Wall Street Doubles Down on Bitcoin: IBIT, FBTC See Billions in New Inflows
Wall Street institutions significantly increased their exposure to Bitcoin during the second quarter, pouring billions into spot Bitcoin exchange-traded funds (ETFs) and crypto-linked U.S. equities, according to new filings with the Securities and Exchange Commission (SEC).
Brevan Howard and Goldman Sachs Lead the Charge
Macro hedge fund giant Brevan Howard nearly doubled its position in BlackRock’s iShares Bitcoin Trust (IBIT), raising its stake from 21.5 million shares in March to 37.9 million by the end of June.
The holding was valued at more than $2.6 billion based on IBIT’s June 28 closing price, making Brevan Howard one of the ETF’s largest institutional holders.
Goldman Sachs also expanded its footprint, reporting $3.3 billion combined in IBIT and Fidelity’s Wise Origin Bitcoin Trust (FBTC). Additionally, the bank revealed $489 million in the iShares Ethereum Trust (ETHA).
While these positions are more likely client holdings managed by Goldman Sachs Asset Management rather than direct bets from its trading desk, they underscore growing demand for digital asset exposure among institutional investors.
Harvard, Wells Fargo, and Cantor Fitzgerald Step In
Beyond hedge funds and banks, major U.S. universities and investment firms joined the rush. Harvard University disclosed a $1.9 billion position in IBIT, while Abu Dhabi’s sovereign wealth fund Mubadala reported $681 million.
Wells Fargo nearly quadrupled its IBIT holdings to $160 million, up sharply from $26 million last quarter, while keeping a modest $200,000 stake in the Grayscale Bitcoin Trust (GBTC). Cantor Fitzgerald also expanded its positions, adding more than $250 million in IBIT while increasing stakes in crypto-related equities, including MicroStrategy (MSTR), Coinbase (COIN), and Robinhood (HOOD).
Trading powerhouse Jane Street revealed a $1.46 billion position in IBIT — its largest portfolio holding after Tesla ($1.41 billion). The firm also increased its exposure to Strategy while trimming positions in FBTC.
Spot ETFs Fuel Institutional Adoption
Spot Bitcoin ETFs like IBIT, launched in January, are opening the door for Wall Street and institutional investors to access Bitcoin through traditional brokerage and custodial structures.
By removing the need to directly custody the asset, ETFs have lowered entry barriers, accelerating mainstream adoption.
Norway’s Sovereign Wealth Fund Grows Indirect Bitcoin Exposure
Overseas investors are also joining in — though often indirectly. Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), now holds the equivalent of 7,161 BTC through its equity stakes in crypto-adjacent firms, according to K33 Research.
NBIM’s year-end indirect exposure to BTC (Source: K33)
That figure represents an 87% increase from the end of 2024 and nearly a 200% surge year-over-year. The bulk of NBIM’s exposure comes through shares in Strategy, which holds over 200,000 BTC on its balance sheet. Additional exposure stems from positions in Marathon Digital, Coinbase, Block, and Japanese firm Metaplanet.
Despite the sharp rise, NBIM’s Bitcoin exposure remains a drop in the ocean compared to its $2 trillion portfolio. At a market price of $117,502 per BTC, the fund’s holdings are worth about $841 million — less than 0.05% of its total assets.
Growing Comfort, But No Major Strategic Shift Yet
The surge in institutional Bitcoin exposure reflects a growing level of comfort with digital assets across Wall Street and global investment firms. However, analysts caution that these moves represent incremental adoption rather than wholesale strategic pivots.
For now, Bitcoin remains a small — but fast-growing — slice of the institutional investment landscape.
