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Titan of industry BlackRock hit a record $10.65T in assets under management (AUM) in the second quarter, thanks to rising client asset values and significant demand for its ETFs. On Monday, CEO Larry Fink delivered his most full-throated endorsement of 
Bitcoin yet on CNBC.
Larry Fink continues to be the best CMO of bitcoin.
— Anthony Pompliano 🌪 (@APompliano) July 15, 2024
The messenger matters more than the message now. pic.twitter.com/jcgYuRODFy
What’s the scoop?
- Stock Market Gains: While the S&P 500’s rise of ~4% in the quarter contributed to BlackRock’s AUM, the composite has outperformed BLK.N by nearly 5x year-to-date.
- ETF Inflows: BlackRock recorded total net inflows of $81.57B, with ETFs capturing $83B, their best start to a year — driven partly by their record-breaking Bitcoin ETF.
- Revenue and Income: Total revenue increased 8% to $4.81B, with net income rising to $1.50B, or $9.99 per share.
- Acquisitions: BlackRock plans to complete two acquisitions in the second half of the year to enhance its infrastructure and private market investments.
Bankless Take:
If their spot ETH ETF outperforms expectations like their BTC ETF did, BlackRock may keep breaking records all year. Larry Fink’s continued orientation toward the future with his focus on new energy investments and AI data centers shows the firm has their finger on the pulse of all the most important trends and intends to lead the way elsewhere as they have in crypto. Last week, BlackRock’s BUIDL fund of tokenized U.S. treasuries topped $500M, and the firm also voiced their intention to engage in Maker’s Spark Tokenization Grand Prix, in which the DAO seeks to bring $1B of treasuries into their treasury.
William M. Peaster
