As the U.S. Senate passes the Genius Act, marking the first federal framework for stablecoins, ISS Market Intelligence (ISS MI) is tracking how this regulatory milestone is reshaping the crypto fund landscape.
According to the latest data from ISS MI’s MarketPulse platform (as shown in Figure 1), just three firms, BlackRock, Fidelity, and Grayscale Advisors, now control nearly 85% of all crypto fund assets under management (AUM), totaling approximately $123 billion. BlackRock leads by a wide margin, with nearly $70 billion in AUM across its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), both of which have seen combined net inflows of 22.3% year-to-date.
In contrast, Grayscale Advisors has experienced nearly $2 billion in outflows so far this year, likely driven by recent fee increases. Fidelity, while maintaining a strong position, has also seen more modest flows compared to BlackRock’s dominant performance.
Figure 1. Top 10 Managers by Crypto AUM
New Entrants, New Strategies
While the presence of traditional asset managers at the top of the leaderboard may not come as a surprise, MarketPulse data also highlights the rise of newer players offering differentiated strategies. Tidal Investments, for example, has gained traction with its YieldMax COIN Option Income Strategy ETF (CONY), which focuses on income generation rather than growth. The fund has attracted $1.1 billion in AUM and posted a 25% increase in net flows this year, underscoring investor appetite for alternative approaches within the crypto space.
MarketPulse gives our clients the ability to track these shifts in near real-time, helping them understand where capital is moving, which strategies are gaining traction, and how they can position themselves in a fast-changing market.
What Comes Next?
The Act’s passage is expected to accelerate institutional adoption of digital assets, particularly stablecoins, and could reshape fund flows in the months ahead. As the regulatory environment becomes clearer, asset managers are re-evaluating their crypto offerings and positioning.
With monthly updates and fund-level flow data, ISS MI’s MarketPulse platform is uniquely positioned to help asset managers track trends, benchmark performance, and identify emerging opportunities in the crypto fund space. Click here to learn more about ISS MI’s MarketPulse.
