The world of digital assets has entered a new era. With the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs in January 2024, institutional adoption has accelerated at an unprecedented pace. Today, Bitcoin is no longer just a speculative asset held by early adopters and retail investors — it’s increasingly becoming a strategic allocation for hedge funds, asset managers, banks, and even state pension funds.
As of October 8, 2024, global Bitcoin ETFs hold over 1.1 million BTC, valued at approximately $68.7 billion**, representing **5.26% of Bitcoin’s total supply**. The U.S. dominates this landscape, accounting for **84.13%** of all ETF-held BTC — around **928,000 BTC**, worth nearly **$57.8 billion.
But who exactly is driving this demand?
By analyzing SEC Form 13F filings — quarterly reports required from institutions managing over $100 million in U.S. equities — we can uncover the true picture of institutional Bitcoin adoption.
👉 Discover how top financial institutions are positioning Bitcoin in their portfolios today.
What Is a 13F Filing?
Form 13F is a regulatory requirement enforced by the SEC that mandates institutional investment managers with over $100 million in qualifying assets under management to disclose their holdings in U.S.-traded securities, including stocks, ETFs, and certain derivatives. These reports are filed within 45 days after the end of each quarter.
While 13F data only captures institutions above the $100 million threshold — leaving out individual investors and smaller firms — it provides a powerful window into professional market sentiment and portfolio construction.
For Bitcoin ETFs, these filings reveal not just who is investing, but also the scale and evolution of institutional interest since the launch of spot ETFs.
Institutional Adoption: Key Insights from Q1 and Q2 2024
Q1 2024: The Floodgates Open
In the first quarter following ETF approval, 1,015 institutions reported holding approximately $11.72 billion in spot Bitcoin ETFs. This represented about 23.2% of the total U.S. Bitcoin ETF market at the time. The remaining 76.8% was attributed to non-filers — primarily retail investors or smaller entities below the reporting threshold.
Despite Grayscale’s GBTC experiencing significant outflows ($14.77 billion**), net inflows into newly launched ETFs like BlackRock’s IBIT and Fidelity’s FBTC reached **$12.13 billion, resulting in a total ETF AUM of $50.58 billion by March 31, 2024.
Among filers:
- 18 institutions held over $100 million in Bitcoin ETFs
- 106 held over $10 million
- 382 held more than $1 million
Most institutions allocated only a small fraction of their overall portfolios to Bitcoin, indicating cautious but growing interest.
Q2 2024: Institutions Double Down Amid Price Dip
Bitcoin prices fell by over 12% in Q2 2024, yet institutional participation continued to grow.
Total holdings among 13F filers dipped slightly to $11 billion — not due to selling, but because of price depreciation. In reality, many institutions were buying more shares as prices declined.
The number of reporting institutions increased to 1,100, up 8.37% from Q1. Given that there were 6,794 total 13F filers managing over $48.66 trillion in assets, this means nearly 1 in 6 institutional investors now holds Bitcoin ETFs.
Two-thirds of existing holders maintained or increased their positions, while 34% reduced or exited entirely — typical behavior during early-stage asset class adoption.
Types of Institutional Investors Buying Bitcoin ETFs
Hedge Funds: Early Adopters with Strategic Bets
Hedge funds were the largest institutional buyers in Q1, with 107 funds collectively holding $4.7 billion in ETFs — about 9.3% of total ETF assets.
Although some positions may serve hedging or arbitrage strategies rather than long-term conviction, the depth of engagement is notable.
According to River Financial, 60% of the top 25 U.S. hedge funds now hold Bitcoin ETFs.
Notable players include:
- Millennium Management: Held $19.4B in Q1; reduced to $11.45B in Q2
- Capula Investment Management: $464M in BlackRock and Fidelity ETFs
- Schonfeld Strategic Advisors: Maintained exposure despite value drop due to BTC price decline
👉 See which elite hedge funds are quietly building massive crypto positions.
Investment Advisors: The Quiet Giants
Registered Investment Advisors (RIAs) emerged as the largest group by count in Q2, surpassing hedge funds.
Over 700 advisory firms reported holdings, with Horizon Kinetics standing out as one of the most aggressive early adopters. It held $946 million in GBTC alone in Q1 — making it the second-largest holder behind Susquehanna International Group.
Even after BTC price drops, Horizon maintained nearly $819 million in exposure by Q2, signaling strong conviction.
Other major RIAs like ARK Investment Management ($205M**) and Pine Ridge Advisers (**$174M) also maintained substantial positions.
Banks & Financial Institutions: Testing the Waters
Traditional banks have been cautious but are entering the space through both direct investment and client-facing services.
While most bank-related ETF holdings remain modest:
- Goldman Sachs: Entered the market in Q2 with $418 million in holdings — now one of IBIT’s top three holders
- Morgan Stanley: Reduced from $272M to $189M but continues to offer clients access to IBIT and FBTC
- U.S. Bancorp: Held $13.09M across multiple ETFs; already offers crypto custody via its subsidiary
Some banks are exiting small test positions (e.g., JPMorgan sold its $731K stake), but this reflects portfolio rebalancing rather than rejection of the asset class.
Internationally:
- Zurich Cantonal Bank (Switzerland) launched crypto services for retail clients in September 2024
- DBS Group (Singapore) offers Bitcoin and Ethereum custody through its private banking arm
- Itaú Unibanco (Brazil) and Banco Galicia (Argentina) provide direct crypto trading
State Pension Funds: Public Money Enters the Market
Two U.S. state retirement systems have taken bold steps:
- Wisconsin Investment Board: First state fund to buy spot ETFs; invested $163M** in Q1 (IBIT + GBTC); reduced to **$98.9M in Q2
- Michigan Retirement System: Followed suit with a $6.6M purchase in Q2
These moves signal growing legitimacy for Bitcoin as a long-term store of value within public finance circles.
Why Are Institutions Investing Now?
According to Bitwise, most professional investors follow a predictable adoption path:
- Conduct due diligence
- Make personal allocations (“test the waters”)
- Gradually introduce to client portfolios
Data supports this: In Q2, the median institutional investor allocated just 0.47% of its portfolio to Bitcoin — a tiny but symbolic step toward broader integration.
Bloomberg analyst Eric Balchunas noted that Bitcoin ETFs have seen faster institutional uptake than any new financial product in history — outpacing even gold ETFs and Nasdaq’s QQQ.
For example:
- Gold ETF (GLD) launched in 2004; raised $1B in five days
- Only 95 institutions held it at first 13F filing
- By contrast, over 1,000 institutions held Bitcoin ETFs within two quarters
Even compared to QQQ — launched in 1999 — Bitcoin ETFs attracted triple the number of early institutional investors when adjusted for available data.
Global Bitcoin Ownership Beyond ETFs
As of October 8, 2024:
| Holder Type | BTC Held | Value | % of Supply |
|---|---|---|---|
| ETFs | 1,100,000+ | $68.7B | 5.26% |
| Governments | ~529,365 | $33.0B | 2.52% |
| Public Companies | ~363,827 | $22.7B | 1.73% |
| Private Companies | ~359,638 | $22.4B | 1.71% |
El Salvador remains the largest government holder with over 5,500 BTC, while firms like MicroStrategy continue to dominate corporate ownership with over 200,000 BTC on balance sheets.
Private firms such as Pantera Capital and Block.one also maintain large strategic reserves.
Frequently Asked Questions
Q: Can all institutions report their Bitcoin ETF holdings?
A: Only those managing over $100 million in U.S. equities must file Form 13F. Smaller firms and individuals are not required to disclose, meaning actual ownership is likely much broader than reported.
Q: Are institutions really buying more if values dropped in Q2?
A: Yes. Although reported values decreased due to a 12% drop in BTC price, the number of institutions rose from 1,015 to 1,100 — indicating net buying activity despite market conditions.
Q: Why do so many ETF holders remain anonymous?
A: About 76.8% of Bitcoin ETF investors are non-filers — mostly retail investors or smaller advisors below the $100M threshold. This mirrors patterns seen in early gold and tech ETF adoption.
Q: How does Bitcoin compare to other assets in terms of institutional ownership?
A: Compared to SPY (S&P 500 ETF) at 43.5% non-filer ownership or QQQ at 61.8%, Bitcoin’s 76.8% non-filer share shows it's still heavily retail-driven — but institutional penetration is accelerating fast.
Q: What’s stopping bigger banks from investing?
A: Regulatory caution and internal compliance policies are key barriers. However, as custody solutions mature and market stability improves, major banks are expected to increase allocations.
Q: How can I check if a company owns Bitcoin ETFs?
A: Use the SEC’s EDGAR database (sec.gov), search for “Form 13F-HR,” enter the company name and date range, then look for tickers like IBIT, FBTC, ARKB, or GBTC.
The Future of Institutional Crypto Adoption
Bitcoin ETFs have fundamentally changed the game.
They offer regulated, tax-efficient access without custody complexity — making them ideal for pension funds, endowments, and wealth managers.
With nearly one-sixth of all major U.S. institutions already invested and adoption growing quarter-over-quarter, Bitcoin is transitioning from fringe asset to mainstream portfolio component.
Family offices are following suit: A Citigroup report found that interest among global family offices doubled from 8% in 2023 to 17% in 2024, with Asia leading adoption at 37% engagement.
👉 Stay ahead of the next wave of institutional capital entering crypto markets.