Blackstone, the world’s largest alternative asset manager with over $1.2 trillion in assets, has made its first crypto-related investment—though it’s far from a major bet. According to a May 20 filing with the U.S. Securities and Exchange Commission, Blackstone disclosed a modest $1.08 million investment in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
The firm reported owning 23,094 shares of IBIT as of March 31, a position held within its Alternative Multi-Strategy Fund (BTMIX), which manages $2.63 billion in assets.
Blackstone also disclosed smaller crypto holdings, including 4,300 shares of Bitcoin Depot (NASDAQ:BTM), valued at just $6,300, and 9,889 shares of ProShares Bitcoin Strategy ETF (BITO), worth $181,166.
Despite its reputation for embracing unconventional assets, Blackstone has traditionally kept its distance from digital currencies. CEO Steve Schwarzman once dismissed Bitcoin’s use as money as “pretty odd for my test,” emphasizing his belief in state-controlled currencies.
Still, Blackstone's toe-dip into crypto signals shifting institutional sentiment. The firm had $37 billion in dry powder ready to deploy as of March 31.
Interestingly, the move comes just days after the Wisconsin Investment Board revealed it had sold off its entire $3.7 billion IBIT position, signaling contrasting views among institutional giants.