BlackRock, a prominent investor in Bitcoin (BTC), has announced impressive financial results for the first quarter of 2024. The company revealed that it now manages a record-breaking $10.5 trillion in assets, representing a $1.4 trillion increase from the previous year. Additionally, BlackRock reported a surge in diluted earnings per share, rising from $7.9 million in Q1 2023 to $9.81 million in Q1 2024. The rise can be attributed to higher non-operating income and a lower effective tax rate. Furthermore, net income rose from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.
In the report, BlackRock shared its plans to acquire Global Infrastructure Partners (GIP), an infrastructure investment fund focused on equity and selected debt investments. To finance a portion of the cash consideration for the acquisition, the company issued $3 billion in debt. This move aligns with BlackRock’s strategy to establish a new infrastructure investment platform, as previously outlined in its Q4 2023 report.
BlackRock’s remarkable growth in assets under management coincided with the company handling $76 billion of quarterly long-term net inflows. This figure already accounts for nearly 40% of the total for the entire year of 2023. CEO Larry Fink expressed his satisfaction with the company’s momentum, citing increased client activity and the funding of significant wealth, institutional, and Aladdin mandates. He also highlighted the growth potential in infrastructure, technology, retirement solutions, and whole portfolio solutions.
Notably, BlackRock is a major player in the cryptocurrency industry and operates the iShares Bitcoin Trust (IBIT), one of the world’s largest Bitcoin exchange-traded funds. Since its launch in January 2024, IBIT has accumulated an impressive 266,580 BTC, valued at $18.5 billion as of April 10. Fink, who is known for his bullish stance on Bitcoin, reiterated his optimism for the long-term success of the cryptocurrency and the rapid growth of IBIT. He emphasized that IBIT is the fastest-growing ETF in the history of such funds, having gained assets at an unprecedented rate.
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