BlackRock increased CEO Larry Fink's total compensation to $37.7 million for 2025, up about 23% from the prior year, as the firm's Bitcoin ETF emerged as one of its strongest new revenue contributors. A proxy filing shows the package includes a $1.5 million base salary, a $10.6 million cash bonus, and about $24.6 million in stock awards. Equity made up most of the increase, rising roughly $6.5 million from 2024. The iShares Bitcoin Trust ETF (IBIT) became a meaningful earnings driver. Company filings indicate the fund generated about $174.6 million in net sponsor fees in 2025, up from $47.5 million in its 2024 launch year. The iShares Ethereum Trust ETF (ETHA) contributed an additional $18.4 million, bringing combined crypto-product fees to roughly $193 million. That total is small relative to BlackRock's 2025 revenue of $24.2 billion, but it ranks among the firm's fastest-growing product lines. IBIT exceeded $100 billion in assets during the year, making it one of the quickest ETFs to reach that milestone. Fink has said digital assets could become a $500 million annual revenue source for BlackRock within five years. "Private markets for insurance, private markets for wealth, digital assets, and active ETFs. We believe all of these could become $500 million revenue sources over the next five years," he wrote in a recent note. The pay increase was not solely tied to Bitcoin (BTC). BlackRock finished 2025 with a record $14 trillion in assets under management, supported by $698 billion in full-year net inflows. The firm also topped Wall Street profit expectations in Q4, reporting $2.18 billion in net income excluding one-time charges. BlackRock said its compensation committee considered overall financial performance, strategic execution, and business growth when setting the award. It also pointed to contributions from private markets expansion, active ETFs, and technology platforms. Shareholder support remained mixed. Proxy adviser Institutional Shareholder Services recommended voting against the executive pay packages. BlackRock said 67% of votes cast supported its compensation program. Fink's pay has fluctuated sharply in prior years. BlackRock cut his total compensation 30% to $25.2 million for 2022 after rising rates and market volatility pushed AUM down 14%. His pay fell again by roughly 18% in 2023. That history suggests a prolonged downturn in crypto prices or broader markets could weigh on future awards. Still, with digital assets now embedded in BlackRock's long-term strategy, Bitcoin's influence on the CEO pay narrative appears set to continue.

North Korea has carried out a ground test of a high-thrust solid-fuel rocket engine, a component linked to a missile program that could be capable of reaching the U.S. mainland, Sky News reported.