BlackRock has achieved a new milestone with over $10.6 trillion in assets under management (AUM), marking a $1.2 trillion increase from the previous year.
The world’s largest asset manager attributed this growth to significant inflows into exchange-traded funds (ETFs).
According to Larry Fink, CEO of BlackRock, the firm’s ETFs saw record inflows at the start of 2024.
In the asset manager’s quarterly earnings report, Fink stated:
“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 is the issuer of the iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF, which holds over $19.4 billion worth of Bitcoin and commands a 35.2% market share among all US Bitcoin ETFs, as reported by Dune.
The trading behaviors of asset management giants and ETF issuers like BlackRock can significantly influence Bitcoin’s price due to their substantial purchasing power.
In the second quarter of 2024, investors purchased $83 billion worth of BlackRock ETF shares, bringing the total for the year to over $150 billion.
The asset manager reported an 8% increase in revenue and an 11% increase in operating income year-over-year.
Fink credits part of BlackRock’s success to its “longstanding relationships with corporates and governments.”
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Fink further explained:
“These relationships differentiate BlackRock as a capital partner in private markets, driving unique deal flow for clients.
“We have strong sourcing capabilities, and we are transforming our private markets platform to bring even more benefits of scale and technology to our clients.”
Additionally, spot Bitcoin ETF inflows have turned positive after three weeks of outflows, aiding Bitcoin’s price recovery above $60,000.
US spot Bitcoin ETFs recorded their second consecutive week of net positive inflows, totaling over $414 million, according to Dune data.
On July 12, BlackRock saw the largest inflows among all ETF issuers, attracting over $120 million in investments, as per Farside Investors data.
Last week, Bitcoin experienced its fifth-largest weekly inflow on record, amounting to over $1.35 billion, while short Bitcoin-related investment products saw their largest weekly outflows since April 2024, totaling over $8.6 million.
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