Spot Bitcoin ETF Assets Reach Record $134.6 Billion in Q2
Institutional 13F filings show $33.6 billion in Bitcoin ETF exposure, led by Brevan Howard and Harvard Management, as advisors hold the largest share of reported assets.
Spot Bitcoin ETF assets climbed to $134.6 billion in the second quarter of 2025. Institutions disclosed $33.6 billion via 13F filings, with investment advisors controlling $17.4 billion, nearly double hedge funds’ $9 billion exposure. Brevan Howard Capital Management led with a $2.3 billion stake in BlackRock’s iShares Bitcoin Trust, while Harvard Management Company entered with $117 million, making Bitcoin holdings surpass gold in its endowment by dollar value. Institutions collectively added 57,375 BTC, while 75% of ETF assets remain with investors not required to file reports, mainly retail participants.
- Spot Bitcoin ETF: An exchange-traded fund that directly holds Bitcoin, allowing investors to gain exposure to the cryptocurrency without managing wallets or private keys.
- 13F Filing: A quarterly report required by the U.S. SEC that discloses the holdings of institutional investment managers with over $100 million in assets.
- Institutional Holdings: Investments held by large financial entities such as banks, hedge funds, or asset managers, often reflecting broader market sentiment.