BlackRock smashes $10.5T record in Q1 managed assets

Major Bitcoin (BTC) investor BlackRock continues to build momentum, posting another successful quarter of income and managed assets.

BlackRock issued its Q1 2024 financial results on April 12, reporting a record $10.5 trillion in assets under management (AUM), up $1.4 trillion from last year.

The company’s diluted earnings per share (EPS) surged from $7.9 million in Q1 2023 to $9.81 million in Q1 2024.

The increase reflects higher non-operating income and a lower effective tax rate in the current quarter, the firm noted. The net income increased from $1.2 billion last year to roughly $1.5 billion.

BlackRock’s record-breaking AUM came amid the company handling $76 billion of quarterly long-term net inflows, which already accounts for nearly 40% of full-year 2023 levels.

“BlackRock’s momentum continues to build, with accelerating client activity and line of sight into the funding of significant wealth, institutional, and Aladdin mandates,” BlackRock CEO Larry Fink said.

The CEO mentioned that BlackRock sees significant growth potential in infrastructure, technology, retirement and whole portfolio solutions, 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.”

BlackRock is a major player in the cryptocurrency industry operating one of the world’s largest Bitcoin exchange-traded funds, the spot iShares Bitcoin Trust (IBIT).

As of April 10, IBIT accumulated 266,580 BTC, worth $18.5 billion, after starting trading in January 2024.

This is a developing story, and further information will be added as it becomes available.