Second-quarter 2026 Form 13F filings, reflecting positions as of June 30, showed uneven institutional Bitcoin ETF positioning as the broader fund complex recorded about $4.89 billion of net outflows during the quarter. Mubadala and Abu Dhabi Investment Council kept their BlackRock iShares Bitcoin Trust share counts unchanged, JPMorgan raised ordinary spot-Bitcoin-ETF holdings 25.53% to 10,623,591 shares, and Morgan Stanley cut external ETF units while newly reporting 2,570,627 shares of Morgan Stanley Bitcoin Trust. UBS increased IBIT call exposure to 1.95 million underlying shares from 80,000 and reduced put exposure to 143,300 from 303,300; separate reports on its direct IBIT holdings differed, with one citing 407,890 shares from 364,371 and another 414,191 from 365,894, so the filing supports a modest rise in outright holdings but not a single reconciled figure. Because 13F filings capture long securities and some held options but omit short positions, written options and account-level detail, they do not by themselves establish complete hedge books or unequivocal directional bets.