BlackRock buys 7x more Ethereum than Bitcoin in 2025
BlackRock buys 7x more Ethereum than Bitcoin in 2025 
Cryptocurrency Sep 3, 2025 Share
Finbold research analysis of Arkham Intel wallet clusters shows BlackRock has been accumulating Ethereum (ETH) at a dramatically faster clip than Bitcoin (BTC) in 2025, reshaping the balance of the asset manager’s on-chain crypto exposure.
On January 1, 2025, Arkham’s “BlackRock” entity showed 552,550 BTC ($51.16 billion at a spot of $92,595) and 1.07 million ETH ($3.59 billion at $3,354). By September 2, 2025, the same cluster reflected 737,350 BTC ($79.86 billion at $108,304) and 3.78 million ETH ($16.58 billion at $4,389).
Over the period, Bitcoin holdings rose +184,800 BTC (+33.44%) while Ether holdings swelled +2.71 million ETH (+252.55%). On a percentage basis, ETH accumulation outpaced BTC by 7.6x, confirming a decisive tilt toward Ethereum by the asset manager.
Thus, in 2025, BlackRock bought Ethereum roughly seven-times faster than Bitcoin, by percentage growth in units held, an elite-scale rotation that strengthens ETH’s institutional adoption narrative.
Ethereum dollar value increase
Dollar changes tell the same story. Year-to-date, Arkham marks BlackRock’s BTC stack up +$28.69 billion and its ETH stack up +$12.99 billion. Prices did rise, Arkham showed BTC up +16.97% and ETH up +30.84% over the measurement window, but the increase in tokens held far exceeds price appreciation, indicating net purchases rather than mark-to-market alone. Put simply: most of the ETH growth is buying, not just beta.
This acceleration has shifted the portfolio mix. At the start of 2025, ETH represented roughly 6.6% of the Arkham-tracked portfolio value ($3.59 billion of $54.83 billion). As of September 2, ETH accounts for about 17.2% ($16.58 billion of $96.44 billion). That +10.6 percentage-point jump in share underscores a strategic reweighting toward Ethereum even as Bitcoin remains the core position.
Why it matters for markets is twofold. First, the scale: a +2.71 million ETH increase is meaningful against circulating supply and adds a large, steady bid into ETH liquidity. Second, the signal: institutional rebalancing toward ETH, alongside the maturation of ETH-linked products and flows supports the thesis that blue-chip allocators are broadening beyond a Bitcoin-only framework.
