Blackstone has reported its first venture into cryptocurrency by acquiring over $1 million worth of shares in BlackRock's spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT). As of March 31, Blackstone held 23,094 shares of the IBIT, amounting to approximately $1.08 million, which is a small fraction of its overall $1.2 trillion portfolio. The investment was disclosed in a filing to the US Securities and Exchange Commission. Additionally, Blackstone purchased shares in Bitcoin Depot Inc., a crypto ATM operator, and invested in the ProShares Bitcoin ETF, further diversifying its crypto investments. Historically, Blackstone has been cautious about cryptocurrency, with CEO Steve Schwarzman expressing skepticism in the past. Nevertheless, amidst growing interest, BlackRock's Bitcoin fund has seen significant inflows, totaling over $46.1 billion since its launch in January 2024, with no outflows recorded in six weeks, demonstrating strong market interest despite initial hesitancy from institutional investors.

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