Is BlackRock Buying More Bitcoin? A Look at Its Recent Portfolio Change

BlackRock, the world's largest asset manager, has significantly increased its exposure to Bitcoin in the first quarter of 2025, according to its latest 13F filing. The firm expanded its holdings in Bitcoin-related assets, including its own iShares Bitcoin Trust (IBIT) and shares in other Bitcoin exchange-traded funds (ETFs) and companies with substantial Bitcoin holdings.CryptoRank

BlackRock's Increased Holdings in Bitcoin ETFs

Between Q4 2024 and Q1 2025, BlackRock's position in its own IBIT grew by 124.7%, adding 3,248,304 shares to reach a total of over 5.8 million shares valued at approximately $274 million. 

Notably, BlackRock also invested in competing Bitcoin ETFs for the first time, acquiring 70,971 shares in Fidelity's FBTC, 200 shares in Grayscale's GBTC, and 40 shares in GBTC mini.

BlackRock Investments in Bitcoin-Exposed Companies

Beyond ETFs, BlackRock increased its investments in companies with significant Bitcoin holdings. The firm acquired over 620,000 Series A Perpetual shares and nearly 15 million shares of two commercial notes from Strategy (formerly MicroStrategy), bringing its total exposure to Strategy to over $4.23 billion.

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BlackRock Expansion into Bitcoin Mining Companies

BlackRock also expanded its investments in Bitcoin mining companies during Q1 2025. It purchased an additional 2.5 million shares in Riot Platforms and 3.8 million shares in MARA Holdings, bringing its total holdings to 27 million and 53.9 million shares, respectively . 

The firm also increased its exposure to other mining companies, including TeraWulf, Bitdeer, and BitDigital.

Overall BlackRock Bitcoin Exposure

As of the end of Q1 2025, BlackRock's total exposure to Bitcoin-related assets reached approximately $5.43 billion . This represents a significant increase from the previous quarter and indicates a strategic move to deepen its involvement in the cryptocurrency market.

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BlackRock Investment Implications for the Cryptocurrency Market

BlackRock's increased investments in Bitcoin and related assets reflect a growing institutional interest in cryptocurrencies. While Bitcoin still represents a small fraction of BlackRock's total assets under management, the firm's actions may influence other institutional investors to consider similar moves, potentially impacting the broader cryptocurrency market.

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FAQ

1. Why is BlackRock investing more in Bitcoin?

BlackRock sees Bitcoin as a valuable asset for portfolio diversification and long-term growth, especially with rising institutional adoption.

2. What is IBIT and why does it matter?

IBIT is BlackRock’s spot Bitcoin ETF. It lets investors gain direct exposure to Bitcoin without owning the crypto itself, making BTC more accessible.

3. How much Bitcoin exposure does BlackRock have?

As of Q1 2025, BlackRock has over $5.4 billion in Bitcoin-related assets, including ETFs, mining stocks, and company shares like MicroStrategy.

4. Does BlackRock invest in other Bitcoin ETFs?

Yes, BlackRock has expanded its holdings to include Fidelity’s FBTC and Grayscale’s GBTC, showing broader confidence in Bitcoin products.