BlackRock, the world’s largest asset manager, significantly expanded its exposure to digital assets in 2025, adding more than $22 billion to its on-chain cryptocurrency portfolio over the course of the year, according to Finbold’s 2025 Cryptocurrency Market Report.
Between January 1 and December 31, 2025, the value of BlackRock’s Bitcoin (BTC) and Ethereum (ETH) holdings rose from $54.83 billion to $77.35 billion, representing a $22.52 billion increase, or a 41.07% annual gain, based on data from blockchain analytics platform Arkham.
The figures underscore not only sustained institutional demand for crypto assets, but also BlackRock’s tendency to deploy capital steadily through periods of consolidation rather than chasing short-term price surges.
Q1 2025 crypto ETF inflows set the tone
The year began amid choppy market conditions following the launch of U.S. spot Bitcoin and Ethereum ETFs. While prices fluctuated early in the quarter, ETF inflows consistently favored BlackRock’s iShares products, cementing the firm’s role as the dominant institutional gateway into crypto markets.
By the end of the first quarter, BlackRock held approximately 575,860 BTC and 1.17 million ETH, with a combined crypto portfolio valued at $49.85 billion. The temporary dip in valuation reflected broader market volatility rather than reduced exposure, as accumulation continued beneath the surface.
First half of 2025 Bitcoin leads while Ethereum builds
Momentum accelerated in the first half of the year. From January 1 to June 30, BlackRock’s crypto portfolio grew by $23.91 billion, climbing from $54.77 billion to $78.67 billion.
Bitcoin remained the backbone of the allocation, rising from $51.16 billion to $74.47 billion, a 31.3% increase. Ethereum also advanced, increasing by $678.95 million, from $3.53 billion to $4.21 billion, reflecting a more measured accumulation phase as institutional interest continued to develop.
Ethereum drives BlackRock crypto portfolio growth in Q3 2025
The most dramatic growth occurred during the third quarter. From early July through September 30, BlackRock’s crypto portfolio surged to $102.09 billion, a 28% increase in just three months.
While Bitcoin added nearly $11 billion in value over the period, Ethereum emerged as the fastest-growing component. ETH holdings jumped from $4.37 billion to $15.83 billion, a gain of more than 260%, highlighting rising institutional focus on Ethereum-linked yield, tokenization, and settlement use cases.
BlackRock crypto holdings consolidate in Q4 2025
Finbold’s analysis shows that BlackRock’s $22.52 billion increase in crypto exposure during 2025 was driven by continued demand flowing through its spot exchange-traded funds.
The Bitcoin and Ethereum tracked in this report reflect assets accumulated via BlackRock’s ETF platform, led by the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), as investors sought regulated access to digital assets throughout the year.
Rather than signaling a proprietary shift by BlackRock itself, the data highlights how institutional and retail capital increasingly used the firm’s ETFs as a preferred gateway into crypto markets.
Even as prices consolidated in the fourth quarter, inflows remained resilient, reinforcing the view that digital assets are being treated less as a short-term trade and more as a long-duration allocation within diversified portfolios.
Source: https://finbold.com/blackrock-buys-over-22-billion-in-cryptocurrencies-in-2025-finbold-finds/
