American multinational investment giant BlackRock has extended its lead as the world's dominant asset manager with an $11.5 trillion Asset Under Management (AUM) milestone.
BlackRock, a leading American multinational investment management corporation, has announced an impressive increase in its assets under management (AUM) to a record $11.5 trillion in its third-quarter earnings report.
The company attributed this significant growth, an increase of $2.4 trillion year-over-year, to strong net inflows of $456 billion and positive market movements. Notably, this year also marked the launch of BlackRock's first major cryptocurrency product, a spot Bitcoin exchange-traded fund (ETF).
Despite being known for its conservative approach, this launch signaled a shift for BlackRock. The company's CEO, Larry Fink, has emerged as a prominent advocate for Bitcoin, and the firm's increasing AUM could indicate further plans for its iShares Bitcoin Trust product.
In addition to the Bitcoin ETF, which is BlackRock's flagship crypto product, the company also has a significant stake in the iShares Ethereum Trust, an ETH ETF. While Ethereum ETF products have generally underperformed, BlackRock leads among issuers.
This massive increase in BlackRock's AUM suggests that Bitcoin and Ethereum played a substantial role in this new milestone for the company. As per its Bitcoin ETF product page, BlackRock continues to buy the dip, with 369,640.1483 BTC in its custody.
This total portfolio makes the firm one of the largest corporate holders of Bitcoin, and with increased capital reserves, BlackRock might up its ante in the coin's market.
Being a regulated investment entity, BlackRock's approach combines conservatism with new tech adoption. Its current capital base could encourage it to take more calculated risks in the coin moving forward, given its sustained popularity and promising fundamentals.
However, not all of BlackRock's competitors share its enthusiasm for Bitcoin. Some, like Vanguard, have issued public statements to the contrary, specifically mentioning that it will not be involved with Bitcoin or crypto in general.
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