Blackrock reported a record $13.5 trillion assets under management in Q3, up from $11.43 trillion in the year-ago quarter.
Blackrock (BLK) CEO Larry Fink said on Tuesday that the investment giant is actively developing in-house technology to advance the tokenization of traditional assets.
“We’re spending a great deal of time on trying to develop our own technology related to this,” Fink said during the company’s third quarter (Q3) earnings call. “I mean it is our belief that we need to move rapidly, not just financial assets, but we need to be tokenizing all assets, especially assets that have multiple levels of intermediaries.”
Blackrock’s stock gained 1.2% in midday trade on Tuesday after the company reported earnings of $11.55 per share on revenue of $6.51 billion. Analysts were expecting earnings per share (EPS) of $11.30 and revenue of around $6.27 billion, according to Stocktwits data. Retail sentiment around the company on the platform surged higher within ‘extremely bullish’ territory, accompanied by ‘high’ levels of chatter over the past day.
Fink described tokenization as “probably one of the most exciting potential markets for BlackRock.” He outlined a vision in which investors could hold all their money in a digital wallet, seamlessly buying stocks, bonds, and other traditional assets.
“If we could orchestrate a business plan around tokenization of ETFs… we can introduce young investors to more traditional assets sooner in their life path,” Fink said, citing survey data showing strong equity interest among younger demographics.
Blackrock reported a record $13.5 trillion assets under management (AUM) in Q3, up from $11.43 trillion in the year-ago quarter. Long-term net inflows totaled about $171 billion, led by continued strength in its exchange-traded funds business, management said.
The company reported third-quarter net inflows of $205 billion, driven by a new record in quarterly flows for iShares ETFs and digital assets ETPs, which raised $17 billion. “Our flagship offerings in IBIT and ETHA were among the top 5 inflowing products in the ETP industry,” said Blackrock’s chief financial officer, Martin Small.
Blackrock’s stock has gained more than 15% this year and around 18% over the past 12 months.
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