BlackRock, a prominent investor in Bitcoin (BTC), has continued to gain momentum, achieving another successful quarter in terms of income and managed assets. On April 12, the company released its financial results for the first quarter of 2024, revealing a record $10.5 trillion in assets under management (AUM), a $1.4 trillion increase from the previous year. BlackRock’s diluted earnings per share also saw a significant surge, rising from $7.9 million in Q1 2023 to $9.81 million in Q1 2024. This increase is attributed to higher non-operating income and a lower effective tax rate. Net income also rose from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.
In addition to these achievements, BlackRock disclosed that it had issued $3 billion in debt to partially finance the planned acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund specializing in equity and selected debt investments. This acquisition aims to establish a new infrastructure investment platform, as previously announced in BlackRock’s Q4 2023 report.
BlackRock’s record-breaking AUM is accompanied by the management of $76 billion in quarterly long-term net inflows, which already accounts for nearly 40% of the total inflows seen in 2023. “BlackRock’s momentum continues to grow, driven by increased client activity and the anticipation of significant wealth, institutional, and Aladdin mandates,” stated BlackRock CEO Larry Fink. Fink also emphasized the company’s belief in the substantial growth potential of infrastructure, technology, retirement, and comprehensive portfolio solutions.
It is worth noting that BlackRock is a major player in the cryptocurrency industry, operating the iShares Bitcoin Trust (IBIT), one of the world’s largest Bitcoin exchange-traded funds. Since its launch in January 2024, IBIT has accumulated 266,580 BTC, amounting to $18.5 billion as of April 10. Fink, known for his bullish stance on Bitcoin and advocacy for the industry, reaffirmed his optimism in March 2024, highlighting the rapid growth of IBIT. “IBIT is the fastest growing ETF in the history of ETFs. Nothing has amassed assets as quickly as IBIT,” Fink stated.
In other news, the Ghostface Killah Ordinals magazine released today, featuring articles on topics such as Women & Weapons and NFT Collectors.