U.S. Bitcoin ETFs: Institutional adoption continues in Q4 2024
5 min de lecture
The latest round of SEC 13-F filings unveil significant growth in the institutional ownership of U.S. Bitcoin ETFs. As of Q4 2024, professional investors with over $100m under management hold $27.4 billion worth of Bitcoin ETFs, a 114% increase from the previous quarter’s $12.4 billion. This aligns with, yet outpaces, the overall expansion of the US Bitcoin ETF market, which climbed 77% quarter-over-quarter to $104.1 billion in total assets under management (AuM).
Professional Managers Now Hold over a Quarter of the Us Bitcoin Etf Market
Professional investors, tracked through the 13-F filings, now represent 26.3% of total Bitcoin ETF AUM, up from 21.1% in Q3 2024.
Leading the charge are hedge funds and asset managers, whose combined holdings surpass those of all other institutional categories. Hedge funds alone now account for 41% of all 13-F Bitcoin ETF holdings, surpassing investment advisors for the first time.
Among the ETFs, several standout products dominate portfolios. The following products, as of year end, represent 86% of the U.S. bitcoin ETF market:
IBIT (iShares Bitcoin Trust): Institutions hold 306 million shares, representing 31.5% of its AUM, valued at $16.3 billion. This makes IBIT the most institutionally adopted product by total dollar value, with also the highest increase in 13-F ownership of 196% over the previous quarter.
FBTC (Fidelity Wise Origin Bitcoin Fund): With 59 million shares held by institutions, representing 25.5% of AUM, FBTC remains a steadily adopted product, increasing 72% in 13-F ownership over the previous quarter.
GBTC (Grayscale Bitcoin Trust): Institutions hold 34 million shares, representing 13.1% of AUM. While GBTC’s institutional share is lower than newer ETFs, its legacy status has maintained its significance, increasing 43% in 13-F ownership over the previous quarter.
Hedge Funds Take the Lead in Dollar Value Held Across 13-F Filers in Q4
Hedge funds overtook advisors as the largest institutional holders in Q4, representing 41% of all 13-F dollar holdings, up from 38% in Q3. While relatively small by number of holders, the largest allocations across all professionals are concentrated in a few hedge funds.
Top hedge fund holders include:
Millennium Management: The single largest holder, with $2.6 billion in Bitcoin ETF exposure across 6 different products.
Brevan Howard: Holding $1.4 billion, the firm has remained bullish on bitcoin, which stands as its second-largest position at 8.7%.
DE Shaw & Co: With $873 million, DE Shaw, known mainly as a quant strategy based fund, remains an active participant in the space.
Advisors and Brokerages Remain Active, and the First Government Enters the Market
While hedge funds slightly lead in dollar terms, investment advisors are neck and neck, representing 41% of 13-F holdings, and in a much larger clip across over 1,200 entities.
Goldman Sachs and Horizon Kinetics topped this category, holding $1.6 billion and $1.2 billion, respectively.
Additionally, brokerages like Jane Street ($1.7 billion) and DRW Securities ($365 million) continued to provide liquidity and market-making support.
A notable newcomer in Q4 was government entities, with the Emirate of Abu Dhabi filing for a $439 million position, marking the first sovereign bitcoin exposure disclosed through 13-F filings.
Bitcoin Securitization Accelerates, but Remains Unconventional Among Mainstream Players
The Q4 filings underscore the accelerating institutionalization of Bitcoin ownership. Professional investors now hold over a quarter of the total U.S. Bitcoin ETF market, and about one and a half percent of the total bitcoin supply, with hedge funds and advisors driving adoption.
As liquidity improves and regulatory clarity solidifies, Bitcoin’s role in institutional portfolios will no longer be speculative—it will become structural.
Looking ahead, continued growth of institutional ownership seems likely, particularly as more managers receive due diligence approval and consider bitcoin exposure. Within these filings, the beginning of sovereign holders—with a position by one of the largest sovereign wealth fund in the middle east—is emblematic of Bitcoin's investment potential.
As a firm that has championed bitcoin for over a decade we are refreshed to see our peers in the professional investment community begin to adopt bitcoin. And we view these filings as evidence of just that—a beginning for the mainstream.
Zooming out amidst the growth, let us draw attention to the fact that the average portfolio weighting of 13-Filers remains under 1%, and the majority of overall bitcoin ETF ownership remains concentrated among retail, smaller firms, and hedge funds. We aren’t surprised by the prudence of professional investors or the types of firms who moved quickly to allocate, however, over the long-term, we expect—and look forward to—bitcoin receiving larger allocations from funds with longer time horizons.
