Brevan Howard Takes the Lead
Brevan Howard has significantly increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT). The hedge fund nearly doubled its holdings from 21.9 million shares in the first quarter to between 37.5 and 37.9 million shares in the second quarter, now valued at about $2.3 billion. This jump reflects both active accumulation and Bitcoin’s price rally.
With this move, Brevan Howard overtook Goldman Sachs to become the largest institutional holder of IBIT. In addition, the firm holds around $25 million in Bitcoin put options, covering roughly 400,000 IBIT shares, as part of its risk management strategy.
Goldman Sachs and Other Major Players
Goldman Sachs remains a key player, with roughly $3.3 billion invested across IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC), along with $489 million in iShares Ethereum Trust (ETHA).
Harvard University’s endowment also made headlines by allocating nearly $1.9 billion to IBIT, signaling growing acceptance of Bitcoin ETFs in the academic investment world. Other notable moves include:
- Abu Dhabi’s Mubadala Investment Company with $681 million in IBIT
- Wells Fargo increasing its IBIT position fourfold to $160 million
- Cantor Fitzgerald holding more than $250 million across ETFs and crypto-related stocks such as MicroStrategy, Coinbase, and Robinhood
Trading Firms and Sovereign Funds Expand Exposure
Jane Street, a major trading firm, now holds $1.46 billion in IBIT, making it its second-largest portfolio holding after Tesla. The firm also increased its MicroStrategy exposure while trimming FBTC positions.
Meanwhile, Norway’s sovereign wealth fund expanded its indirect Bitcoin exposure through stakes in MicroStrategy and Coinbase. Its Bitcoin-linked holdings jumped 192% year-over-year to 7,161 BTC, worth around $841 million. However, this still represents less than 0.05% of its $2 trillion portfolio.
What This Means for Crypto Markets
These filings show a strong vote of confidence in regulated crypto investment vehicles. Institutions are treating Bitcoin and Ethereum ETFs as safe, familiar ways to gain exposure to digital assets.
Brevan Howard’s aggressive accumulation, coupled with its hedging strategy, highlights a sophisticated and long-term approach to crypto investment. Furthermore, the participation of diverse institutions—hedge funds, banks, universities, trading firms, and sovereign wealth funds—points to a broadening acceptance of Bitcoin ETFs as part of mainstream portfolios.
