Constancy’s digital belongings beneath custody expanded by greater than $3 billion within the third quarter of 2025, rising from $45.13 billion on July 1 to $48.15 billion by September 30, in accordance with information obtained by Finbold Analysis.
Finbold extracted on-chain ETF holdings information for Constancy Clever Origin Bitcoin Fund (FBTC) and Constancy Ethereum Fund (FETH) and in contrast snapshots from July 1 and September 30 to trace adjustments in belongings beneath custody. The ensuing evaluation highlights Ethereum as the primary driver of development, reflecting the continued institutional adoption of sensible contract platforms.
Notably, the corporate’s ETH holdings jumped from 625,770 ETH to 853,380 ETH, and the extra 227,600 tokens translated into roughly $1.97 billion in added worth, as the worth rose from $2,502 to $4,139.
Apparently, the size of that enlargement is in distinction to Bitcoin, the place its custody stability decreased by roughly 4,160 BTC whilst its worth rose from $108,383 to $112,162. This divergence means that Constancy’s shoppers had been pivoting towards publicity to Ethereum in the course of the quarter, reflecting a shift within the institutional narrative past Bitcoin’s dominance.
Constancy Digital Asset Custody for Q2 and Q3 2025
After a combined first half of the yr, development continued within the third quarter. Within the second quarter, Constancy recorded sturdy development as its portfolio expanded by $11.05 billion, rising from $33.61 billion on the finish of March to $44.66 billion as of June 30.
Ethereum was as soon as once more the outstanding driver of enlargement, with balances rising by 131,560 ETH as the worth rose from $1,829 to $2,437, and the greenback worth of ETH rising from $904 million to $1.52 billion. Bitcoin additionally contributed considerably, with its worth leaping from $82,697 to $107,333, including $10.43 billion, however ETH’s price of enhance was a lot stronger.
Constancy Custody Q1 Efficiency
In distinction, Constancy’s belongings fell by $5 billion within the first quarter, falling from $38.61 billion on Jan. 1 to $33.61 billion on March 31, because of weak costs and decreased holdings. ETH was notably exhausting hit throughout this era, with its stability reducing by 156,000 tokens and its valuation plummeting by practically 60%.
Regardless of a weak first quarter, the corporate has managed so as to add roughly $9.54 billion to its storage enterprise year-to-date. Ethereum has emerged as a key driver of this restoration, with Constancy’s ETH reserves rising by over 350,000 ETH since March.
The magnitude of the distinction was evident all through the third quarter. BlackRock’s portfolio expanded by $22.46 billion from July to September, rising from $79.63 billion to $102.09 billion. Whereas Constancy’s $3.02 billion enhance is notable, it is lower than one-seventh of that quantity. Nevertheless, each firms had been closely tilted in the direction of Ethereum in the course of the quarter, highlighting the rising demand from institutional traders for sensible contract platforms alongside Bitcoin.
Regardless of the gaps, Constancy’s regular progress highlights that it nonetheless has an essential function to play in institutional custody of cryptocurrencies. The continued enlargement in Ethereum particularly displays giant asset managers diversifying their publicity past Bitcoin, a pattern that may speed up all through 2025.
