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BlackRock is the largest asset manager in the world, with $11.584 trillion in assets under management at the end of March 2025. Its product mix is diverse, with 53% of managed assets in equity strategies, 26% in fixed income, 9% in multi-asset classes, 8% in money market funds, and 4% in alternatives. Passive strategies account for two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.

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BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) CEO Larry Fink says Americans need a mindset shift about retirement—but his comments are likely to hit differently depending on how close you are to 65 with little to no savings.
In a <a href="https://www.cnbc.com/2024/03/26/cnbc-transcript-blackrock-chairman-ceo-larry-fink-speaks-with-cnbcs-jim-cramer-on-mad-money-today.html">March 2024 appearance on CNBC's "Mad Money"</a>, Fink sat down with host Jim Cramer to talk about inflation, energy policy, and a topic most billionaires rarely touch so directly: the future of retirement.
Cramer pointed out the brutal truth: "They're <a href="https://www.benzinga.com/news/25/04/45110267/a-worker-says-weve-been-sold-a-lie-work-like-a-dog-until-65-just-to-enjoy-maybe-10-15-years-of-freedom">going to work until they die</a>, Larry."
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Fink didn't argue with that. In fact, he doubled down—with a twist of optimism.
"Unfortunately, they have… but here's the blessing. I just said we're all going to live longer. That's a massive blessing," he said. "Most people in this country do not have backbreaking jobs, like we had 50, 100, 200 years ago. What is wrong about working longer, OK? We have to change our psyche."
That "so what" framing—coming from a man whose company manages over $10 trillion in assets—isn't just a throwaway comment. It's the <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter">crux of his annual letter</a> to shareholders earlier this year, which urged Americans and policymakers to get serious about long-term investing. And it's grounded in numbers that speak for themselves: 57 million Americans <a href="https://www.benzinga.com/personal-finance/24/09/41075540/is-your-401-k-balance-above-average-find-out-if-youre-beating-most-savers">don't have a retirement plan at all</a>, according to Fink. That's nearly one in four working adults with no safety net.
Trending: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.&nbsp;
To Fink, the solution lies not in panic, but in perspective.
"Every human being needs a purpose," he said. "And most people find purpose in their job, in their family. And it's a balancing act… The key is putting that money to work. It's not keeping money in a bank account. It's about the compounding of a return."
But Cramer challenged the feasibility of that plan in today's economy: "How are they supposed to pay rent if they're saving?" he asked, listing sky-high food prices, college debt, and rising living costs as obstacles.
Fink didn't disagree. "Life is full of trade-offs," he said. "And if you don't have enough for your rent, obviously, you're not going to save for retirement."
Still, Fink believes too many Americans avoid the topic entirely, especially younger ones. "We put it under the table because it's not today's problem. <a href="https://www.benzinga.com/personal-finance/25/01/43076826/how-does-your-nest-egg-stack-up-heres-what-it-takes-to-be-in-the-top-10-of-retirement-savers">Building a nest egg</a> takes 30, 40 years."
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And that timeline is already in motion. According to Cerulli Associates, roughly $124 trillion in wealth will be transferred through 2048—$105 trillion of that headed to heirs. That's a massive shift, but only for those already positioned to receive it. For millions of others, the reality looks far more uncertain.
Fink's take? Talking about retirement—openly, often, and with a long view—isn't optional anymore.
"We were in a lucky era," he said. "But we were the foundation of growth as an economy… If we start really building… we're going to create a lot of jobs. <a href="https://www.benzinga.com/news/politics/25/05/45710102/robert-reich-says-ceo-pay-is-up-1085-since-1978-worker-pay-up-only-24-asks-why-is-it-always-we-cant-afford-workers-but-never-ceos">And wages are going up</a>."
Whether that's enough to close the gap for millions with no retirement plan is still up for debate. But one thing is clear: the billionaire CEO of BlackRock wants Americans to prepare for longer lives by <a href="https://www.benzinga.com/25/05/45534539/social-security-full-retirement-age-shift-means-filing-at-62-could-chop-your-check-by-30-what-every-worker-born-in-1960-or-later-must-know">embracing longer work lives too</a>—whether they're ready for that message or not.
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Personal Finance

BlackRock CEO Larry Fink Agrees People May Work Until They Die But Asks What's Wrong With That? — Most Jobs Aren't 'Backbreaking' Like 50 Years Ago

Management

Reuters Cites Blackrock's Larry Fink Saying He's Confident Of Senior Leadership At Blackrock; Says I'm Not Planning To Leave Anytime Soon; Says Kapito And I Working With Board To Make Sure We Develop Next Generation Of Leaders

BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) on Thursday outlined a plan to raise $400 billion in alternative assets by 2030 and increase total revenue from $20 billion to over $35 billion in the same period.
According to BlackRock&#8217;s <a href="https://s24.q4cdn.com/856567660/files/doc_presentations/2025/BLK-Investor-Day-2025-WEB.pdf" target="_blank" rel="noreferrer noopener">Investor Day 2025 presentation</a>, the asset manager detailed a long-term strategy focused on expanding its private market exposure and scaling its technology platforms. 
Private markets currently contribute 15% of total revenue, but BlackRock aims to grow that share to more than 30% by the end of the decade.
Also Read: <a href="https://www.benzinga.com/news/topics/25/06/45851858/psiquantum-eyes-750m-raise-as-blackrock-doubles-down-on-light-based-supercomputers-amid-nvidias-quantum-reversal" target="_blank" rel="noreferrer noopener">PsiQuantum Eyes $750M Raise As BlackRock Doubles Down On Light-Based Supercomputers Amid Nvidia&#8217;s Quantum Reversal</a>
The company plans to double adjusted operating income from $8 billion to $15 billion and expand market capitalization from $140 billion to $280 billion. It reported returning $9 billion to investors through private market realizations following its Global Infrastructure Partners acquisition.
At the end of the first quarter, BlackRock&#8217;s total Assets Under Management was $11.6 trillion, compared to $10.5 trillion in the prior year quarter.
The strategy includes integrating Preqin&#8217;s data into the Aladdin platform to support benchmarking and analytics for private markets. BlackRock expects to begin onboarding <a href="https://www.benzinga.com/24/11/42227693/blackrock-set-to-acquire-private-credit-manager-hps-for-12b-report" target="_blank" rel="noreferrer noopener">HPS Investment Partners</a> in the third quarter, enhancing capabilities in private credit and insurance.
Aladdin generated $1.6 billion in revenue in 2024, with a $20 billion addressable market opportunity. The firm also manages $50 billion in crypto-related assets, including Circle&#8217;s USDC reserves and the IBIT bitcoin ETF.
Leadership roles were also highlighted, with CFO Martin Small and COO Rob Goldstein prominently featured in the strategy rollout, though CEO Larry Fink&#8216;s succession plan was not directly addressed.
Price Action: BLK shares are trading lower 0.26% to $990.70 at last check Thursday.
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BlackRock Targets $280 Billion Market Cap, $35 Billion Revenue By 2030

Don't design policies around the bottom 5%, Stripe President John Collison warned, arguing that rules built to rein in slackers risk driving star engineers elsewhere.
John delivered the jab on the Feb. 21 episode of the tech-heavy "<a href="https://www.youtube.com/watch?v=OxP55dZjqZs&amp;t=1823s">All-In</a>" podcast, where he and his CEO brother, Patrick Collison, dissected JPMorgan Chase's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) plan to haul its 317,000 employees back to the office in March.&nbsp;
"The abuse that took place is extraordinary," JPMorgan CEO <a href="https://www.benzinga.com/news/25/03/44067853/jpmorgan-ceo-jamie-dimon-talks-doge-efficiency-and-trumps-regulatory-changes-weve-become-a-bureaucratic-mess">Jamie Dimon</a> said during a recent town hall, <a href="https://www.barrons.com/articles/jamie-dimon-leaked-audio-jpmorgan-return-to-office-7064ee64">Barron&#8217;s</a> reported.
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<h2 class="wp-block-heading">Top Performers Hate Handcuffs</h2>
Patrick reminded listeners that roughly 40% of Stripe's 8,000 staff still log in remotely, an arrangement forged long before COVID-19 because recruiting everywhere beats settling for whoever lives near headquarters.&nbsp;&nbsp;&nbsp;
That strategy, he said, created "outrageously productive remote people …&nbsp; in a cabin in Idaho coding up a storm."&nbsp;
The brothers see location freedom fixing the two-body problem that traps dual-career couples. Let a surgeon match in Boise, Idaho, Collison argued, and their partner's software salary still flows, boosting total-factor productivity—a metric economists tie to U.S. growth.
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Corporate pushback remains fierce. Dimon's edict follows similar moves at BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), yet backlash is rumbling. A <a href="https://www.fticonsulting.com/about/newsroom/press-releases/fti-consulting-survey-70-of-remote-and-hybrid-workers-would-leave-job-over-returntooffice-rule">survey</a> conducted by Southpaw Insights on behalf of FTI Consulting (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCN#NYSE">FCN</a>), published on Feb. 25, found that 70% of U.S. remote and hybrid workers would consider quitting if required to return to the office full-time. Gen Z respondents were even jumpier: three-quarters vowed to job-hunt for flexibility.
Last month, a Government Accountability Office <a href="https://www.gao.gov/assets/gao-25-107078.pdf">report</a> found that telework boosts retention, productivity, and cost savings. Roles with measurable metrics saw a 12% performance increase, and flexible work policies reduced turnover and improved employee focus.
Stripe's approach emphasizes mentorship and collaboration, which many experts agree helps new graduates ramp up faster. This has influenced their adoption of hybrid schedules and structured meetups for early-career employees.
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John Collison addressed concerns about &#8220;quiet quitting&#8221; by emphasizing the importance of focusing on top performers. He likened crafting schedules for underperformers to setting classroom rules because one student cheats. Instead, he advocates for optimizing for top contributors to retain them and their valuable contributions.
This perspective comes as Stripe remains a private company, recently valued at $91.5 billion. In a Feb. 27 <a href="https://www.cnbc.com/2025/02/27/stripes-valuation-climbs-to-91point5-billion-in-secondary-stock-sale-.html">interview </a>with CNBC, Collison highlighted the company&#8217;s commitment to providing liquidity for employees and existing shareholders, stating, &#8220;We very much care about providing good liquidity for employees and existing shareholders.
Meanwhile, the <a href="https://www.bls.gov/news.release/jolts.t04.htm">Bureau of Labor Statistics</a> logged 3.2 million quits in April, with a 2.0% quits rate—reflecting continued <a href="https://www.benzinga.com/news/25/05/45338146/obama-says-only-the-best-coders-will-survive-as-ai-takes-over-60-70-of-programming-jobs-you-just-wont-need-a-coder">worker</a> confidence and bargaining power, though slightly below pre-pandemic highs.
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AMZN

'Don't Design Policies Around The Bottom 5%,' Warns Stripe President – Says Top Remote Workers Are 'Coding Up A Storm In An Idaho Cabin'

Quantum computing startup PsiQuantum is seeking to raise at least $750 million in a funding round led by <a href="https://www.benzinga.com/personal-finance/25/04/44762412/the-economy-is-weakening-as-we-speak-blackrock-ceo-larry-fink-says-its-more-of-a-buying-opportunity-but-market-could-drop-another-20">BlackRock</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), aiming to double its valuation to $6 billion,<a href="https://www.bizjournals.com/sanfrancisco/news/2025/06/03/psiquantum-palo-alto-funding-valuation-boost.html"> San Francisco Business Times</a> reports.
The Palo Alto-based company is developing a fault-tolerant quantum computer using photonic qubits, leveraging traditional semiconductor manufacturing techniques. According to PsiQuantum&#8217;s<a href="https://www.psiquantum.com/about"> website</a>, the company&#8217;s approach involves using photons as qubits, allowing for scalability through existing chip fabrication processes.
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<h2 class="wp-block-heading">PsiQuantum Secured Global Expansion and Government Partnerships</h2>
<a href="https://www.benzinga.com/25/05/45486464/nvidias-quantum-pivot-chip-giant-reportedly-mulls-major-stake-in-psiquantum-amid-rising-global-interest">PsiQuantum</a> is collaborating with the governments of Australia and the U.S. to build quantum computing facilities in Brisbane and Chicago, respectively,<a href="https://www.reuters.com/technology/quantum-computing-startup-psiquantum-raising-least-750-million-6-billion-2025-03-24/"> Reuters</a> reports. According to the<a href="https://www.afr.com/technology/labor-s-bold-1b-bet-on-aussie-quantum-start-up-20240429-p5fnb7"> Australian Financial Review</a>, the company has secured $617 million in funding in Australia from federal and Queensland governments to construct a commercial quantum computer.
In the U.S., PsiQuantum plans to build a 300,000-square-foot facility in Chicago&#8217;s Illinois Quantum and Microelectronics Park, supported by more than $500 million in anticipated public funding,<a href="https://thequantuminsider.com/2025/03/25/sources-psiquantum-raising-750-million-to-push-photonic-quantum-computers-toward-commercial-reality/"> The Quantum Insider</a> says. The initiatives underscore PsiQuantum&#8217;s commitment to advancing quantum computing infrastructure globally.
<h2 class="wp-block-heading">Engineering the Future of Computing</h2>
PsiQuantum manufactures its quantum chips at GlobalFoundries&#8217; facility in New York, utilizing photonic technology developed for fiber-optic communications, Reuters reports.
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According to The Quantum Insider, the company has introduced the Omega quantum photonic chipset, designed for utility-scale quantum computing, featuring high-performance photonic components. Additionally, PsiQuantum has developed high-speed optical switches and improved photon detectors to enhance quantum circuit performance.
To boost efficiency, PsiQuantum implemented a compilation technique known as active volume compilation, aiming to reduce application run times by approximately 50-fold, The Quantum Insider says.
<h2 class="wp-block-heading">Backed By Giants Like BlackRock, Microsoft, And Nvidia&#8217;s Quantum Reversal</h2>
BlackRock, which led PsiQuantum's previous $450 million round, is returning as lead investor, signaling sustained institutional confidence. According to San Francisco Business Times, other major backers include Microsoft's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) venture arm M12, Atomico, Founders Fund, Playground Global, Temasek Holdings, and FPV Ventures.
According to<a href="https://www.theinformation.com/articles/nvidia-talks-invest-quantum-startup-psiquantum"> The Information</a>, Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is in advanced discussions to invest in PsiQuantum, signaling a strategic shift in its quantum computing approach. This potential investment follows Nvidia CEO Jensen Huang&#8216;s announcement of a new quantum computing research lab in Boston, in collaboration with Harvard and MIT,<a href="https://www.reuters.com/business/nvidia-advanced-talks-invest-psiquantum-information-reports-2025-05-19/"> Reuters</a> reports.
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In January, Huang rocked the sector by suggesting quantum computers were at least 20 years from viability, sending quantum-related stocks tumbling. But just weeks later, during Nvidia's &#8220;Quantum Day&#8221; at its GTC conference in San Jose, California, Huang reversed course, admitting his earlier comments were off the mark, according to<a href="https://www.cnbc.com/2025/03/20/nvidia-ceo-huang-says-was-wrong-about-timeline-for-quantum-computing.html"> CNBC</a>.
That shift helped reignite interest in companies like PsiQuantum, which now stand to benefit from the renewed optimism and visibility. While competitors such as Google, IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Honeywell (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), and Rigetti Computing (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) continue to push their own quantum architectures, PsiQuantum's photonic approach is seen by many as a promising alternative, San Francisco Business Times says.
PsiQuantum&#8217;s funding round reflects growing investor confidence in the company&#8217;s photonic quantum computing technology. The company&#8217;s innovative approach may position it as a key player in the race to develop practical quantum computing solutions.
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PsiQuantum Eyes $750M Raise As BlackRock Doubles Down On Light-Based Supercomputers Amid Nvidia's Quantum Reversal

A tectonic shift is underway in the asset-management industry, as investor disinterest in traditional mutual funds shows <a href="https://www.benzinga.com/etfs">no signs of slowing. </a>
Instead, capital is pouring into exchange-traded funds (ETFs), favored for their flexibility, lower fees and tax advantages, forcing legacy players like Vanguard and BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) to adapt.
The $11 trillion U.S. ETF market has now grown to more than half the size of the $19.8 trillion mutual fund industry. And momentum favors ETFs.
According to data shared by ETF.com, ETFs have earned nearly $2.5 trillion in assets since 2022, while mutual funds have lost over $2 trillion. This stark divergence reflects shifting investor preferences.
From January to April, mutual funds have suffered $255.9 billion in outflows, while ETFs have added $348.4 billion.
The difference in market activity is even more striking: 350 ETFs were launched through April 2025—ten times more than the 34 mutual funds launched during the same period.
The Vanguard Group, the world's largest mutual fund company, has slowed its mutual fund launches. It introduced only one stand-alone mutual fund since 2023, but rolled out 11 ETFs in that same period, according to Morningstar. Its $657.3 billion Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) is now the world's largest ETF.
<h3 class="wp-block-heading">Why Are ETFs Winning Against Mutual Funds?</h3>
According to ETF.com, ETFs are quickly becoming the go-to option for investors seeking low-cost access to broad indexes like the S&amp;P 500, specific sectors such as retail, banking, or semiconductors, and a wide range of bond markets.
Unlike mutual funds, which price only once at the end of the day, ETFs trade throughout market hours. 
One of their biggest advantages is tax efficiency—thanks to how fund shares are created and redeemed, they typically don't trigger capital gains taxes when sold in taxable accounts.
"Mutual funds are clearly giving up market share to ETFs," said Daniel Sotiroff, CFA, Morningstar Direct senior manager research analyst.
<h3 class="wp-block-heading">Top ETFs By Inflows Over The Last Year</h3>
The investor pivot from mutual funds to ETFs is reflected not just in the scale of flows, but in where and why the money is going. 
The seven most popular ETFs by inflows over the past 12 months reveal clear preferences: broad-based U.S. equity exposure, low-cost Bitcoin strategies, and short-term U.S. bonds amid inflation and interest-rate uncertainties.
Notably, the Vanguard S&amp;P 500 ETF led all funds with nearly $140 billion in inflows, driven by its rock-bottom 0.03% expense ratio. Similarly, the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) attracted more than $60 billion, due to its competitive costs. 
In contrast, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the world&#8217;s largest fund, has drawn just $9.46 billion amid a 0.09% expense ratio.
In third place, the iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) attracted over $31 billion, outpacing crypto peers largely due to its industry-low 0.12% annual fee.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>ETF Name</th>
<th>Inflows (1Y)</th>
<th>Expense Ratio</th>
</tr>
</thead>
<tbody>
<tr>
<td>Vanguard S&amp;P 500 ETF</td>
<td>$139.95B</td>
<td>0.03%</td>
</tr>
<tr>
<td>iShares Core S&amp;P 500 ETF</td>
<td>$62.53B</td>
<td>0.03%</td>
</tr>
<tr>
<td>iShares Bitcoin Trust</td>
<td>$31.7B</td>
<td>0.12%</td>
</tr>
<tr>
<td>Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>)</td>
<td>$31.22B</td>
<td>0.03%</td>
</tr>
<tr>
<td>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)</td>
<td>$26.57B</td>
<td>0.20%</td>
</tr>
<tr>
<td>iShares 0–3 Month Treasury Bond ETF (ARCA: </td>
<td>$26.22B</td>
<td>0.09%</td>
</tr>
<tr>
<td>SPDR Portfolio S&amp;P 500 ETF (ARCA: SPLG)</td>
<td>$25.34B</td>
<td>0.02%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: TradingView</figcaption></figure>
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Analyst Color

Sector ETFs

Broad U.S. Equity ETFs

Specialty ETFs

Analyst Ratings

ETFs

IBIT

SPLG

Are ETFs Digging The Grave Of Traditional Mutual Funds? $2 Trillion Outflows Say So

<a href="https://www.bloomberg.com/news/articles/2025-06-05/blackrock-to-eliminate-about-300-jobs-in-second-cut-this-year?srnd=homepage-americas&amp;embedded-checkout=true" title="https://www.bloomberg.com/news/articles/2025-06-05/blackrock-to-eliminate-about-300-jobs-in-second-cut-this-year?srnd=homepage-americas&amp;embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-06-05/blackrock-to-eliminate-about-300-jobs-in-second-cut-this-year?srnd=homepage-americas&amp;embedded-checkout=true</a>

'BlackRock To Eliminate About 300 Jobs In Second Cut This Year' -Bloomberg

CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) announced a strategic collaboration on Tuesday that maps adversary naming conventions between both platforms, creating what CEO George Kurtz called a &#8220;Rosetta Stone&#8221; for cyber defenders worldwide.
What Happened: The partnership addresses a critical gap in threat intelligence by unifying how both companies identify and track cyber adversaries, enabling joint customers to better defend against attacks regardless of which nomenclature system they encounter.
&#8220;Through this Rosetta Stone collaboration, we unite defenders in knowing the adversary,&#8221; Kurtz said during CrowdStrike&#8217;s first quarter earnings call. &#8220;Together, we take the guesswork out of adversary attribution for the benefit of our joint customers and the entire market.&#8221;
The announcement comes as CrowdStrike positions itself for explosive growth in AI agent protection, with Kurtz noting that 96% of enterprises plan to expand AI agent usage within 12 months. Some companies target deploying over one billion production agents, dramatically expanding the attack surface cybersecurity firms must protect.
&#8220;Every AI agent represents a unique superhuman identity necessitating visibility, control, and protection,&#8221; Kurtz explained. &#8220;AI agents dramatically increase the size, severity, and speed of the enterprise attack surface.&#8221;
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45762787/peter-schiff-backs-musks-furious-attack-on-trumps-disgusting-budget-bill-slams-gop-hypocrisy-so-glad-hopefully-elon-can-persuade-trump-to-veto-it">Peter Schiff Backs Musk&#8217;s Furious Attack On Trump&#8217;s &#8216;Disgusting&#8217; Budget Bill, Slams GOP Hypocrisy: &#8216;So Glad &#8230; Hopefully Elon Can Persuade Trump To Veto It&#8217;</a>
Why It Matters: CrowdStrike reported strong first-quarter results with $1.1 billion total revenue, up 20% year-over-year, and $194 million in net new Annual Recurring Revenue. The company&#8217;s FalconFlex subscription model generated $3.2 billion in total deal value across 820+ accounts.
CFO Burt Podbere disclosed regulatory scrutiny, stating the company received DOJ and SEC information requests regarding &#8220;revenue recognition and reporting of ARR for certain transactions, the July 19, [2024] outage, and related matters.&#8221;
Price Action: CrowdStrike closed at $488.76 on Tuesday, up 2.00%. In pre-market trading on Wednesday, it fell 6.97% to $454.70. Year to date, the stock is up 40.72%.
According to Benzinga Edge Stock Rankings, CRWD shows strong momentum and modest growth. While the stock has a negative valuation, it maintains a positive price trend across short to long-term periods. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here to view the full breakdown</a>.
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="878" height="634" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04053053/image-48.png" alt="" class="wp-image-937912" style="width:482px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04053053/image-48.png 878w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04053053/image-48-300x217.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04053053/image-48-768x555.png 768w" sizes="(max-width: 878px) 100vw, 878px" /></a></figure>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. 
Photo: Michael Vi / Shutterstock

Equities

CRWD

iShares Trust Barclays 20+ Year Treasury Bond Fund

CrowdStrike, Microsoft Partner To Create 'Rosetta Stone' To Help 'Defenders In Knowing The Adversary' Amid Rising AI Agent Deployment

During the last three months, 12 analysts shared their evaluations of BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), revealing diverse outlooks from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">3</td>
<td align="right">5</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">2</td>
<td align="right">4</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for BlackRock, presenting an average target of $1044.83, a high estimate of $1178.00, and a low estimate of $950.00. Highlighting a 5.98% decrease, the current average has fallen from the previous average price target of $1111.33. 
<img src="https://www.benzinga.com/files/images/story/2025/1749067265_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
A comprehensive examination of how financial experts perceive BlackRock is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Michael Brown</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$1105.00</td>
<td>$1035.00</td>
</tr>
<tr>
<td>Brennan Hawken</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$980.00</td>
<td>$1010.00</td>
</tr>
<tr>
<td>William Katz</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Buy</td>
<td>$1100.00</td>
<td>$1200.00</td>
</tr>
<tr>
<td>Kenneth Worthington</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$988.00</td>
<td>$1046.00</td>
</tr>
<tr>
<td>Benjamin Budish</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$990.00</td>
<td>$950.00</td>
</tr>
<tr>
<td>Michael Brown</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$1035.00</td>
<td>$1065.00</td>
</tr>
<tr>
<td>Brennan Hawken</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$1010.00</td>
<td>$1045.00</td>
</tr>
<tr>
<td>Bill Katz</td>
<td>TD Cowen</td>
<td>Lowers</td>
<td>Buy</td>
<td>$1032.00</td>
<td>$1251.00</td>
</tr>
<tr>
<td>Mike Cyprys</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$1124.00</td>
<td>$1275.00</td>
</tr>
<tr>
<td>Benjamin Budish</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$950.00</td>
<td>$1210.00</td>
</tr>
<tr>
<td>Craig Siegenthaler</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$1178.00</td>
<td>$1196.00</td>
</tr>
<tr>
<td>Kenneth Worthington</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$1046.00</td>
<td>$1053.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to BlackRock. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of BlackRock compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of BlackRock's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Capture valuable insights into BlackRock's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/BLK/analyst-ratings?adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage">Stay up to date on BlackRock analyst ratings.</a>
<h2>Discovering BlackRock: A Closer Look</h2>
BlackRock is the largest asset manager in the world, with $11.584 trillion in assets under management at the end of March 2025. Its product mix is diverse, with 53% of managed assets in equity strategies, 26% in fixed income, 9% in multi-asset classes, 8% in money market funds, and 4% in alternatives. Passive strategies account for two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.
<h3>Financial Insights: BlackRock</h3>
Market Capitalization: Boasting an elevated market capitalization, the company surpasses industry averages. This signals substantial size and strong market recognition.
Revenue Growth: Over the 3M period, BlackRock showcased positive performance, achieving a revenue growth rate of 11.59% as of 31 March, 2025. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Financials sector.
Net Margin: BlackRock's net margin is impressive, surpassing industry averages. With a net margin of 28.62%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): BlackRock's ROE stands out, surpassing industry averages. With an impressive ROE of 3.16%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): BlackRock's ROA stands out, surpassing industry averages. With an impressive ROA of 1.08%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: BlackRock's debt-to-equity ratio is below the industry average. With a ratio of 0.3, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
Breaking: Wall Street's Next Big Mover
Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=Tu1tu3arja3be22tu36&amp;adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantag">Click here for urgent details</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Glimpse Into The Expert Outlook On BlackRock Through 12 Analysts

Wells Fargo analyst Michael Brown maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Overweight and raises the price target from $1035 to $1105.

Price Target

Wells Fargo Maintains Overweight on BlackRock, Raises Price Target to $1105

Veteran investor, Arthur Richards Rule IV, better known as Rick Rule, is the latest expert to sound the alarm on the long-term stability of the U.S. Dollar, warning that decades of unchecked federal spending and unfunded liabilities could erode the greenback&#8217;s purchasing power over the next decade.
What Happened: Speaking with Kitco News over the weekend, Rule says that the U.S. Government&#8217;s $30 trillion on-balance-sheet debt is only the beginning. 
He highlights the $100 trillion in unfunded promises, such as Medicare, Social Security, and federal pensions, which takes the total liability burden far higher, and closer to the nation&#8217;s total household net worth at $141 trillion. This only leaves a $11 trillion buffer against household wealth, which he believes is closing quickly.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45738435/elizabeth-warren-says-trump-approved-the-largest-meat-company-in-world-to-be-listed-on-nyse-ignoring-corruption-and-bribery-history-demands-answers">Elizabeth Warren Says Trump &#8216;Approved&#8217; The Largest Meat Company In World To Be Listed On NYSE Ignoring Corruption And Bribery History, Demands Answers</a>
Both categories of liabilities are growing by around $2 trillion per year, Rule says. At that pace, the remaining margin will disappear within five years, raising questions about long-term solvency.
Rule believes that the country, at its current fiscal state, can no longer service its obligations such as social security, Medicare, and pensions, while adding that "the only viable path is to allow the dollar to decline." &#8220;I believe because of this $100 trillion in unfunded entitlement liabilities that the U.S. dollar will lose 75% of its purchasing power over 10 years,&#8221; he says, pointing to the 1970s as precedent, when U.S. inflation wiped out 75% of the dollar's purchasing power in a single decade. The period also saw gold prices rise nearly 30-fold.
Speaking on gold, Rule made a very bullish case for the yellow metal, saying that he doesn&#8217;t own gold because he thinks it can get to $3,500 an ounce, he says, &#8220;I own gold because I'm afraid it's going to $12,000,&#8221; because &#8220;arithmetically, it makes absolute sense.&#8221;
Rule says that &#8220;the system isn't solvent. It's just liquid, for now,&#8221; warning investors relying on traditional portfolios and government bonds will find themselves eroded by this silent inflation. 
&#8220;As purchasing power quietly deteriorates, people will either adapt or pay the price,&#8221; he concludes. &#8220;You can't paper over arithmetic forever.&#8221;
Why It Matters: Other leading market experts have echoed similar concerns regarding U.S. assets, while reaffirming their conviction in gold.
Investor Chamath Palihapitiya recently <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45686648/chamath-palihapitiya-says-this-old-fashioned-asset-is-among-safe-trades-if-the-possibility-of-quantum-computing-cracking-bitcoin-is-even-remotely-true">called gold</a> the &#8220;only safe trade&#8221; on news of quantum computers capable of cracking Bitcoin&#8217;s encryption.
Leading hedge funds and financial institutions such as Bridgewater Associates, BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), and the Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) have all made a beeline to <a href="https://www.benzinga.com/etfs/specialty-etfs/25/05/45457712/move-over-miners-hedge-funds-are-the-new-gold-diggers-ray-dalio-blackrock-goldman-sachs-others-stake-claims-in-gld">increase their exposure</a> to gold, citing similar concerns of hyper-borrowing by the U.S.
Price Action: The spot price of Gold stands at $3,362.37, up 2.21% on Monday. The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), which tracks the price of gold, is up 26.99% year-to-date.
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<iframe loading="lazy" title="‘U.S. Dollar Will Lose 75% of Value'- Here&#039;s What To Buy &#x7C; Rick Rule" width="500" height="281" src="https://www.youtube.com/embed/n7JvCDVnwk0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Commodities

Forex

Economics

Dollar To Lose 75% of Its Buying Power In Next 10 Years? Rick Rule Says If 1970's Are An Indicator It Could Happen

Circle Internet Financial is pushing forward with its public listing plans, now targeting a valuation of $7.2 billion as it gears up for an <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45622634/usdc-issuer-circle-eyes-600m-raise-in-nyse-ipo-targets-5-4b-valuation">initial public offering</a>.
What Happened: The company <a href="https://www.theblock.co/post/356602/circle-seeks-7-2-billion-valuation-in-upsized-ipo?utm_source=twitter&amp;utm_medium=social">announced</a> an increased offering size, reflecting heightened investor interest, with expectations of raising as much as $896 million through the sale of 32 million shares.
Originally, Circle intended to offer 24 million shares priced between $24 and $26. 
However, revised filings indicate the firm now aims to price its stock at $27 to $28 per share. 
This valuation remains below the $9 billion mark it was set to achieve in a previously abandoned SPAC deal in 2022. 
Despite this, major institutional players, most notably BlackRock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NASDAQ">BLK</a>), are said to be backing the IPO.
Circle, best known as the issuer behind USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), the world's second-largest stablecoin, has seen growing financial strength, especially through returns on U.S. Treasury holdings. 
Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45727395/tom-lee-predicts-bitcoin-to-hit-250000-by-end-of-2025-3m-long-term">Tom Lee Predicts Bitcoin To Hit $250,000 By End Of 2025, $3M Long Term</a>
Why It Matters: In the first quarter of 2025 alone, Circle earned over $557 million from these assets, a 55% jump compared to previous periods.
Although it trails rival Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) in revenue, Circle has benefited from rising global interest in stablecoins, bolstered by clearer regulatory frameworks and increased real-world adoption. 
According to Standard Chartered, the market cap for stablecoins could expand tenfold by 2028. Similarly, a recent Artemis survey revealed that business-to-business stablecoin usage now accounts for the majority of stablecoin transaction volumes.
The company has secured approval to list on the New York Stock Exchange under the ticker symbol "CRCL," though a final listing date has yet to be confirmed. 
Plans to debut by April were delayed due to market instability tied to U.S. tariff policy debates. 
Despite reports of acquisition interest from Coinbase (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">COIN</a>) and Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), Circle has publicly denied pursuing any merger or acquisition deals at this time.
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Image: Shutterstock

$COIN

$USDC

$USDT

$XRP

USDC Issuer Circle Aims For $7.2B Initial Public Offering Valuation

Six in ten working-age Americans fear Social Security will vanish before they retire, a new DepositAccounts survey finds, underscoring a widening confidence gap as the program's main trust fund edges toward depletion in 2033.
What Happened: The poll of 1,047 non-retirees shows 59% doubt the program will exist by the time they hang up their paychecks. The anxiety is sharpest for Generation X, where 70% share the concern. That dread persists even though Social Security still supplies more than half of all income for 40% of today's retirees, according to the Social Security Administration.
As per this year's trustees report, the Old-Age and Survivors Insurance fund can pay full benefits for just eight more years. Once its reserves run dry, incoming payroll taxes would cover only 79% of promised checks. "It's not that far away. We're creeping up on it," certified-financial-planner Jaime Eckels <a href="https://www.cnbc.com/2025/05/30/majority-of-working-americans-fear-social-security-will-dry-up.html">told</a> CNBC, warning that the countdown has moved from abstract to immediate for many savers.
Polling elsewhere points in the same direction, or worse. Gallup in 2024 reports 80% of Americans now worry about Social Security's future, the highest share in two decades. Transamerica's 2024 middle-class survey shows 39% of households fear benefits "will be reduced or cease to exist."
See also: <a href="https://www.benzinga.com/news/fda/25/06/45719840/modernas-new-covid-vaccine-secures-fda-clearance-for-seniors-at-risk-individuals">Moderna&#8217;s New COVID Vaccine Secures FDA-Clearance For Seniors, At-Risk Individuals</a>
Still, not every gauge is as bleak. The 2025 Retirement Confidence Survey from the Employee Benefit Research Institute found about half of workers remain at least "somewhat confident" the government will pay benefits of equal value to today's. Even so, 60% worry about cuts.
Why It Matters: Analysts stress that insolvency does not equal disappearance. "The truth is that it's highly, highly unlikely Social Security ‘won't be available,'" DepositAccounts quoted LendingTree's Matt Schulz as saying, urging savers to bolster private nest eggs rather than panic. That mirrors comments by BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) chief Larry Fink, who <a href="https://www.benzinga.com/personal-finance/25/03/44427073/larry-fink-says-the-u-s-needs-a-social-security-plan-where-every-american-can-grow-with-our-economy">recently told</a> an audience that the U.S. must modernize, not abandon, the program — citing the same <a href="https://www.benzinga.com/personal-finance/24/09/40817544/report-warns-of-16-500-annual-social-security-benefit-cut-for-dual-income-couples-by-2033">2033 deadline</a>.
Yet fear itself is already reshaping behavior. A growing number of claimants are <a href="https://www.benzinga.com/25/05/45265236/80000-more-americans-filed-for-social-security-in-march-compared-with-last-year-whats-driving-this-surge">taking benefits at 62</a> to grab what they can before any reforms bite, despite the <a href="https://www.benzinga.com/personal-finance/25/05/45354988/suze-orman-taking-your-social-security-payments-at-62-is-wrong-heres-why">permanent haircut</a> early filing brings.
Image via Shutterstock
Read next: <a href="https://www.benzinga.com/personal-finance/management/25/06/45719596/bill-gates-22-year-old-daughter-says-its-terrifying-for-the-boys-she-brings-home-to-meet-her-socially-awkward-dad-in-his-63-million-mansion">Bill Gates&#8217; 22-Year-Old Daughter Says It&#8217;s &#8216;Terrifying&#8217; For The Boys She Brings Home to Meet Her &#8216;Socially Awkward&#8217; Dad in His $63 Million Mansion</a>

General

6 In 10 Americans Fear Social Security Will Vanish Before They Retire, As 2033 Insolvency Clock Ticks Louder

BlackRock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NASDAQ">BLK</a>) is planning to purchase roughly 10% of the shares to be issued in Circle Internet Group&#8216;s <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45622634/usdc-issuer-circle-eyes-600m-raise-in-nyse-ipo-targets-5-4b-valuation">upcoming initial public offering</a>, according to a report.
What Happened: The IPO, led by stablecoin issuer Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) and key shareholders including CEO Jeremy Allaire, aims to raise up to $624 million, as disclosed in a recent filing with the U.S. Securities and Exchange Commission.
Investment firm Ark Invest, led by Cathie Wood, has also shown interest in participating in the public offering with a potential commitment of up to $150 million. 
The deal has drawn robust demand, with orders exceeding the available shares by multiple times, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-05-28/blackrock-is-said-to-plan-to-buy-shares-in-circle-internet-ipo">reported</a>. 
The offering is expected to be priced on June 4.
Circle's USDC stablecoin is largely backed by reserves held in a government money market fund managed by BlackRock. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45651580/want-to-earn-yield-on-your-bitcoin-heres-how">Want To Earn Yield On Your Bitcoin? Here&#8217;s How</a>
As of April 30, 2024, Circle's Reserve Fund managed close to $30 billion in net assets, according to the filing. 
BlackRock&#8217;s final involvement may come through a fund or affiliated entity and remains subject to change, sources said.
What&#8217;s Next: As crypto firms continue to pursue public market listings in the United States, they are finding increased support from figures in the current administration, including President Donald Trump.
This political backing is contributing to a shift in perception and greater legitimacy for the sector. 
Meanwhile, stablecoin legislation progressing through Congress would mandate full backing of such digital assets with cash or similarly secure holdings.
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</ul>
Image: Shutterstock

BlackRock To Take 10% Stake In Circle's IPO

<a href="https://www.bloomberg.com/news/articles/2025-05-28/blackrock-is-said-to-plan-to-buy-shares-in-circle-internet-ipo" title="https://www.bloomberg.com/news/articles/2025-05-28/blackrock-is-said-to-plan-to-buy-shares-in-circle-internet-ipo">https://www.bloomberg.com/news/articles/2025-05-28/blackrock-is-said-to-plan-to-buy-shares-in-circle-internet-ipo</a>

IPOs

'BlackRock Is Said to Plan to Buy Shares in Circle Internet IPO' - Bloomberg News

Despite its CEO being barred from leaving France due to a criminal investigation, <a href="https://www.benzinga.com/content/45029479/telegram-signal-copier-launches-version-5-1-with-powerful-new-features">messaging platform Telegram</a> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TON</a>) is set to raise at least $1.5 billion through a new bond sale, according to a report.
The funding round, expected to be finalized Wednesday, signals investor confidence in the platform's financial trajectory and user base, even as its founder, Pavel Durov, <a href="https://www.benzinga.com/news/24/09/40893281/telegram-ceo-pavel-durov-faces-10-year-sentence-and-500k-fine-in-frances-first-cybercrime-case-under">faces legal scrutiny abroad</a>, The Wall Street Journal <a href="https://www.wsj.com/finance/telegram-set-to-raise-1-5-billion-in-bond-issue-despite-ceos-legal-woes-053284f0">reported</a>.
French prosecutors have charged Durov preliminarily with failing to assist in investigations involving illicit activity, including child exploitation, on the Telegram platform. 
Both Durov and the company maintain they've complied with all enforceable legal requests. 
"We complied with all the binding legal requests we received. So up until this day, we don't understand what we did wrong," Durov said via video at a conference in Oslo on Tuesday.
The bond, which carries a 9% yield and a five-year maturity, will allow investors the option to convert their holdings into Telegram shares at a discount should the company eventually go public. 
However, a public listing appears unlikely in the short term, given market instability and Durov's current legal entanglements.
The proceeds will be used to retire Telegram's earlier debt, specifically, bonds issued in 2021 that mature next March. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45616666/dogecoin-shiba-inu-and-other-meme-coins-are-entry-points-to-crypto-ecosystem-report">Dogecoin, Shiba Inu And Other Meme Coins Are Entry Points To Crypto Ecosystem: Report</a>
Telegram has already repurchased about $400 million worth of those bonds using available funds.
Notable investors in the new bond issuance include returning stakeholders such as BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and Abu Dhabi's Mubadala, with new participants expected to include Citadel and other hedge funds. 
Durov had attempted to obtain permission to travel to the U.S. for meetings related to the deal but was denied by French authorities, who said the trip lacked sufficient justification.
Telegram's business, meanwhile, continues to expand rapidly. In March, the company reached 1 billion monthly active users. 
On Tuesday, Durov reported over 15 million paying subscribers, a figure that has doubled year-over-year. 
Financial documents reviewed by the Wall Street Journal indicate Telegram earned approximately $540 million in profit on $1.4 billion in revenue for 2024, a sharp turnaround from its $173 million loss on $342 million revenue in 2023. 
For 2025, the company is forecasting over $700 million in profit on $2 billion in revenue.
This financial growth is largely attributed to Telegram's expanding monetization tools, including digital in-app purchases, a growing bot ecosystem, and its advertising business.
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Image: Shutterstock

$TON

Telegram Raises $1.5B In Bond Sale Despite CEO's Legal Battle In France

Rain AI, a San Francisco-based chip startup backed by OpenAI CEO <a href="https://www.benzinga.com/news/25/05/45230322/worldcoins-orb-mini-launches-in-u-s-backed-by-sam-altman-visa-and-match-group-to-distinguish-humans-from-ai">Sam Altman</a>, is exploring a sale after its ambitious $150 million Series B funding round failed to secure investors.
Despite early backing from Altman in a $25 million seed round in 2022, Rain AI has struggled to convert technical ambition into scalable business outcomes. The company, which aimed to rival industry giants like Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) with its energy-efficient <a href="https://www.benzinga.com/25/05/45427189/tencent-says-it-has-enough-high-end-ai-chips-to-train-models-for-generations-after-trump-administration-bans-huawei-tech-anywhere-in-the-world">chips</a>, is now in discussions with potential buyers, including OpenAI, according to<a href="https://nypost.com/2025/05/15/business/sam-altman-backed-chipmaking-startup-rain-ai-explores-sale-after-150m-fundraising-flops-sources/"> New York Post</a>.
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<h2 class="wp-block-heading">Inside Rain AI's Pivot</h2>
<a href="https://www.wired.com/story/openai-buy-ai-chips-startup-sam-altman/">Wired</a> reports that Rain AI aimed to develop neuromorphic chips designed to process AI workloads more efficiently by mimicking how the human brain functions. According to Wired, the company hoped these chips would deliver better performance at a fraction of the power consumption compared to traditional graphics processing units, making them ideal for generative AI models.
According to the Post, testing showed promising results, but the company failed to secure major commercial contracts or letters of intent, a problem that hampered investor confidence. One source close to the company told the Post that the founders were talented engineers but lacked the sales acumen to close enterprise deals.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
Rain AI&#8217;s co-founder, Jack Kendall, acknowledged to stakeholders that the company was rapidly depleting its cash reserves and urgently required a $3 million bridge fund to sustain operations while negotiating a potential acquisition. The Post says that the company has since secured the emergency funding and entered what was described as &#8220;good progress&#8221; in acquisition talks with multiple interested parties.
These talks involve several high-profile technology firms that view Rain AI's hardware as a strategic foothold in the increasingly competitive chip market. While the company had originally planned to launch its Series B round in December, the raise was delayed repeatedly due to leadership instability and difficulty closing large institutional checks, the Post reports.
The company also hired former Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) veteran Jean-Didier Allegrucci to lead chip development efforts, bringing experience from Apple's custom silicon division, the Post says.
See Also: The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">invest early at $2.25/share.</a>
<h2 class="wp-block-heading">Executive Reshuffle and Emergency Capital</h2>
Will Passo, Rain AI's co-founder and original CEO, stepped down citing personal reasons, and Kendall has since taken over as CEO, the Post reports.
Rain AI is now in discussions with multiple technology giants about a potential acquisition. OpenAI, which has begun interviewing Rain employees to assess talent fit, is a top contender. Altman had previously pitched OpenAI investors to support Rain AI's Series B, aiming for a $600 million valuation, according to the Post.
Rain AI's uncertain future unfolds against a backdrop of aggressive expansion in the AI hardware ecosystem. The Post reports that Nvidia, Elon Musk's xAI, Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) are among the giants investing more than $30 billion to build the next generation of AI infrastructure.
Rain AI may not have achieved its original vision, but its core technology and its team remain valuable assets for any player looking to gain ground in the competitive AI chip race.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share!</a></li>
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Image: Shutterstock

AAPL

Sam Altman's $150M AI Chip Bet Crashes: Rain AI Faces Sale As OpenAI, Nvidia, And Microsoft Circle The Wreckage

Israel Englander&#8216;s Millennium Management trimmed its positions in major technology stocks while increasing its Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) exposure during the first quarter of 2025, according to its 13F filing with the U.S. Securities and Exchange Commission on May 15.
What Happened: The hedge fund giant reduced its Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) common stock position by 7% to 9.2 million shares, valued at $1 billion, while simultaneously trimming put options by 5% to 25.5 million shares and increasing call options by 5% to 11.3 million shares.
Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) saw its common stock position cut by 29% to 1.8 million shares worth $693 million, while Millennium boosted put options by 28% to 5.5 million shares and maintained call positions at 2.3 million shares. 
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) experienced the largest reduction, with common shares slashed by 39% to 1.6 million shares valued at $900 million. Millennium also reduced put options by 19% to 2.5 million shares and trimmed call options by 10% to 1.5 million shares.
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) bucked the trend with a 5% increase in common stock to 4.6 million shares. The firm significantly expanded put options by 23% to 10.5 million shares while maintaining call positions. 
See Also: <a href="https://www.benzinga.com/news/global/25/05/45579810/as-trump-xi-jinping-silence-drags-on-china-and-us-reopen-diplomatic-lines-amid-looming-trade-truce-deadline-and-tech-tensions">As Trump-Xi Jinping Silence Drags On, China And US Reopen Diplomatic Lines Amid Looming Trade Truce Deadline And Tech Tensions</a>
Why It Matters: The portfolio adjustments come as Englander explores strategic partnerships and succession planning initiatives. The 36-year-old firm is reportedly in discussions with Goldman Sachs&#8216; Petershill Partners about selling a minority stake and considering a strategic partnership with BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), the Financial Times <a href="https://www.ft.com/content/49b2d497-fce9-42de-89cb-5082e61edd4a">reported</a>, citing sources.
Millennium Management, with $73 billion under management, operates more than 330 trading teams across equities, commodities, and bonds within a tight risk framework. The firm has generated annualized returns of approximately 14% since inception, with its flagship fund gaining 15.1% in 2024 before declining 1.35% through April 2025, the FT report noted.
Image Via Shutterstock
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

Israel Englander's Millennium Cuts Stakes In Nvidia, Microsoft, And Meta While Boosting Amazon Bet In Q1 Amid Strategic Talks With BlackRock, Goldman Sachs

<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44217932/crypto-exchange-kraken-sets-sights-on-2025-initial-public-offering">Cryptocurrency exchange Kraken</a> is preparing to roll out tokenized versions of major U.S. stocks like Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Tesla, and Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) for users outside the United States.
What Happened: The offering will allow non-U.S. investors to buy and trade digital tokens that mirror the value of U.S. equities, operating round the clock, even when traditional markets are closed, <a href="https://www.wsj.com/finance/currencies/kraken-crypto-exchange-stock-tokens-e4fc1bb9">according</a> to The Wall Street Journal.
The initiative, expected to launch within weeks, will be available to customers across Europe, Latin America, Asia, and Africa. U.S.-based users, however, will not have access to the tokenized stock trading feature.
Branded as "xStocks," these tokens will represent more than 50 equities and exchange-traded funds (ETFs), including the SPDR S&amp;P 500 ETF (SPY) and SPDR Gold Shares. 
Kraken plans to issue these tokens on the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), which supports fast and low-cost transaction processing.
Each xStock will be backed 1:1 by the underlying stock or ETF, held and managed by Kraken's partner, Backed Finance. 
The tokens will be redeemable for the equivalent cash value of the underlying securities, maintaining parity with market prices.
Arjun Sethi, Kraken's co-CEO, said the move aims to reduce barriers for global investors. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45567511/no-one-can-shut-down-bitcoin-says-impossible-cloud-founder">&#8216;No One Can Shut Down Bitcoin,&#8217; Says Impossible Cloud Founder</a>
"Accessing U.S. stocks from abroad often means high fees and long settlement times," Sethi said. "There's a lot of friction."
xStocks are expected to be transferable beyond Kraken's platform, with users potentially able to store them in private crypto wallets or use them as collateral in decentralized finance (DeFi) applications.
Why It Matters: This isn't the first time tokenized stocks have been introduced.
Binance briefly offered tokenized equity products in 2021 before regulatory scrutiny forced a shutdown. 
Kraken says it is taking a different approach, working closely with regulators in each jurisdiction to stay compliant.
The move comes as industry interest in asset tokenization rises. 
The SEC recently hosted a roundtable on the subject, and major firms like BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and Robinhood (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) have expressed support for blockchain-based securities trading.
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</ul>
Image: Shutterstock

$SOL

HOOD

Kraken To Launch 24/7 Tokenized Stock Trading For Global Users Via Solana

<a href="https://www.wsj.com/politics/policy/antitrust-cops-say-blackrock-other-fund-giants-may-have-harmed-energy-competition-c6052082" title="https://www.wsj.com/politics/policy/antitrust-cops-say-blackrock-other-fund-giants-may-have-harmed-energy-competition-c6052082">https://www.wsj.com/politics/policy/antitrust-cops-say-blackrock-other-fund-giants-may-have-harmed-energy-competition-c6052082</a>

Legal

'Antitrust Cops Say BlackRock, Other Fund Giants May Have Harmed Energy Competition; Justice Department, FTC For The First Time Raise Concerns About How Institutional Investors Wield Ownership Of Shares In Rival Companies' - WSJ

Press Releases

BlackRock Expands iShares Build ETF Toolkit with Industry's First S&P 500 3%-Capped Weighted ETF

BlackRock® Canada Announces April Cash Distributions for the iShares® ETFs

Dividends

BlackRock® Canada Announces Final April Cash Distributions for the iShares® Premium Money Market ETF

BlackRock® Canada Announces May Cash Distributions for the iShares® ETFs

BlackRock Declares Quarterly Dividend of $5.21 on Common Stock

BlackRock Announces 2025 Investor Day to be Held on June 12th, 2025

BlackRock Introduces Actively-Managed Defense ETF Focused on Global Security and Resilience

BlackRock® Canada Announces Final May Cash Distributions for the iShares® Premium Money Market ETF

MGX, BlackRock, Global Infrastructure Partners, and Microsoft Welcome Kuwait Investment Authority (KIA) to the AI Infrastructure Partnership

BlackRock Announces Product Updates

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