BlackRock broke a record of 10.5T of assets under management in Q1

Major Bitcoin (BTC) investor BlackRock continues to build momentum, posting another successful quarter of revenue and assets under management.

BlackRock released its financial results for the first quarter of 2024 on April 12, reporting a record $10.5 trillion in assets under management (AUM), up $1.4 trillion from 2023.

The company's net income increased to $9.81 million in Q1 2024 from $7.9 million in Q1 2023.

The increase reflects higher non-operating income and a lower effective tax rate, the company said. Net income increased from $1.2 billion in Q1 2023 to approximately $1.5 billion in Q1 2024.

In the report, BlackRock noted that the company has raised $3 billion in debt to fund a portion of its planned cash consideration for the acquisition of Global Infrastructure Partners (GIP), an infrastructure investment fund focused on equity and selective debt investments.

BlackRock announced an agreement to acquire GIP as part of its Q4 2023 report, aiming to create a new infrastructure investment platform.

BlackRock's record-breaking AUM comes as the company handles $76 billion in quarterly long-term net revenues, accounting for 40% of full-year 2023 levels.

BlackRock CEO Larry Fink said, “BlackRock's initiative continues to build customer momentum and visibility through significant resource, institutional and Aladdin funding.

The CEO noted that BlackRock sees significant growth potential in infrastructure, technology, retirement and overall portfolio solutions:

“Reflected in $236 billion in total net inflows over the past twelve months, clients are turning to BlackRock to unlock the full potential of their portfolios.”

BlackRock is a major player in the cryptocurrency industry, operating iShares Bitcoin Trust (IBIT), one of the largest bitcoin exchange-traded funds in the world.

Related: Circle Enables USDC Transfers for BlackRock's First Token Fund

As of April 10, IBIT has accumulated 266,580 BTC worth $18.5 billion since it began trading in January 2024.

Fink is known in the crypto community as a major Bitcoin bull and industry advocate. In March 2024, Fink reiterated that he was bullish on Bitcoin's long-term success given IBIT's rapid growth.

“IBIT is the fastest growing ETF in ETF history. “Nothing in ETF history has acquired assets as quickly as IBIT,” the CEO said.

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