Asset management firm Blackstone has made its foray into cryptocurrency markets by purchasing a small but significant stake in the iShares Bitcoin Trust ETF (IBIT). The purchase, valued at $1.08 million, is part of the firm’s $2.63 billion Alternative Multi-Strategy Fund and represents less than 0.1% of Blackstone’s overall portfolio, which reaches $1.2 trillion. This move indicates a cautious approach as it contrasts with peers such as the Wisconsin state pension fund, which sold its entire IBIT stake last quarter. Blackstone’s involvement highlights the growing interest in Bitcoin ETFs, specifically micro-Ibit ETFs, which have seen robust inflows since January 2024.