Arkham Intel Wallet Clusters’ Finbold Research Analysis shows that BlackRock has accumulated Ethereum (ETH) in 2025 with clips that are dramatically faster than Bitcoin (BTC), reshaping the balance of crypto exposures in asset managers’ chains.
On January 1, 2025, Arkham’s “BlackRock” entity showed 552,550 BTC ($5.116 billion at $92,595 location) and 1.07 million ETH ($35.9 billion at $3,354). By September 2, 2025, the same cluster reflects 737,350 BTC ($798.6 billion at $108,304) and 3.78 million ETH ($165.8 billion at $4,389).
During the period, Bitcoin Holdings rose to +184,800 BTC (+33.44%), while Ether Holdings expanded +271 million ETH (+252.55%). On a percentage basis, ETH accumulation exceeded BTC by 7.6 times, confirming the critical slope by asset managers towards Ethereum.
Therefore, in 2025, BlackRock purchased Ethereum, about seven times faster than Bitcoin, due to the growth rate of retained units, an elite-scale rotation that strengthens the institutional adoption narrative of Ether.
Increase in value of the Ethereum dollar
I’ll talk about the same thing about the dollar change. Arkham has marked BlackRock’s BTC Stack Up +$286.9 billion since the start of the year, with its ETH stack of $129.9 billion. Prices have risen, with Arkham rising 16.97% in the measurement window and ETH rising 30.84%, but token increases far outweigh the price rise, indicating net purchases rather than alone in the market. Simply put, most of ETH growth is not just beta but purchases.
This acceleration has shifted the portfolio mix. At the beginning of 2025, ETH represents approximately 6.6% of the portfolio value tracked by Arkham ($35.9 billion, $54.83 billion). As of September 2nd, ETH accounted for around 17.2% ($165.8 billion, $964.4 billion). That +10.6% Point Stock jump highlights a strategic Ray-Eight against Ethereum despite Bitcoin being its core position.
There are two reasons why it is important for the market. First, the increase in scale: +271 million ETH is meaningful for circular supply, adding large and steady bids to Esrixiti. Second, signal: institutional rebalancing towards ETH along with the maturation of ETH-linked products and flows towards ETH supports the paper that blue chip allocators are expanding beyond the Bitcoin-only framework.
