Blackstone Drops $1.08M on BlackRock’s Bitcoin ETF

Blackstone, the world’s largest alternative asset manager, made its first crypto investment on May 20, a $1.08 million investment in BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of March 31. This is a small but significant step into the crypto space for Blackstone, who has over $1.2 trillion in assets under management. The 23,094 IBIT shares were added to its Alternative Multi-Strategy Fund (BTMIX) which has $2.63 billion in assets.

In addition to IBIT, Blackstone bought 4,300 shares in Bitcoin Depot Inc., a crypto ATM operator, for around $6,300 and invested $181,166 in ProShares Bitcoin ETF (BITO) shares. Blackstone’s crypto exposure is still tiny compared to its overall portfolio. The firm has been skeptical of crypto in the past. In 2019, CEO Steve Schwarzman questioned crypto’s role as currency and said you need central control over money.

BlackRock’s Bitcoin ETF: Strong Inflows Continue

BlackRock’s IBIT has been the top Bitcoin spot ETF since its January 2024 launch with steady inflows over the last 6 weeks. Data from Farside Investors shows a 20-day streak of net inflows of $46.1 billion so far. IBIT is way ahead of competitors like Fidelity Wise Origin Bitcoin Fund ($11.8 billion inflows) and ARK 21Shares Bitcoin ETF ($2.8 billion inflows).

IBIT’s popularity shows investors are confident in regulated Bitcoin exposure through traditional financial products. The fund is stable compared to other investors who are more volatile. For example, the Wisconsin Investment Board fully exited its IBIT position in Q1, selling 6 million shares worth $3.7 billion.

Blackstone’s Overall Investment Strategy Remains Diversified

Despite dipping their toes in crypto, Blackstone is still focused on its diversified investment approach. The firm has private equity, real estate, credit, infrastructure, hedge funds and insurance solutions.

According to its website, Blackstone had $37 billion in investable capital as of March 31, 2025.This is a toe in the water not a full dive. Blackstone’s approach will be a model for other big asset managers as institutional interest in Bitcoin ETFs grows.

Key Highlights:

• Blackstone invested $1.08M in BlackRock’s IBIT as of March 31, 2025.

• IBIT recorded over $46.1B net inflows since its January 2024 debut.

• Blackstone also bought shares in Bitcoin Depot and ProShares Bitcoin ETF.

• Wisconsin Investment Board sold all 6 million IBIT shares in Q1 2025.

• Blackstone holds $1.2 trillion in assets, with $37 billion investable capital.