BlackRock, the world’s largest asset manager, saw the value of its on-chain cryptocurrency portfolio decline sharply in the first quarter of 2026, as falling prices offset continued Bitcoin ($BTC) accumulation and ongoing Ethereum ($ETH) outflows.
Between January 1 and March 31, 2026, the combined value of BlackRock’s Bitcoin and Ethereum holdings dropped from $78.36 billion to $57.89 billion, representing a $20.47 billion decrease, or a 26.12% decline, based on data calculated by Finbold from blockchain analytics platform Arkham.
The decline was driven primarily by market conditions rather than capital exiting the portfolio, with Bitcoin holdings increasing over the period while Ethereum exposure contracted.
