BlackRock’s aggressive push into digital assets accelerated in the third quarter of 2025, with the asset manager adding $22.46 billion to its crypto portfolio, according to Finbold’s Q3 2025 Cryptocurrency Market Report.
Between July 1 and September 30, the value of BlackRock’s on-chain Bitcoin (BTC) and Ethereum (ETH) holdings surged from $79.63 billion to $102.09 billion, marking a 28.2% increase in just three months.
Bitcoin accounted for a $10.99 billion gain (up 14.6% from $75.26 billion to $86.25 billion), while Ethereum delivered even stronger returns, soaring $11.46 billion (a 262% gain from $4.37 billion to $15.83 billion).
While Bitcoin remains the backbone of BlackRock’s crypto portfolio, Ethereum has emerged as the fastest-growing component. The massive influx of ETH purchases in Q3 reshaped the firm’s allocation, with its Ethereum position more than tripling in value over the three-month period.
H1 vs. Q3 growth trajectory
The latest quarterly performance builds on an already strong first half of the year. In H1 2025, BlackRock’s portfolio grew by $23.91 billion, rising from $54.77 billion on January 1 to $78.67 billion on June 30. At the time, Bitcoin gains contributed $23.3 billion of that total, while Ethereum added $678.9 million.
Put together, BlackRock has added over $46 billion in crypto value since January 1, underscoring its position as the largest institutional holder of digital assets.
October momentum continues
The pace of accumulation has not slowed in Q4. Data tracked by Arkham shows that between October 1 and October 8, BlackRock’s portfolio grew by an additional $10.43 billion, averaging more than $1 billion in new value per day.
As of October 8, its Bitcoin stash stood at 769,220 BTC ($95.96 billion), while its Ethereum holdings reached 3.89 million ETH ($18.26 billion).
BlackRock’s outsized inflows continue to dwarf competitors. On October 6 alone, its iShares Bitcoin Trust (IBIT) accounted for 85% of all BTC ETF inflows, adding 6,447 BTC worth over $805 million. Its iShares Ethereum Trust (ETHA) captured 88% of ETH ETF inflows that same day, absorbing 45,672 ETH valued at $212.9 million.
Since the launch of spot ETFs earlier this year, BlackRock has repeatedly led the market, with inflows often exceeding those of all rivals combined.
