BlackRock Sets New Record with $10.5 Trillion Managed Assets in Q1

BlackRock, a significant player in the Bitcoin investment realm, continues its upward trajectory, marking another successful quarter with record-breaking managed assets.

Releasing its financial report for the first quarter of 2024 on April 12, BlackRock announced a historic milestone of $10.5 trillion in assets under management (AUM), a $1.4 trillion increase from 2023.

The company reported a notable surge in diluted earnings per share, rising from $7.9 million in Q1 2023 to $9.81 million in Q1 2024, attributed to higher non-operating income and a reduced effective tax rate.

Additionally, net income climbed from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.

BlackRock disclosed issuing $3 billion of debt to partly finance the cash consideration for the planned acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund focused on equity and selected debt investments, as previously announced in its Q4 2023 report.

Amidst handling $76 billion in quarterly long-term net inflows, nearly 40% of its full-year 2023 levels, BlackRock’s CEO Larry Fink expressed confidence in the company’s growth trajectory. He highlighted accelerating client activity and a clear path towards funding significant wealth, institutional, and Aladdin mandates.

Identifying growth opportunities in infrastructure, technology, retirement, and comprehensive portfolio solutions, Fink emphasized clients’ trust in BlackRock to optimize their portfolios, evidenced by industry-leading total net inflows of $236 billion over the past twelve months.

While BlackRock continues its dominance in traditional investment markets, it also maintains a significant presence in the cryptocurrency space through its operation of the iShares Bitcoin Trust (IBIT). IBIT, launched in January 2024, has swiftly amassed 266,580 BTC valued at $18.5 billion as of April 10.

Fink, recognized as a prominent Bitcoin advocate, reaffirmed his bullish stance on Bitcoin’s long-term prospects, citing the unprecedented growth of IBIT as a testament to its success in the ETF market.