Originally published on: April 12, 2024
BlackRock, a prominent Bitcoin investor, has smashed records once again with an impressive performance in the first quarter of 2024. The company recently reported a substantial increase in managed assets, reaching a staggering $10.5 trillion, up $1.4 trillion from the previous year.
In addition to this milestone, BlackRock also announced a significant uptick in diluted earnings per share, jumping from $7.9 million in Q1 2023 to $9.81 million in Q1 2024. The company attributed this growth to higher non-operating income and a lower effective tax rate.
Furthermore, BlackRock’s net income saw a substantial increase from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024. This positive financial outlook has set the stage for BlackRock’s future endeavors, including the acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund.
With a focus on expanding its investment portfolio, BlackRock is poised for success in various sectors, including infrastructure, technology, retirement, and whole portfolio solutions. The company’s CEO, Larry Fink, expressed optimism about the growth potential in these areas, highlighting the increasing client activity and funding for wealth management.
Notably, BlackRock is also a key player in the cryptocurrency industry, with its iShares Bitcoin Trust (IBIT) becoming one of the largest Bitcoin exchange-traded funds globally. Since its launch in January 2024, IBIT has amassed 266,580 BTC valued at $18.5 billion, showcasing the growing demand for digital assets among investors.
As BlackRock continues to drive innovation and strategic investments, the company’s impressive performance in Q1 sets the stage for further growth and expansion in the global financial market. Stay updated on the latest developments in the industry by subscribing to our Crypto Biz newsletter for exclusive insights and analysis.