BlackRock, a major investor in Bitcoin (BTC), has continued its upward trajectory, marking another successful quarter in terms of income and managed assets.
According to its financial report for the first quarter of 2024 released on April 12, BlackRock revealed a record $10.5 trillion in assets under management (AUM), representing a significant increase of $1.4 trillion compared to 2023.
The company reported a substantial rise in diluted earnings per share, surging from $7.9 million in Q1 2023 to $9.81 million in Q1 2024. This increase was attributed to higher non-operating income and a lower effective tax rate in the current quarter. Net income also saw a notable increase, rising from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.
BlackRock highlighted its issuance of $3 billion of debt to partially fund the cash consideration for the planned acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund focused on equity and selected debt investments. This acquisition aims to establish a new infrastructure investment platform, as announced previously in the Q4 2023 report.
Despite the challenging market conditions, BlackRock managed $76 billion of quarterly long-term net inflows, equivalent to nearly 40% of full-year 2023 levels. CEO Larry Fink emphasized the company’s momentum, with accelerating client activity and significant growth potential across various sectors.
BlackRock’s involvement in the cryptocurrency industry includes operating one of the largest Bitcoin exchange-traded funds (ETFs), the iShares Bitcoin Trust (IBIT). As of April 10, IBIT has accumulated 266,580 BTC worth $18.5 billion since its inception in January 2024.
CEO Larry Fink, a notable Bitcoin advocate, reiterated his bullish outlook on Bitcoin’s long-term success, citing the rapid growth of IBIT. He emphasized IBIT’s unprecedented asset accumulation, positioning it as the fastest-growing ETF in history.
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