BlackRock Buys $85.4 Million in Ethereum Amid Institutional Surge

BlackRock, the world's largest asset manager, made a significant move in the cryptocurrency market on July 3, purchasing 33,237.72 ETH worth $85.4 million. This acquisition marks one of BlackRock's largest single-day Ethereum purchases and signals a growing institutional confidence in the digital asset. The purchase was confirmed through ETF data filings and comes after a week of tepid performance from Ethereum spot ETFs, indicating a strategic shift in BlackRock's portfolio management.

This move by BlackRock is part of a broader trend of institutional investment in Ethereum. On the same day, the U.S. Ethereum Spot ETF market saw a dramatic turnaround, recording a total net inflow of $148.5 million. BlackRock's ETHA ETF led the way with an inflow of $85.4 million, followed by Fidelity’s FETH ETF with $64.6 million. This influx of capital into Ethereum spot ETFs suggests that institutional investors are increasingly viewing Ethereum as a viable long-term investment, despite regulatory uncertainties and short-term price fluctuations.

BlackRock's Ethereum purchase is just one part of its aggressive push into digital assets. According to the H1 2025 report, BlackRock added nearly $24 billion to its crypto holdings in the first half of the year. This includes a 31.3% increase in Bitcoin holdings, from $51.16 billion to $74.47 billion, and a 16.15% increase in Ethereum holdings, from $3.53 billion to $4.21 billion. The total crypto portfolio now stands at $78.67 billion, up from $54.77 billion at the start of the year. This growth is driven by the delivery of spot ETFs for both Bitcoin and Ethereum, which are based on physical holdings of the underlying assets.

Blockchain analytics companies have traced more than 1.17 million ETH and 575,860 BTC back to wallets believed to be linked with BlackRock’s ETF custodians. These figures are only what’s publicly verifiable, with over-the-counter deals and indirect exposures potentially pushing the firm’s real crypto exposure far above these numbers. This on-chain evidence of accumulation further underscores BlackRock's commitment to digital assets.

BlackRock's aggressive accumulation of Ethereum comes at a time when the broader crypto market is in a state of cautious optimism. While Bitcoin continues to dominate institutional flows, Ethereum's infrastructure developments, such as EIP-4844 (Proto-Danksharding) and rollup scalability, have been drawing attention. The Ethereum ecosystem is maturing, with the growth of liquid staking protocols like Lido, improvements in Layer 2 networks like Arbitrum and Optimism, and the increasing adoption of ERC-4337 account abstraction all pointing to a more user-friendly and efficient Ethereum network. Institutional players appear to be positioning ahead of these tech tailwinds, with BlackRock leading the charge.

BlackRock is not the only institutional player moving into crypto. Fidelity, Ark Invest, and Franklin Templeton have all increased their exposure in recent months. Fidelity’s Ethereum ETF attracted $64.6 million in inflows on July 3, while Ark’s Bitcoin ETF saw a weekly inflow of over $120 million just days prior. This wave of activity suggests that the crypto narrative in 2025 is evolving beyond hype and volatility toward structured, institutional-grade integration. As more institutional investors enter the market, the confidence in Ethereum as a long-term investment is likely to continue to grow, potentially leading to a second-half rally in the crypto market.