2026-1-4 03:00 |
BlackRock pushed into digital assets massively in 2025, with on-chain data revealing just how aggressive the leading asset manager became in accumulating Bitcoin and Ethereum.
Blockchain tracking data shows that the world’s largest asset manager expanded its cryptocurrency holdings by more than $23 billion in 2025, and this is one of the biggest institutional accumulation phases seen in the year. The figures highlight a sustained commitment to Bitcoin and Ethereum, even as price action turned bearish towards the end of the year.
BlackRock’s Crypto Portfolio Expansion Through 2025Crypto was at the forefront of BlackRock’s investment strategy in 2025. According to data from on-chain analytics platform Arkham Intelligence, BlackRock’s on-chain cryptocurrency holdings at the start of 2025 were $54.83 billion. By January 1, 2026, that figure had risen to about $78.36 billion, representing a net increase of roughly $23.52 billion over the course of the year.
These figures mean that by the end of 2025, BlackRock’s crypto portfolio had grown by about 43% compared to the start of the year. Unsurprisingly, the accumulation was concentrated almost entirely in Bitcoin and Ethereum, the two biggest assets leading institutional exposure to the crypto industry.
Bitcoin was the dominant holding by value. BlackRock’s BTC stash grew from around 552,550 BTC worth about $51.16 billion in January 2025 to about 770,290 BTC valued at $68.05 billion in January 2026. This translates to an increase of approximately 217,740 BTC, adding about $16.88 billion to the firm’s portfolio based on year-end valuations.
Even with Bitcoin’s price down about 5% from January 2025, the increase in BTC units held grew by 39%, which, in turn, pushed the total value higher.
Ethereum, although smaller in absolute terms, saw even faster relative growth. Holdings expanded from 1.07 million ETH valued at $3.59 billion in January 2025 to about 3.47 million ETH worth $10.31 billion in January 2026. That represents an increase of nearly 2.4 million ETH, contributing around $6.71 billion to BlackRock’s crypto holdings in 2025.
These numbers mean that BlackRock’s ETH holdings grew by more than 224% over the year, far outpacing Bitcoin’s 39% increase.
ETFs And Institutional Demand Motivated $23 Billion AccumulationThe bulk of BlackRock’s crypto buying in 2025 was due to persistent inflows into its spot exchange-traded products. Investor demand for regulated exposure to Bitcoin and Ethereum was strong for much of the year, particularly during rallies that pushed both assets toward fresh all-time highs.
At the same time, corrective phases in the crypto market were accompanied by notable ETF outflows. This trend supports the view that Bitcoin and Ethereum price action is becoming increasingly linked to ETF activity, and BlackRock is the dominant issuer within those flows.
BlackRock has not yet established a presence in the XRP market. The asset manager does not currently offer a Spot XRP ETF, and spokespersons have previously stated that the company has no immediate plans to launch one.
Featured image from Getty Images, chart from TradingView
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