Funds and ETFs market map: JPMorgan, Fidelity and BlackRock compared (2026)
A side-by-side look at three giants of U.S. funds and ETFs, and how each is adding crypto funds, tokenized cash and stablecoins to a traditional fund business.
- BlackRock reported $15.49 trillion in assets and $65.88 billion in IBIT; Fidelity administers $19.9 trillion; JPMorgan's ETFs hold $349.7 billion.
- JPMorgan builds tokens inside its bank, Fidelity sells crypto funds and custody, and BlackRock wraps bitcoin and Treasuries in iShares products.
- Fidelity's national trust charter is approved only on OCC conditions, and the CLARITY Act stalled in the Senate 49 to 50 on Sept. 15, 2026.
Active ETF assets, $ billions, Sept. 30, 2026. Source: J.P. Morgan Asset Management, Guide to ETFs. BlackRock's own release gives $160 billion on a different basis.
At a glance
| Company | What it is | Scale (date) | Crypto-era products |
|---|---|---|---|
| Bank-owned manager | |||
| JPMorgan | Largest U.S. bank; fund arm is J.P. Morgan Asset Management | $5.21 trillion in assets under management at its asset and wealth unit; $349.7 billion in ETFs (Sept. 30, 2026) | JPMD deposit token; JLTXX and MONY tokenized money market funds |
| Brokerage-led manager | |||
| Fidelity | Private brokerage, retirement and fund giant | $19.9 trillion administered; $7.8 trillion managed (June 30, 2026) | FBTC, FETH and FSOL funds; FIDD stablecoin; tokenized Treasury fund |
| Pure-play manager | |||
| BlackRock | World's largest asset manager; iShares ETFs | $15.49 trillion AUM; about $6.36 trillion in ETFs (Sept. 30, 2026) | IBIT, ETHA and ETHB funds; BUIDL tokenized Treasury fund |
Figures are company-reported and carry different dates, so the table is not a same-day ranking. AUM means assets under management. Data as of Oct. 26, 2026.
Three firms hold the largest pools of U.S. fund money, and each has taken a different route into crypto. JPMorgan builds tokens inside its bank. Fidelity sells crypto funds and custody to its retail and institutional clients. BlackRock wraps bitcoin and Treasuries in products it already knows how to distribute.
How we chose the three
JPMorgan and Fidelity anchor this map. We added BlackRock because it sponsors the largest U.S. spot bitcoin ETF and a tokenized Treasury fund, which makes it the natural yardstick for the other two.
Each firm manages or administers more than $5 trillion and has launched at least one dated crypto-era product: a token, a tokenized fund or an exchange-traded crypto fund. Vanguard and State Street are candidates for a later update.
JPMorgan: an active-ETF heavyweight that treats tokens as bank plumbing
J.P. Morgan Asset Management sits inside Mary Erdoes's Asset & Wealth Management division. JPMorgan Chase said that division held $5.21 trillion in assets under management and $7.9 trillion in client assets on Sept. 30, 2026, in its third-quarter earnings supplement.
Its ETF business leans active. According to J.P. Morgan Asset Management's Guide to ETFs, the firm held $349.7 billion in ETFs on Sept. 30, fifth among U.S. issuers, and $266.1 billion of it was in active funds, second among issuers. By our calculation, active funds are 76% of its ETF assets.
Its crypto-era products are bank products rather than exchange-traded ones. We found no JPMorgan-sponsored spot bitcoin or ether ETF. JPMorgan said its JPMD deposit token went live on Ethereum on Oct. 19, 2026.
The token launched on Base in November 2025. JPMorgan has not disclosed how much JPMD is in circulation.
The fund side is tokenized cash. On May 13, 2026, J.P. Morgan Asset Management launched JLTXX, a U.S. government money market fund on Ethereum. It invests only in Treasuries and overnight repurchase agreements backed by them, the release said.
Investors subscribe and redeem through the bank's Morgan Money platform. The release quotes John Donohue, head of global liquidity. MONY, a private fund for qualified investors, launched Dec. 16, 2025.
One item is reported, not confirmed. Bloomberg reported in October 2025, via The Block, that JPMorgan planned to accept bitcoin and ether as loan collateral for institutional clients. We found no JPMorgan filing or release confirming the program or its size.
Fidelity: the retail distributor with a full crypto stack
Fidelity is private, so it publishes fewer numbers than its public rivals. Its Q2 2026 business update shows $19.9 trillion in assets under administration, up 22% from a year earlier, and $7.8 trillion in managed assets, up 23%, as of June 30.
Its ETF and ETP lineup had 84 funds and $172 billion in assets under administration. By our calculation, that is 0.9% of the firm's administered assets, so ETFs are a small part of what Fidelity does.
The flagship crypto fund is the Wise Origin Bitcoin Fund, FBTC. Its quarterly report put net assets at $10.3 billion on June 30. American Banker put FBTC at $13.3 billion in mid-September, against $59.7 billion for BlackRock's IBIT.
On those mid-September figures, IBIT was about 4.5 times FBTC's size (our calculation). Fidelity also sponsors ether and Solana funds. FETH held $758.6 million on June 30, according to its quarterly report.
Fidelity launched its Fidelity Digital Dollar stablecoin, FIDD, on Feb. 4, 2026. CoinGecko showed a circulating supply of about $50 million on Sept. 10.
The Defiant reported in November 2025 that Fidelity's tokenized Treasury fund on Ethereum had passed $250 million. That is the latest figure we could confirm.
The regulatory step matters most for custody. On Dec. 12, 2025, the Office of the Comptroller of the Currency conditionally approved Fidelity Digital Assets, N.A., to convert from a state trust company to a national trust bank. The release said approval is subject to OCC conditions and does not list them.
BlackRock: scale first, then the biggest crypto fund
BlackRock reported $15.49 trillion in assets under management on Sept. 30, 2026. Net inflows were $205.5 billion in the quarter and $869 billion over 12 months, according to its earnings release on Oct. 14.
iShares ETFs held about $6.36 trillion, or 41% of the total by our calculation. BlackRock said active iShares ETFs held $160 billion, and that digital-asset funds drew about $7.9 billion of inflows in the quarter.
The iShares Bitcoin Trust, IBIT, held $65.88 billion in net assets on Oct. 23, 2026, according to iShares. It charges a 0.25% sponsor fee and began trading in January 2024.
On March 12, 2026, BlackRock launched ETHB, an ether ETF that may stake part of its holdings. The sponsor fee is 0.25%, cut to 0.12% on the first $2.5 billion for one year. Robert Mitchnick, global head of digital assets, is named in the release.
BUIDL, BlackRock's tokenized Treasury fund, held about $2.8 billion on Aug. 31, according to RWA.xyz data reported by Bitcoin.com. We did not find a current figure on BlackRock's own pages.
Side by side
| Capability | JPMorgan | Fidelity | BlackRock |
|---|---|---|---|
| Sponsors a U.S. spot bitcoin ETF | — | ● | ● |
| Sponsors a spot ether ETF | — | ● | ● |
| Fund that stakes its crypto | — | ● | ● |
| Tokenized money market or Treasury fund | ● | ● | ● |
| Own dollar token or stablecoin | ● | ● | — |
| National bank or trust charter | ● | ○ | — |
● yes; ○ approved on conditions, not final; — none found in our review. Sources are the company and regulator pages cited above. Fidelity's staking is in its Solana fund; BlackRock's is ETHB.
Rules still moving
The Senate failed 49 to 50 on Sept. 15, 2026, to end debate on the CLARITY Act, which needed 60 votes, according to law firm Orrick. Orrick said passage in this Congress is widely viewed as unlikely before the November midterms.
Regulators are moving without it. Orrick reported that the SEC proposed Regulation Crypto Assets on Aug. 18, 2026, with comments due Oct. 20, and that the CFTC sent its own crypto rule to White House review on Sept. 17. For these firms, the OCC's charter decisions are the nearer test.
What the numbers do not show
The dates do not line up. Fidelity's latest firm-wide figures are from June 30, BlackRock's and JPMorgan's from Sept. 30, and IBIT's from Oct. 23. Treat the table as a map, not a leaderboard.
Crypto fund assets move with prices as well as flows, so a larger figure does not by itself mean more investor demand. JPMD's circulation is undisclosed, and tokenized fund sizes come from trackers and press reports, not from the firms.
How we reported this: we opened the company releases, filings and the OCC release cited above and checked each figure against the page that shows it. The ratios marked as our calculation are 266.1 ÷ 349.7, 172 ÷ 19,900, 6.36 ÷ 15.49 and 59.7 ÷ 13.3. We did not open Fidelity's current FBTC fund page, so its newest net assets are not shown. This map is not investment advice.