May 23, 2024
BlackRock Hits $10.5T Record in Q1 Assets
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BlackRock Hits $10.5T Record in Q1 Assets

BlackRock, a major investor, continues its upward trajectory, reporting another successful quarter with impressive financial results. In the first quarter of 2024, the company revealed a record $10.5 trillion in assets under management (AUM), marking a substantial increase of $1.4 trillion from the previous year.

Financial Highlights

BlackRock’s diluted earnings per share surged from $7.9 million in Q1 2023 to $9.81 million in Q1 2024, reflecting higher non-operating income and a lower effective tax rate. Additionally, net income rose from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.

The company also disclosed issuing $3 billion in debt to finance a portion of the cash consideration for the planned acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund.

Record-Breaking AUM and Growth Prospects

BlackRock’s record-breaking AUM comes alongside $76 billion of quarterly long-term net inflows, representing nearly 40% of full-year 2023 levels. CEO Larry Fink attributes this momentum to accelerating client activity and the funding of significant wealth, institutional, and Aladdin mandates, adding:

“Clients are turning to BlackRock to unlock the full potential of their portfolios, reflected in industry-leading total net inflows of $236 billion over the last twelve months.”

Fink sees substantial growth potential in various sectors, including infrastructure, technology, retirement, and whole portfolio solutions. He emphasizes the company’s commitment to seizing opportunities in these areas.

Involvement in Cryptocurrency

BlackRock’s involvement in the cryptocurrency industry is notable, particularly with its operation of the iShares Bitcoin Trust (IBIT), one of the largest Bitcoin exchange-traded funds globally. As of April 10, IBIT has amassed 266,580 BTC, valued at $18.5 billion since its trading debut in January 2024.

Fink’s bullish stance on Bitcoin is evident, with him being a vocal advocate for the cryptocurrency. He emphasizes IBIT’s rapid growth, labeling it as the fastest-growing ETF in history. Fink’s confidence in the long-term success of Bitcoin aligns with BlackRock’s strategic moves in the cryptocurrency space.

Photo by Monstera Production

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