According to U.Today, BlackRock, a leading asset manager, has achieved a significant milestone with its total valuation now standing at $10.6 trillion. This accomplishment makes BlackRock the first asset manager to reach this peak. The firm has experienced record growth in 2024, driven by its performance in the first half of the year. Bloomberg senior ETF analyst Eric Balchunas noted that BlackRock has set a new all-time world record in the broader cryptocurrency ecosystem. The asset management firm achieved this level based on a notable growth pattern, with $600 billion in growth this year alone, primarily due to rising markets and market flows.
BlackRock's growth has been significantly boosted by its iShares Bitcoin Trust (IBIT). The firm has grown by about $600 billion this year, with most of the growth attributed to market increases and inflows. In April, BlackRock maintained a streak of inflows for over 71 days, while other asset managers experienced intermittent outflows. This consistency in inflows has placed BlackRock in an elite club of ETFs with over 70 days of uninterrupted growth. The firm achieved this milestone in record time, becoming the fastest ETF to reach $10 billion in assets under management, surpassing the gold ETF in March.
Currently, BlackRock has more assets under management than Fidelity, CapGroup, Invesco, and Franklin combined. The firm now holds over 300,000 Bitcoin. BlackRock's strategy of introducing IBIT to leverage the growing demand for Bitcoin among institutional investors has proven successful. Analysts attribute BlackRock's rapid growth to its offering of a viable platform for investment, attracting many institutional investors. Notably, institutional investors like JPMorgan have revealed their Bitcoin holdings with shares from top issuers such as BlackRock, Fidelity Investments, and Grayscale. This patronage has contributed to the rapid growth in BlackRock's assets under management.