Fidelity’s digital asset custody rose by $3 billion in the third quarter of 2025, from $45.13 billion on July 1 to $48.15 billion on September 30, according to Finbold research.
Ethereum drove most of the gains. Holdings surged from 625,770 ETH to 853,380 ETH, adding 227,600 tokens worth nearly $2 billion as prices advanced from $2,502 to $4,139.
In contrast, Bitcoin balances slipped by 4,160 BTC, though higher prices lifted its value from $43.56 billion to $44.61 billion.
The Q3 expansion followed a strong second quarter, when Fidelity’s portfolio grew by $11.05 billion, after a $5 billion decline in Q1.
Year-to-date, custody assets are up $9.54 billion, led by Ethereum’s rebound of more than 350,000 ETH since March.
Jordan Major, Senior Analyst at Finbold, said, “What stands out in Fidelity’s Q3 performance is the outsized role Ethereum is playing in institutional portfolios. While Bitcoin remains the cornerstone, we are increasingly seeing major asset managers tilt toward ETH as a complementary hedge and growth play.
“This pivot signals a maturing market, where institutional investors are no longer treating Ethereum as a speculative asset but as a core component of long-term digital asset strategies.”
By comparison, BlackRock’s crypto portfolio expanded by $22.46 billion in Q3, but both firms leaned heavily into Ethereum, underscoring institutional demand beyond Bitcoin.
