BlackRock Beats Q3 Forecasts Driven by Single Hedge Fund and Crypto Gains

BlackRock reported adjusted earnings per share rose 38% to $15.93 in the third quarter, with performance fees reaching $630 million, $200 million above analyst estimates. The fee surge was largely attributed to a single hedge fund-style product, which BlackRock calls liquid alternatives. Crypto stakes contributed $80 million gain on Securitize and $22 million gain on Circle, stemming from higher valuations. Total net flows reached $205.47B, and assets grew to a record $15.5 trillion.