BlackRock’s Bitcoin exposure rises to over $5 billion as of the end of Q1

BlackRock expanded its exposure to Bitcoin-linked assets in the first quarter of 2025, pushing its total investments to more than $5.4 billion, according to data from Timechainindex.

Between the last quarter of 2024 and March 2025, BlackRock added over 3.2 million shares of the iShares Bitcoin Trust (IBIT) to its portfolio. This move brought its total IBIT holdings to around 5.85 million shares, valued at roughly $274 million.

In an interesting shift, BlackRock also began investing in rival spot Bitcoin ETFs. It purchased nearly 71,000 shares of Fidelity’s FBTC and made smaller allocations to Grayscale’s GBTC and GBTC Mini products.

This marks the firm’s first foray into rival ETFs, reflecting a broader strategy aimed at tapping into multiple channels of Bitcoin market exposure. Combined, these holdings are valued at more than $5 million.

Altogether, BlackRock’s total position in spot Bitcoin ETFs has reached approximately $279 million.

At the same time, the firm increased its exposure to companies with direct ties to Bitcoin.

The asset management firm increased its stake in Strategy (formerly MicroStrategy) to over 14.4 million shares during the quarter. The firm also acquired more than 620,000 of MicroStrategy’s Series A preferred shares and nearly 15 million shares across two of the company’s commercial notes.

These positions bring BlackRock’s total exposure to Strategy to over $4.23 billion.

Meanwhile, BlackRock also deepened its positions in Bitcoin mining companies, pushing its investments in these cohorts to almost $1 billion, with investments in Riot Platforms, Marathon Digital, TeraWulf, and others.