BlackRock holds at least $5.4b in Bitcoin-related holdings, new filing shows

BlackRock revealed its Bitcoin-related holdings, primarily tied to its multi-billion-dollar investments in Strategy.

Major financial institutions are steadily building their Bitcoin (BTC) positions. According to BlackRock’s form 13F filing, detailing its institutional holdings for the first quarter of 2025, the asset manager held $5.4 billion in Bitcoin-related equities in the United States.

The vast majority of these assets come from BlackRock’s exposure to Michael Saylor’s Strategy, which is currently the biggest Bitcoin holder. The company makes leveraged Bitcoin buying the core of its business model and often outperforms Bitcoin itself.

Currently, BlackRock holds over $4.23 billion in Strategy stocks, mostly in MSRT Class A stock, where its holdings amount to $4.16 billion. This accounts for the majority of its Bitcoin asset exposure.

BlackRock holds mining stocks, Bitcoin ETFs

BlackRock also has over $1.02 billion in various Bitcoin mining stocks, including Riot Platforms, Marathon Digital, and others. These companies don’t make holding Bitcoin their business model, but because Bitcoin is the main source of their revenue, they correlate significantly with BTC’s price.

Finally, BlackRock has $279 million exposure to various Bitcoin exchange-traded funds and trusts. Most of these funds are in the iShares Bitcoin Trust, where BlackRock has invested $274 million. The iShares ETF is one that BlackRock itself owns and operates, and currently has $47.78 billion in net assets.

BlackRock also has a smaller $5 million exposure to Fidelity’s Bitcoin ETF, and very small positions in the Grayscale BTC Trust and GBTC Mini, at just $13,034 and $1,460 respectively.

Form 13F is a quarterly report by investment managers, specifically those with over $100 million in assets under management. It includes all investments in U.S. publicly traded securities.

This means that BlackRock’s exposure to Bitcoin-related assets might be even larger. Additional exposure could come from private companies and publicly traded firms in other countries.