Blackstone Makes Its First Crypto Bet by Investing a Million Dollars in a Bitcoin ETF

Blackstone is now the largest alternative asset manager and has invested in BlackRock’s iShares Bitcoin Trust ETF (IBIT) as its introduction to crypto.

Blackstone revealed in a May 2019 filing to the SEC that it invested just $1.08 million as part of its massive $1.2 trillion portfolio.

First Company Story Crypto Holdings

According to March 31 reporting by Blackstone, it holds 23,094 IBIT shares, making it a key part of its investment approach. According to Google Finance, BTMIX, a Blackstone Alternative Multi-Strategy Fund, added the iShares Bitcoin Trust ETF shares and manages about $2.63 billion in assets.

In addition to IBIT, the filing shows Blackstone made smaller crypto-related purchases:

4,300 shares of Bitcoin Depot Inc. (BTM), a crypto ATM operator, worth $6,300

9,889 shares of ProShares Bitcoin Strategy ETF (BITO) for $181,166

A Shift in Crypto Sentiment?

Despite branding itself as an alternative asset manager, Blackstone has historically avoided crypto. Back in September 2019, CEO Steve Schwarzman said he supported blockchain technology but found its application as a currency “pretty odd.”

He also admitted a lack of interest in cryptocurrencies, citing the complexity of the tech and his preference for state-controlled currencies.

A Traditional Finance Pioneer

Blackstone works in private equity, real estate, credit, infrastructure, hedge funds and insurance. On March 31, the firm disclosed $37 billion of total investable capital.

This crypto ETF investment might be the first step for traditional banks and firms to enter the digital assets sector.

Institutional Moves and Market Momentum

In contrast to Blackstone’s entry, the Wisconsin Investment Board, a pioneer in bringing Bitcoin exposure to U.S. retirees, recently liquidated all 6,060,351 of its IBIT shares, worth $3.7 billion, during Q1 2025.

Meanwhile, BlackRock’s IBIT continues to thrive. According to Farside Investors, IBIT has maintained a 20-trading-day streak of net inflows since April 9, with no outflows recorded over the past six weeks.

The ETF has now attracted over $46.1 billion in net inflows since its January 2024 debut, outperforming rivals:

Fidelity’s FBTC with $11.8 billion

ARK 21Shares Bitcoin ETF (ARKB) with $2.8 billion

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