Asset-management giant Blackstone disclosed a $1.08 million purchase of BlackRock’s iShares Bitcoin Trust ETF, marking its maiden crypto exposure.
The position—23,094 shares—sits inside the firm’s $2.63 billion Alternative Multi-Strategy Fund and represents a sliver of Blackstone’s $1.2 trillion portfolio.
The same SEC filing showed tiny allocations to Bitcoin Depot and the ProShares Bitcoin ETF, signaling an exploratory rather than transformative move.
Cautious approach contrasts with peers
CEO Steve Schwarzman once called the idea of cryptocurrency “pretty odd,” underscoring Blackstone’s historically conservative stance.
Yet persistent inflows into spot-Bitcoin ETFs—IBIT has enjoyed a 20-day streak—are testing that reticence.
Wisconsin’s state pension fund, by contrast, liquidated its entire IBIT stake last quarter, illustrating divergent institutional tactics as volatility lingers.
Flows highlight IBIT supremacy
Since launching in January 2024, IBIT has racked up $46 billion in net inflows, dwarfing competitors from Fidelity and Ark 21Shares.
Analysts say Blackstone’s purchase, however small, could nudge other traditional managers toward similar “toe-dips” if performance remains resilient.