Blackstone, the world’s largest alternative asset manager, has made its first move into crypto by investing \$1.08 million in BlackRock’s spot Bitcoin ETF (IBIT), according to a May 20 SEC filing. As of March 31, it held 23,094 IBIT shares within its \$2.63 billion Alternative Multi-Strategy Fund. The firm also purchased 9,889 shares of the ProShares Bitcoin ETF and 4,300 shares of Bitcoin Depot Inc. Despite CEO Steve Schwarzman’s past skepticism about crypto, Blackstone’s small step into the space comes as BlackRock’s IBIT continues its strong momentum, with over \$46.1 billion in net inflows since launching in January 2024 and no outflows since April 9.

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