BlackRock, a leading asset manager, has hit a major milestone as its total valuation now stands at $10.6 trillion. The achievement places BlackRock on a new pedestal as the first asset manager to reach that peak.
BlackRock witnesses record growth in 2024
Per Eric Balchunas, Bloomberg senior ETF analyst, BlackRock has set a new all-time world record in the broader cryptocurrency ecosystem. The asset management firm was able to attain the level based on a notable growth pattern from its 2024, first half, performance.
BlackRock assets now at $10.6T, a new all-time world record after $600b in growth alone this year (most from mkts going up, some from flows). They have more aum than Fidelity, CapGroup, Invesco and Franklin COMBINED via @sabrush https://t.co/W73jLwZPon
— Eric Balchunas (@EricBalchunas) July 15, 2024
Notably, BlackRock has grown by about $600 billion this year alone, boosted by its iShares Bitcoin Trust (IBIT). This staggering growth was mostly due to markets going up and from flows on the market.
In April, BlackRock stayed in the green for over 71 days as it maintained a streak of inflows, while other asset managers witnessed outflows intermittently. The consistency inflows admitted BlackRock into an elite club of ETFs, with over 70 days of uninterrupted growth
Interestingly, BlackRock was able to attain this milestone in record time. According to the data, BlackRock shattered the record to become the fastest ETF to reach $10 billion in assets under management. It surpassed the gold ETF way back in March.
Institutional investors boosting BlackRock's growth
Currently, BlackRock has more assets under management than Fidelity, CapGroup, Invesco and Franklin combined. Notably, BlackRock now holds over 300,000 Bitcoin.
Interestingly, the game plan of BlackRock in introducing IBIT to leverage the growing demand for Bitcoin among institutional investors has now paid off. According to analysts, Blackrock’s offering of a viable platform for investment attracted a lot of investors into the space.
Institutional investors like JPMorgan have revealed that they have Bitcoin holdings with shares from top issuers such as BlackRock, Fidelity Investments and Grayscale. This patronage has added to the rapid growth witnessed by BlackRock in its assets under management.