus starting from the top management, company scale, extensive business footprint, and client relationships, BlackRock has the ability to influence the future industry structure and 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, over $4.5 trillion in crypto 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 digital wallets, so investors never have to leave their digital wallets to build a long-term, high-quality investment portfolio that includes stocks, bonds, cryptocurrencies, commodities, and more.

By achieving this, BlackRock can guide a large number of young investors using tokenized assets towards more traditional assets and prepare them for future retirement long-term savings opportunities