Blackstone buys $1M worth of Bitcoin ETF in first crypto bet

Summary

Blackstone disclosed its first crypto-related investment, purchasing shares in BlackRock’s spot Bitcoin exchange-traded fund, totaling approximately $1.08 million. This investment represents a small portion of Blackstone’s $1.2 trillion portfolio. As of March 31, Blackstone held 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) within its Alternative Multi-Strategy Fund, which has $2.63 billion in assets. Additionally, Blackstone acquired 4,300 shares in Bitcoin Depot Inc. for $6,300 and 9,889 shares of the ProShares Bitcoin ETF for $181,166. Historically, Blackstone has been cautious about crypto investments, with CEO Steve Schwarzman expressing skepticism about cryptocurrencies. The Wisconsin Investment Board recently liquidated its entire holding of IBIT shares worth $3.7 billion. BlackRock’s Bitcoin fund has seen consistent inflows, totaling over $46.1 billion since its January 2024 launch, with no outflows in six weeks.

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