Macquarie Group reduced its position in BlackRock’s iShares Bitcoin Trust ETF, or IBIT, by roughly 62% in the second quarter of 2026, leaving about 1.6 million shares valued at $53 million to $55 million. That was down from approximately 4.139 million shares worth around $159 million at the end of the first quarter and marked a second consecutive quarterly reduction after a roughly 19% cut in Q1. The change appeared in a 13F filing submitted around August 14. Macquarie’s retreat came as institutional holdings of U.S. spot Bitcoin ETFs rose 7.5%, from 498,389 BTC to 535,723 BTC, according to an analysis of 13F filings compiled in the Bitcoin Strategy Institutional Adoption Report for Q2 2026. Total ETF holdings fell 6.6% to 1,211,322 BTC as Bitcoin declined 14.2% during the quarter, lifting institutional ownership to a record 44.2% from 38.4% at the end of Q1. Morgan Stanley and JPMorgan increased their IBIT positions, while Millennium and Jane Street also increased their Bitcoin ETF activity. Macquarie has not explained its reductions. Form 13F, a quarterly U.S. holdings disclosure, does not distinguish proprietary positions from assets managed for clients, so the change could reflect internal de-risking, client redemptions or mandate shifts. The next reporting cycle, expected in mid-November for Q3 positions, will show whether Macquarie continued cutting, stabilized or reversed course.