⚡ Blackstone Surprises Markets: The First Invasion of Digital Currencies via BlackRock's Gateway and Bitcoin ⚡
- In an unexpected investment shift, Blackstone, the largest manager of alternative assets in the world, has entered the world of digital currencies.
- For the first time in the realm of digital currencies, through a direct investment in BlackRock's Bitcoin Spot Fund, a move that has intrigued the markets given the company’s cautious record towards digital assets.
- A disclosure submitted to the U.S. Securities and Exchange Commission on May 20 revealed that Blackstone acquired 23,094 shares in the iShares Bitcoin Trust Fund as of March 31, with a total value of approximately $1.08 million, marking the company's first known investment in the cryptocurrency market.
- This stake has been listed under Blackstone's multi-strategy fund, which manages assets worth $2.63 billion.
- The investments also included those in the digital sector, such as the purchase of 4,300 shares in Bitcoin Depot Inc., specializing in cryptocurrency ATMs for $6,300, in addition to acquiring 9,889 shares in a strategy fund worth $181,166.
- This move is surprising given Blackstone's previous stance on digital currencies, as CEO Steve Schwarzman stated in 2019 that he was not interested in cryptocurrencies, considering their use as an alternative to cash "strange," emphasizing the need for a governing authority over the currency.
