Blackstone, the biggest alternative asset manager at a global level, is a brand with an asset worth $1.2 trillion. Now, they are entering the crypto market with a bang!!
Their latest investment is in Bitcoin ETFs. On May 20th, they revealed their BTC reserve filing to the US SEC.
Breaking Down The Investment
The BTC trust iShares has 23,094 shares, valued at around $1.008 million. Another ETF, ProShares Bitcoin Strategy (BITO), has 9,889 shares, worth $1,81,166. The last one is Bitcoin Depot Inc., which has around 4300 shares totalling $6,300.
Blackstone’s alternative investments fund, named BTMIX, invested. The agency looks over $2.63 billion worth of assets. This investment fetched 23,094 shares of the iShares Bitcoin Trust ETF.
The net investment is not noteworthy when compared with Blackstone’s huge portfolio. Nevertheless, the company’s positive attitude towards primary digital assets is a welcome move. Blackstone has been suspicious of cryptocurrencies.
In 2019, the CEO said that he had doubts regarding BTC. He also supported centralized currencies more than decentralized risk on assets.
However, things changed for the better when Blackstone made this surprise move. Since then, interest in Bitcoin ETFs has increased. After April 9, the BlackRock IBIT ETF saw a straight 20 trading days of peaking!
