# Fidelity’s Impressive Growth in Crypto Holdings: A Finbold Report
In the third quarter of 2025, Fidelity Investments witnessed a substantial increase in its digital asset custody, with holdings surging by over $3 billion. This growth propelled Fidelity’s total assets from $45.13 billion on July 1 to $48.15 billion by September 30, as per findings by Finbold research.
## Ethereum Takes the Lead in Driving Growth
Finbold meticulously analyzed the on-chain ETF holdings data for the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH) by comparing snapshots from July 1 and September 30. The results underline Ethereum’s pivotal role in the uptick, illustrating the continuous institutional adoption of smart contract platforms.
### Key Findings: Ethereum Outshines Bitcoin
Fidelity’s Ethereum holdings surged impressively from 625,770 ETH to 853,380 ETH, indicating a remarkable addition of 227,600 tokens. This surge in holdings translated into an added value of nearly $1.97 billion, as Ethereum prices rallied from $2,502 to $4,139.
## The Shift Towards Ethereum From Bitcoin
Interestingly, while Fidelity’s Ethereum exposure flourished, Bitcoin custody balances experienced a slight decline of around 4,160 BTC. This divergence suggests a significant narrative shift among Fidelity’s clientele towards Ethereum during the quarter, signaling a changing scenario beyond Bitcoin dominance.
### Q2 vs. Q3 2025: A Transformational Period for Fidelity
Following a mixed first half of the year, Fidelity witnessed substantial growth in the second quarter, with assets expanding by $11.05 billion. The total portfolio rose from $33.61 billion at the end of March to $44.66 billion on June 30, driven primarily by Ethereum.
In stark contrast, the first quarter saw a negative trend, with assets diminishing by $5 billion amidst a market slump. Despite this setback, Fidelity managed to add approximately $9.54 billion year-to-date, underscoring its resilience and growth trajectory in the crypto custody landscape.
## Institutional Appetite for Smart Contract Platforms
While Fidelity’s $3.02 billion increase in the third quarter stands out, it pales in comparison to BlackRock’s $22.46 billion expansion during the same period. Nevertheless, both firms displayed a preference for Ethereum, emphasizing the growing institutional interest in smart contract platforms alongside Bitcoin.
## Conclusion
Fidelity’s consistent progress in expanding its crypto holdings, particularly in Ethereum, signifies its significant presence in institutional crypto custody. The strategic diversification beyond Bitcoin underlines the evolving trends in the cryptocurrency market as institutions increasingly embrace alternative digital assets.