Wall Street increased its investments in bitcoin during the second quarter, adding positions in spot bitcoin exchange-traded funds (ETFs) and U.S. stocks closely linked to the cryptocurrency’s value, as revealed in new filings with the Securities and Exchange Commission (SEC).
Brevan Howard nearly doubled its stake in BlackRock’s iShares Bitcoin Trust (IBIT) during this period, according to a securities filing. The macro-focused hedge fund held 37.9 million shares at the end of June, up from about 21.5 million in March.
This investment was valued at over $2.6 billion based on IBIT’s closing price on June 28, positioning Brevan Howard as one of the largest reported institutional holders of IBIT alongside Goldman Sachs, which expanded its investment to $3.3 billion in IBIT and Fidelity’s Wise Origin Bitcoin Trust (FBTC). Goldman also held $489 million in the iShares Ethereum Trust (ETHA), according to another filing.
Goldman’s holdings of the ETFs do not necessarily represent a direct bet on bitcoin’s value by its trading desk; they likely reflect positions managed by Goldman Sachs Asset Management on behalf of its clients.
Brevan Howard, known for macro trading, has been actively engaged in the crypto market and operates a specialized digital asset division called BH Digital, which manages billions in assets and invests in blockchain infrastructure, decentralized finance, and related technologies.
Harvard, Wells Fargo, and More
Other notable investors in IBIT include Harvard University, which reported a $1.9 billion stake in the ETF, and Abu Dhabi’s Mubadala Investment Company, which continues to hold $681 million.
Among U.S. banks, Wells Fargo nearly quadrupled its IBIT holdings to $160 million, up from $26 million in the previous quarter, while keeping a $200,000 investment in the Grayscale Bitcoin Fund (GBTC).
Cantor Fitzgerald also increased its investments to over $250 million, enhancing its stakes in crypto-related stocks like Strategy (MSTR), Coinbase (COIN), and Robinhood (HOOD), among others.
Trading firm Jane Street disclosed a $1.46 billion investment in IBIT, marking the largest single position in its portfolio after Tesla (TSLA) at $1.41 billion. It expanded its stake in MSTR while reducing holdings in FBTC.
Spot bitcoin ETFs like IBIT, which launched in January, enable investors to gain exposure to bitcoin’s price without directly holding the cryptocurrency. This framework allows traditional institutions to participate in the crypto market through familiar brokerage and custodial arrangements.
Norway Increases Holdings
For some international entities, accessing bitcoin is simpler through U.S.-listed companies that hold substantial BTC on their balance sheets.
This method is being adopted by Norway’s sovereign wealth fund, along with various other European state-backed investors, who prefer equity positions in crypto-related firms over direct cryptocurrency holdings.
Norges Bank Investment Management (NBIM), the investment branch of the Norwegian central bank managing the country’s $2 trillion pension fund, now indirectly holds 7,161 BTC, representing a 192% increase from 2,446 BTC a year ago, and an 87% increase from the 3,821 BTC it possessed at the end of 2024.
The largest portion of its exposure—3,005 BTC—comes through shares in Strategy. The remainder is distributed among companies like Marathon Digital, Coinbase, Block, and Metaplanet. K33 also counted GameStop and several smaller holdings as part of the total.
Nonetheless, the exposure remains minimal in context. Norway’s fund has stakes in thousands of companies worldwide, and the value of its bitcoin-linked investments is a small fraction of its total holdings. At the current market price of $117,502 per BTC, the fund’s 7,161 BTC is valued around $841 million—less than 0.05% of the $2 trillion portfolio.
The significant increase over the past year may indicate growing institutional confidence in the asset class, but it doesn’t represent a significant strategic shift—yet.
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