BlackRock, the world’s largest asset manager, reported a significant increase in assets under management (AUM) to over $10.6 trillion in the second quarter of 2024, marking a nearly 13% rise from the previous year. Alongside this growth, earnings per share (EPS) climbed to $9.99 from $9.06, with revenue also showing a robust increase of 7.7% to $4.8 billion.
A notable contributor to BlackRock’s portfolio is its iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF), which has become the largest public holder of Bitcoin, now holding more than 300,000 BTC. This substantial Bitcoin position underscores BlackRock’s strategic move into digital assets amid broader market dynamics, reflecting its embrace of cryptocurrency as part of its diversified investment strategy.
In response to these positive financial outcomes, BlackRock’s shares saw a 1.2% increase in pre-market trading, reaching $838.
This development highlights BlackRock’s continued prominence in the financial markets, driven by both traditional asset management and its growing involvement in digital assets like Bitcoin. The firm’s success underscores its ability to navigate and capitalize on evolving market trends to deliver strong performance for investors.
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