Crypto News-Major Bitcoin investor BlackRock sustains its momentum with another successful quarter, as revealed in its financial results for Q1 2024 released on April 12.
BlackRock Achieves Record 10.5 Trillion Dollars in Managed Assets During Q1
The company reported a record-breaking $10.5 trillion in assets under management (AUM), marking a significant increase of $1.4 trillion from the previous year.
BlackRock’s diluted earnings per share saw a substantial rise from $7.9 million in Q1 2023 to $9.81 million in Q1 2024, driven by higher non-operating income and a reduced effective tax rate for the quarter.
Net income also saw a notable uptick, climbing from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.
Furthermore, BlackRock mentioned in its report that it issued $3 billion in debt to partially finance the cash consideration for the planned acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund focusing on equity and selected debt investments.
This acquisition, announced in BlackRock’s Q4 2023 report, aims to establish a new infrastructure investment platform for the company.
BlackRock’s record-breaking AUM coincided with the company managing $76 billion in quarterly long-term net inflows, representing nearly 40% of the total for the entire year of 2023.
As of April 10, IBIT has amassed 266,580 BTC valued at $18.5 billion since its trading debut in January 2024.
Fink, well-known in the crypto community as a significant Bitcoin advocate, reaffirmed his bullish stance on Bitcoin’s long-term success in March 2024. He emphasized this belief in light of IBIT’s rapid growth.
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