BlackRock has hit a record $10.6 trillion in assets under management (AUM), driven by strong ETF inflows at the start of the year. This represents a $1.2 trillion increase from the previous year.
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The world’s largest asset manager attributed the milestone to the rising popularity of exchange-traded funds (ETFs).
BlackRock Achieves Record ETF Inflows and Strong Growth
Larry Fink, CEO of BlackRock, reported record ETF inflows for the asset manager at the beginning of 2024. In BlackRock’s quarterly earnings report, Fink highlighted that “organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record.”
BlackRock issues the world’s largest spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which holds over $19.4 billion worth of Bitcoin and commands a leading 35.2% market share among US Bitcoin ETFs. The substantial buying and selling activities of major asset management firms like BlackRock can have a significant impact on Bitcoin’s price due to their large purchasing power.
BlackRock Sees Record ETF Investments and Revenue Growth in Q2 2024
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In the second quarter of 2024, investors purchased $83 billion worth of BlackRock ETFs, bringing the total for the year to over $150 billion. The asset manager also reported an 8% increase in revenue year-over-year and an 11% rise in operating income.
BlackRock CEO Larry Fink credits part of this growth to the firm’s “longstanding relationships with corporates and governments.” In the earnings report, Fink noted that these relationships set BlackRock apart as a capital partner in private markets, driving unique deal flow. He highlighted the firm’s strong sourcing capabilities and its efforts to enhance its private markets platform, aiming to provide even greater benefits through scale and technology.
Bitcoin Price Rebounds as Spot Bitcoin ETF Inflows Turn Positive
After three weeks of consecutive outflows, spot Bitcoin ETF inflows have turned positive, contributing to Bitcoin’s recovery above the $60,000 mark. U.S. spot Bitcoin ETFs recorded a net inflow of over $414 million for the second consecutive week, according to Dune data.
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Bitcoin ETF inflows, weekly, Source: Dune
Among ETF issuers, BlackRock led with the largest inflows last Friday, attracting over $120 million, as reported by Farside Investors.
Bitcoin ETF flow table, millions, Source: Farside Investors
Additionally, Bitcoin saw its fifth-largest weekly inflow on record, totaling more than $1.35 billion. Meanwhile, short Bitcoin-related investment products experienced their largest weekly outflows since April 2024, amounting to over $8.6 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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