BlackRock’s cryptocurrency portfolio surged by $22.46 billion in the third quarter of 2025, largely driven by record inflows into Ethereum, according to Finbold’s Q3 2025 Cryptocurrency Market Report.
Between 1 July and 30 September, the value of BlackRock’s on-chain crypto holdings rose from $79.63 billion to $102.09 billion, representing a 28.2% increase over the quarter. Bitcoin contributed $10.99 billion in gains, up 14.6%, while Ethereum saw the most significant growth, climbing by $11.46 billion, a 262% rise that more than tripled the firm’s ETH exposure.
This marks the first time that Ethereum has outpaced Bitcoin in quarterly growth for BlackRock’s portfolio. As of 8 October, the firm’s Ethereum holdings totalled 3.89 million ETH, valued at $18.26 billion, up from $15.91 billion at the start of the month, highlighting the world’s largest asset manager’s strong commitment to ETH.
“Ethereum has clearly become the breakout story of BlackRock’s portfolio strategy,” said Jordan Major, Senior Analyst at Finbold. “While Bitcoin remains the backbone, the scale of ETH inflows we’re now seeing shows institutional demand is rapidly broadening with a decisive reallocation of capital at the highest levels of traditional finance.”
Momentum has continued into October. Between 1 October and 8 October, BlackRock’s crypto portfolio grew by a further $10.43 billion, averaging over $1 billion in fresh value per day. Ethereum accounted for $2.34 billion of this increase, while Bitcoin contributed $8.08 billion.
The latest figures build on a strong first half of 2025, during which BlackRock’s portfolio expanded by $23.91 billion, driven primarily by Bitcoin.
