Financial titan BlackRock reached a significant milestone by managing over $10.6 trillion in assets.
This growth of around $1.3 trillion in one year is largely driven by the soaring inflows into its ETFs.
The iShares Bitcoin Trust (IBIT), BlackRock’s largest spot Bitcoin ETF, holds more than $19.4 billion in Bitcoin, securing a 35.2% market share among US Bitcoin ETFs. The firm’s significant market influence means its trading activities can considerably impact Bitcoin’s price.
In the second quarter of 2024, investors poured $83 billion into BlackRock’s ETFs, bringing the year-to-date total to over $150 billion. This influx resulted in an 8% revenue increase and an 11% rise in operating income year-over-year.
Larry Fink, the company’s CEO, attributes part of this success to BlackRock’s strong corporate and governmental relationships, enhancing its capital partnership in private markets.
Bitcoin’s price recently rose to almost $63,000 due to positive BTC ETF inflows, optimistic views on a potential rate cut by the Fed this year and the assassination attempt on Donald Trump. US spot Bitcoin ETFs have seen net positive inflows for two consecutive weeks, totaling over $414 million, with BlackRock leading the charge on July 12, attracting over $120 million in investments.
The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
DZ Bank, Germany’s second-largest financial institution, has teamed up with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks.
Charles Hoskinson, founder of Cardano, will meet with Argentina’s President Javier Milei in October to discuss blockchain’s role in shaping future economies.
Binance has seen a sharp rise in interest from institutional and corporate investors, with a 40% increase in participation this year, according to CEO Richard Teng.