- In an unexpected investment shift, Blackstone, the world's largest alternative asset manager, has entered the world of cryptocurrencies for the first time through a direct investment in BlackRock's spot Bitcoin fund, a move that has garnered market interest given the company's conservative track record regarding 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 (IBIT) as of March 31, totaling approximately $1.08 million, marking the company's first known investment in the cryptocurrency market.
This stake was included in Blackstone's multi-strategy fund (BTMIX), which manages assets worth $2.63 billion. The disclosure also included additional investments in the digital sector, including the purchase of 4,300 shares in Bitcoin Depot Inc., a company specializing in cryptocurrency ATMs, for $6,300, as well as the purchase of 9,889 shares from the ProShares Bitcoin Strategy ETF (BITO) valued at $181,166.
This move is surprising given Blackstone's previous stance on cryptocurrencies, as CEO Steve Schwarzman stated in 2019 that he was not interested in cryptocurrencies and considered their use as an alternative to cash to be 'strange,' emphasizing the need for a governing authority over currency.$ETH
