OTCX, a leading regulated fintech transforming over-the-counter (OTC) derivatives trading, has entered a multi-year partnership with Aladdin®, BlackRock’s technology platform that unifies the investment management process. The collaboration marks a major step toward digitising dealer-to-client “voice” trading, replacing manual workflows with more efficient and transparent electronic solutions.The partnership will integrate OTCX’s electronic execution venues directly into the Aladdin ecosystem, giving buy-si ...

Key Takeaways BLK's Aladdin entered a multi-year partnership with OTCX to digitize OTC derivative trading.The integration enhances price discovery, execution and post-trade processing efficiency.The move supports BLK's shift toward high-margin, recurring tech income via Aladdin's expansion.BlackRock Inc.’s (BLK) Aladdin platform has entered into a multi-year collaboration with OTCX, a leading regulated fintech, aiming to digitize dealer-to-client “voice” derivative trading and expand the option offerings fo ...

BlackRock’s technology arm has struck a new deal with London-based fintech OTCX to drag one of the last voice-dominated corners of finance — over-the-counter derivatives trading — fully onto the screen.The multi-year partnership will plug OTCX’s electronic marketplace directly into BlackRock’s Aladdin system, the portfolio and trading platform used by hundreds of the world’s asset managers and insurers. The integration will allow Aladdin users to request quotes, negotiate prices, execute, and complete post- ...

Core Insights - The Federal Reserve has maintained interest rates at 4.25%–4.5% since December 2024, with speculation about potential rate cuts in 2025, while equity markets are performing well due to economic growth [1] Factors to Consider for Berkshire Hathaway (BRK.B) - Berkshire Hathaway is a diversified conglomerate with over 90 subsidiaries across various industries, primarily in insurance, which accounts for about 25% of total revenues [2][5] - The company generates significant earnings from energy, transportation, manufacturing, and consumer goods, providing steady cash flows and resilience against sector-specific volatility [3] - Berkshire follows a disciplined investment strategy led by Warren Buffett, focusing on undervalued assets with long-term potential, with major investments in companies like Coca-Cola and Apple [4] - The insurance float has grown from approximately $114 billion in 2017 to $174 billion by Q2 2025, providing low-cost capital for investments [5] - With over $100 billion in cash reserves and minimal debt, Berkshire's balance sheet reflects strong financial strength [6] - The return on equity for Berkshire is 7%, slightly below the industry average of 7.7%, but shares have gained 9% year-to-date, outperforming the industry's 8.2% increase [7] Factors to Consider for BlackRock (BLK) - BlackRock is a leading investment management firm with $11.6 trillion in assets under management (AUM) as of December 31, 2024, and offers technology services through its Aladdin platform [8] - The company is expanding its private markets platform, aiming to raise $400 billion by 2030, which is a rapidly growing sector in global finance [9] - BlackRock's return on equity is 15.5%, significantly higher than the industry average of 9.9%, and shares have gained 9.6% year-to-date [10][11] Estimates for BRK.B and BLK - The Zacks Consensus Estimate for BRK.B's 2025 revenues indicates a 4.8% year-over-year increase, while EPS is expected to decrease by 7.6% [12] - For BLK, the 2025 revenue estimate suggests a 15% year-over-year increase, with EPS expected to decrease by 9.1% [14] Valuation Metrics - Berkshire is trading at a price-to-book multiple of 1.59, above its five-year median of 1.41 [14] - BlackRock's price-to-book multiple is at 3.53, also above its five-year median of 3.0 [14] Conclusion - Berkshire Hathaway is recognized for its diversified portfolio and strong management under Warren Buffett, while BlackRock is positioned for growth through its substantial AUM and expansion strategies [17][18]

Group 1 - Althera42 is a new fund launched by former BlackRock executive Caspar Macqueen and Christian Czernich, focusing on providing working capital to companies in Europe's digital infrastructure without taking equity stakes [2][5] - The fund aims to raise $300 million and plans to execute between 15 and 20 deals primarily in Europe and the UK, with potential North American investments [6] - Althera42's investment strategy involves exchanging upfront capital for a fixed percentage of future revenues over several years, allowing companies to access capital without diluting equity or incurring rigid debt obligations [3][4] Group 2 - The fund targets late-stage private companies with annual revenues between €10 million and €100 million (approximately $17 million to $117 million), focusing on those with recurring or licensing-based revenue models [7] - Althera42's royalty investment model combines the upside of venture capital with the steady cash flow of private debt, with gains distributed to investors quarterly [4] - The fund charges a 2% management fee and a 20% performance fee [4]

Core Viewpoint - BlackRock, Inc. has demonstrated strong stock performance with a 20.6% increase over the past three months, outperforming major indices and peers, supported by strategic acquisitions and product diversification efforts [1][11]. Group 1: Stock Performance - BlackRock's shares have risen 20.6% in the last three months, outperforming the S&P 500 index and the Zacks Finance sector [1]. - The stock has outperformed SEI Investments but underperformed Invesco Ltd. [1]. Group 2: Strategic Acquisitions - BlackRock has been expanding its market presence through strategic acquisitions, including the buyout of HPS Investment Partners and ElmTree Funds, enhancing its private market offerings [6][8]. - The acquisition of Preqin for approximately $3.2 billion in March 2025 and Global Infrastructure Partners in October 2024 further solidifies its infrastructure capabilities [7][8]. - The company has also acquired Kreos Capital in 2023, reflecting a consistent strategy of strengthening its market share through acquisitions [8]. Group 3: Assets Under Management (AUM) - BlackRock's total AUM reached a record $12.52 trillion as of June 30, 2025, with a five-year compound annual growth rate (CAGR) of 9.2% [10]. - The company experienced net inflows of $152 billion in the first half of 2025 and $641 billion in the previous year, driven by its strong ETF operations [10][11]. - The focus on diversifying its product suite is expected to bolster revenue and reduce concentration risk, aiding AUM growth [13]. Group 4: Financial Performance and Capital Distributions - BlackRock announced a 2% increase in its quarterly dividend to $5.21 per share, with a history of five dividend increases over the past five years [16]. - The company has a 45% dividend payout ratio, which is competitive compared to its peers [16]. - In the first half of 2025, BlackRock repurchased $750 million worth of shares and plans to continue with at least $375 million in quarterly repurchases [19]. Group 5: Analyst Sentiments and Valuation - The Zacks Consensus Estimate for BlackRock's earnings in 2025 and 2026 has been revised upward to $47.35 and $51.91, indicating expected growth of 8.6% and 9.6% respectively [20][22]. - BlackRock's price-to-book ratio of 3.57X is lower than the industry average of 3.92X, suggesting the stock is trading at a discount [23][28]. - The company's return on equity (ROE) stands at 15.83%, outperforming the industry average of 10.60% [28].

Core Insights - SharpLink Gaming, Inc. has appointed Joseph Chalom, a former senior executive at BlackRock, as its new Co-CEO, effective July 24, 2025, bringing significant experience in digital finance and institutional adoption of digital assets [3][4][5] - Chalom's leadership is expected to enhance SharpLink's strategy in aligning with the Ethereum ecosystem, which is seen as a transformative opportunity for the company's future [6][10] Company Overview - SharpLink Gaming, Inc. is recognized as one of the largest corporate holders of Ether (ETH) and is a prominent advocate for Ethereum adoption [3][10] - The company has adopted Ether as its primary treasury reserve asset, providing investors with direct exposure to Ethereum, the second-largest digital asset [10][11] - SharpLink is focused on innovating the online gaming industry by developing scalable, secure, and transparent solutions [11] Leadership Transition - Rob Phythian, the current CEO, will transition to the role of President and remain on the Board of Directors [4] - Joseph Chalom has a distinguished 20-year career at BlackRock, where he held multiple senior leadership roles and was instrumental in the firm's entry into digital assets [7][8] Strategic Vision - Chalom's appointment is viewed as a validation of SharpLink's ETH treasury strategy and its vision for Ethereum's role in the digital economy [5][6] - The company aims to leverage Ethereum's unique value proposition to drive innovation in financial technologies [6]

Company Overview - SharpLink Gaming, Inc. is one of the world's largest corporate holders of Ether (ETH) and a prominent advocate for Ethereum adoption [1][8] - The company is headquartered in Minneapolis, Minnesota, and is publicly traded on Nasdaq under the ticker SBET [8] Leadership Changes - Joseph Chalom, a former senior executive at BlackRock, has been appointed as the new Co-Chief Executive Officer of SharpLink, effective July 24, 2025 [1] - Rob Phythian, the current CEO, will transition to the role of President and remain on the Board of Directors [2] Strategic Vision - Joseph Chalom's appointment is seen as a validation of SharpLink's ETH treasury strategy and its vision for Ethereum to drive transformative change in the digital economy [3] - Chalom expressed enthusiasm for shaping the future of financial infrastructure and decentralized finance, aligning SharpLink's strategic direction with the Ethereum ecosystem [4] Chalom's Background - Chalom has over 20 years of experience at BlackRock, where he led digital finance innovations and was instrumental in launching the iShares Ethereum Trust (ETHA), which has over $10 billion in assets [1][5] - He held multiple senior leadership roles at BlackRock, including interim Deputy Chief Operating Officer and Chief Operating Officer of BlackRock Solutions [6] Industry Position - SharpLink is positioned as a leader in the online gaming sector, aiming to innovate and challenge outdated models through scalable, secure, and transparent solutions [9]

Contract Termination - UBS terminates a multimillion dollar contract with BlackRock's Aladdin technology platform [1] - The contract was inherited from Credit Suisse [1] Technology Platform - The terminated contract involves BlackRock's Aladdin technology platform [1]

Financial Data and Key Metrics Changes - BlackRock reported second quarter revenue of $5.4 billion, a 13% increase year over year, driven by organic growth and higher average AUM [10] - Operating income rose 12% to $2.1 billion, while earnings per share increased 16% to $12.5 [10] - The company achieved 6% organic base fee growth in the second quarter, marking the fourth consecutive quarter of 5% or higher growth [8][27] - Total AUM reached a record $12.5 trillion, with net inflows of $68 billion in the second quarter [8][19] Business Line Data and Key Metrics Changes - Base fee and securities lending revenue increased 15% year over year to $4.5 billion, supported by market beta and organic growth [11] - Technology services revenue and subscription revenue grew 26% year over year, reflecting strong demand for Aladdin technology offerings [13] - Performance fees decreased to $94 million, attributed to lower performance revenue from private markets and liquid alternatives [13] Market Data and Key Metrics Changes - ETF net inflows totaled $85 billion, with fixed income ETFs leading at $44 billion [19] - Institutional index net outflows were $48 billion, primarily due to a single client redemption [20] - Cash AUM increased by 25% year over year, with net inflows of $22 billion in the second quarter [20] Company Strategy and Development Direction - BlackRock aims for 30% revenue contribution from private markets and technology by 2030, with recent acquisitions supporting this goal [9] - The company is focusing on integrating GIP, HPS, and Prequin to enhance its capabilities in private markets and technology [26][95] - BlackRock is expanding its presence in international markets, particularly in India and the Middle East, to capture growth opportunities [29][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential from private markets and the integration of recent acquisitions, highlighting strong client feedback [50][54] - The company anticipates significant opportunities in public-private financing and infrastructure investments due to rising government deficits [51] - Management noted that the integration of analytics and data capabilities will be crucial for future growth, particularly in retirement solutions [66][70] Other Important Information - BlackRock repurchased $375 million worth of common shares in the second quarter and plans to continue share repurchases [18] - The company announced the acquisition of Elmtree Funds, a real estate investment firm, expected to close in Q3 2025 [19] - BlackRock's capital management strategy focuses on investing in business growth and returning excess cash to shareholders [16] Q&A Session Summary Question: Progress on integrating HPS and GIP - Management reported strong client feedback and significant opportunities with insurance clients and wealth management across regions, highlighting successful fundraising efforts [50][54] Question: Migration of private investments into target date funds - Management discussed plans to launch a proprietary target date fund with private allocations, expected in 2026, emphasizing the importance of glide path technology [67][68] Question: Profitability and adjusted operating margin outlook - Management indicated a target of 45% or greater adjusted operating margin, with expectations for continued organic growth and expense alignment [74][77] Question: Recent flow trends in private markets - Management provided insights into ongoing fundraising efforts across various private market strategies, with a target of $400 billion in gross fundraising by 2030 [86][88] Question: Future M&A opportunities - Management stated a focus on integrating recent acquisitions while remaining open to selective, tactical M&A opportunities that complement existing capabilities [92][94]