Blackstone, the largest alternative asset manager in the world, has taken a significant step in the crypto sector, marking a shift in its historical caution regarding digital assets.
According to a document filed on May 20 with the U.S. Securities and Exchange Commission (SEC), the company made its first direct investment in a Bitcoin ETF, acquiring shares of BlackRock's iShares Bitcoin Trust (IBIT).
Details of Blackstone's crypto investment: IBIT, BITO, and Bitcoin Depot
As of March 31, Blackstone held 23,094 shares of IBIT, with a total value of approximately 1.08 million dollars.
This investment was included in the Alternative Multi-Strategy Fund (BTMIX), which has total assets of 2.63 billion dollars. It is the company's first official exposure to Bitcoin through regulated financial instruments.
But Blackstone's interest didn't stop there. The company also bought 9,889 shares of the ProShares Bitcoin ETF (BITO), valued at 181,166 dollars.
In addition, it acquired a small stake in Bitcoin Depot Inc. (BTM), an operator of cryptocurrency ATMs, with 4,300 shares valued at 6,300 dollars.
Although the numbers are relatively small compared to the 1,200 billion dollars in assets managed by Blackstone, the gesture represents a clear signal: the financial giant is starting to actively explore the world of cryptocurrencies.
Blackstone's entry into the cryptocurrency market marks a clear change in direction compared to the previous statements of its CEO, Steve Schwarzman.
In 2019, Schwarzman expressed skepticism about the sector, stating: 'I grew up in a world where someone has to control currencies,' and admitting to having difficulty understanding the technology behind cryptocurrencies.
However, the growing demand for institutional access to digital assets has likely caused even the most conservative to reconsider their positions.
Investing in regulated ETFs represents a safe and compliant way to gain exposure to Bitcoin, without having to face the technical complexities of managing cryptocurrencies directly.
IBIT: the leader among Bitcoin ETFs in the United States
The iShares Bitcoin Trust (IBIT), launched by BlackRock in January 2024, quickly established itself as the leading spot Bitcoin ETF in the United States.
According to data from Farside Investors, by mid-May the fund recorded over 46.1 billion dollars in net inflows, with no outflows since April 9.
IBIT has significantly outperformed its competitors, such as Fidelity's Bitcoin ETF (FBTC). It raised 11.8 billion dollars, while the ARK ETF is stagnant at 2.8 billion dollars in net inflows.
This success solidified BlackRock's position as a leader in the cryptocurrency ETF sector. However, not all institutional investors maintain the same long-term confidence.
The Wisconsin Investment Board, one of the first public pension funds in the United States to have exposure to Bitcoin, announced on May 15 that it had fully liquidated its 6 million shares of IBIT in the first quarter of the year.
As major U.S. managers begin to move into the world of cryptocurrencies, international companies are also adopting similar strategies.
On May 19, shares of the Indonesian fintech DigiAsia Corp rose by over 91% following the announcement of a plan to raise 100 million dollars to be allocated for the purchase of Bitcoin.
The company, listed on Nasdaq and based in Jakarta, approved the creation of a treasury reserve in Bitcoin. Specifically, allocating up to 50% of future net profits for the purchase of the cryptocurrency.
Additionally, DigiAsia is considering a capital increase of up to 100 million dollars to initiate its first acquisitions in Bitcoin.
This movement reflects a growing trend among public companies. They see Bitcoin not only as a speculative asset but also as an alternative capital management strategy.
At the forefront of this movement is Strategy, the company led by Michael Saylor. The latter recently announced the intention to double its fundraising efforts to up to 84 billion dollars to buy more Bitcoin.
A strong signal for the future of cryptocurrencies
Blackstone's entry into the cryptocurrency market, although with modest initial investments, represents a paradigm shift for the traditional financial sector.
The adoption of regulated instruments, such as Bitcoin ETFs, allows institutional investors to access the world of cryptocurrencies in a safe and compliant manner.
At the same time, the growing interest from international companies like DigiAsia shows that Bitcoin is gaining traction even as a tool for corporate treasury management.
With the increasing institutional demand and the expansion of the financial products linked to cryptocurrencies, 2025 could mark a turning point in the mainstream adoption of digital assets.