BlackRock's ETF inflow IBIT is a hero, Larry Fink: Bitcoin is a legitimate financial tool and also digital gold.
On Monday, the world's largest asset management company BlackRock announced its second-quarter financial report for 2024, revealing a record high of $10.65 trillion in assets under management. This increase was primarily attributed to the rise in client asset values and inflows into the company's ETFs. BlackRock CEO Larry Fink also acknowledged on the program that Bitcoin is a legitimate financial instrument and referred to it as digital gold.
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ETF Net Inflows Reach $83 Billion
BlackRock's second-quarter net fund inflows as of 6/30 reached $81.57 billion, slightly higher than the $80.16 billion in the same period last year. ETF net inflows reached $83 billion, marking the best year-to-date performance on record and offsetting institutional fund outflows.
Exchange-traded funds (ETFs) have always been a key business for BlackRock, accounting for 37% of its total assets and 43% of its revenue sources.
BlackRock CEO Larry Fink stated:
The growth was driven by the surge in private markets, retail active fixed income markets, and inflows into our ETFs. Our ETFs have had the best year start ever.
IBIT Contributes to Inflows
BlackRock launched the Bitcoin spot ETF IBIT in January this year. According to data from SoSoValue, as of 7/12, its assets under management reached $18.3 billion, with a net inflow of $3.77 billion in the second quarter, experiencing only one day of outflows.
IBIT accounted for 4.5% of its net inflows in the second quarter and can be considered one of the contributors to the inflow of funds this quarter.
Larry Fink: Bitcoin is a Legitimate Financial Instrument and Digital Gold
BlackRock CEO Larry Fink stated on CNBC yesterday:
I used to be a skeptic. I admit I was wrong. Bitcoin is a legitimate financial instrument and it is digital gold.
BlackRock CEO Larry Fink: Bitcoin is a true financial instrument
BlackRock BLK Closes at $822.96
BlackRock stock symbol: BLK fell slightly by 0.61% yesterday, closing at $822.96. It has only risen by 2.34% year-to-date.
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