BlackRock significantly expanded its exposure to digital assets in the first half of 2025, adding nearly $24 billion to its cryptocurrency portfolio.
According to Finbold’s H1 2025 Crypto Market Report, the asset manager’s holdings surged from $54.77 billion on January 1 to $78.67 billion by June 30, a 30.38% gain.
Bitcoin accounted for the bulk of the growth. BlackRock’s BTC holdings jumped from $51.16 billion to $74.47 billion, an increase of $23.3 billion, or 31.3%. Ethereum also contributed meaningfully, rising from $3.53 billion to $4.21 billion, up $678.95 million or 16.15%.
This sharp increase stems from inflows into BlackRock’s spot Bitcoin ETFs and Ethereum ETFs, which began trading earlier this year. To back these products with real assets, BlackRock made substantial on-chain purchases of BTC and ETH throughout the first half of 2025.
BlackRock’s Q1 crypto holdings
By the end of Q1 2025, BlackRock held approximately 575,860 BTC and 1.17 million ETH, with a total crypto portfolio value of $49.85 billion. By June 30, its holdings had surged to $74.47 billion in BTC and $4.21 billion in ETH, pushing the portfolio’s total to $78.67 billion. That marks a $28.82 billion increase from Q1 to Q2 and a $23.91 billion gain across the first half of the year.
While the $23.91 billion surge is publicly visible through on-chain data, it’s important to note that these figures reflect only the wallets linked to ETF custody. The firm’s true crypto exposure, including OTC channels and indirect holdings, may be even higher.
