Fidelity has substantially increased its exposure to digital assets this year, with its cryptocurrency holdings rising by more than $5.3 billion year-to-date, according to new research published by Finbold.
Analysis based on data from Lookonchain and Arkham reveals that Fidelity’s two flagship spot crypto ETFs — the Fidelity Bitcoin ETF (FBTC) and the Fidelity Ethereum ETF (FETH) — reported combined holdings of 201,163 BTC and 462,250 ETH, valued at $20.55 billion as of 1 January 2025.
By 20 August 2025, those positions had shifted to 199,127 BTC and 728,939 ETH, with a total market value of $25.92 billion — representing a 26.1% increase, equating to an additional $5.37 billion in exposure over less than eight months.
Ethereum leads the growth
While Fidelity’s Bitcoin exposure dipped slightly in unit terms (down 2,000 BTC), its BTC holdings grew by $3.76 billion (+19.8%) thanks to Bitcoin’s rally from $92,595 to $113,500 over the same period.
Ethereum, however, saw the most dramatic growth. Fidelity’s ETH stash rose from 462,250 ETH to 728,939 ETH, a 62% increase in tokens held, resulting in a 103.9% surge in value from $1.55 billion to $3.16 billion.
Beyond ETFs
Fidelity’s exposure extends well beyond ETFs. Through Fidelity Custody, the firm safekeeps assets for institutional clients including corporates and hedge funds. According to Arkham data, Fidelity’s broader custody balance stood at $46.21 billion as of August 20, nearly $10 billion higher than at the start of 2025 at $36.22 billion.
Jordan Major, Chief Editor at Finbold, commented:
“Fidelity’s $5 billion expansion this year highlights just how quickly institutional appetite for digital assets is scaling. While Bitcoin remains the anchor, Ethereum’s explosive growth inside Fidelity’s ETFs suggests that institutional investors are increasingly viewing ETH not just as a secondary play, but as core infrastructure in the digital economy.”
Diana, Research Analyst at Finbold, added:
“The acceleration of Fidelity’s crypto holdings reinforces a broader trend we’ve been tracking: traditional finance giants are competing to dominate the ETF and custody space. With BlackRock’s crypto portfolio surging by $49 billion in 2025 and Fidelity’s own holdings climbing steadily, the race for institutional dominance in digital assets is now clearly underway.”
As of today, Fidelity manages over $45 billion in digital assets under custody, cementing its role as one of the largest traditional finance players in the crypto ecosystem. This trend is expected to accelerate as spot ETFs deepen their foothold in U.S. capital markets.
