Blackstone Makes First Crypto Move With Investment in BlackRock’s Bitcoin ETF

Blackstone, the largest alternative asset manager, has made its first foray into the crypto space. The asset manager, filing with the U.S. SEC, recently acquired 23,094 shares of BlackRock’s Bitcoin ETF (Bitcoin Trust ETF) worth $1.08 million through its Alternative Multi-Strategy Fund (BTMIX). 

Additionally, Blackstone acquired 9,889 shares of Bitcoin ETF from ProShares worth about $181,166 and 4,300 shares of Bitcoin Depot Incorporated, valued at $6,300. These investment moves highlight the growing institutional interest in cryptocurrency and ETFs by asset managers who have been historically cautious of dabbling in cryptocurrency. 

In 2019, CEO Stephen Schwarzman once expressed fear of entering the digital currency space due to volatility and high risks. However, his decision has since changed as institutional adoption has risen.