Key facts
- Barclays' IBIT stake rose to 3.94 million shares from 2.66 million shares at the end of June, per its Form 13F filing.
- Citigroup's IBIT holdings rose 50% to about 521,000 shares from 347,000 at the end of June.
- Bitwise said investment advisers remained the largest reported holders at $3.5 billion, or 66.6% of positions, up from $2.2 billion.
- Bitwise compared 1,389 institutions that had filed third-quarter reports by Friday; combined holdings rose to $5.25 billion from $3.35 billion.
- JPMorgan, Wells Fargo and hedge funds Millennium and Schonfeld had not yet reported third-quarter positions ahead of the Monday deadline.
- PrimeXBT analyst Jonatan Randin said IBIT gained about 41% in price in the third quarter, so dollar gains do not necessarily reflect new buying.
Barclays reported holding 3.94 million shares in BlackRock's iShares Bitcoin Trust ETF (IBIT) at the end of the third quarter, up 48% from 2.66 million shares, according to its Friday Form 13F filing. The position was worth about $187 million on September 30, compared with $88.5 million on June 30.
Citigroup reported a new position worth about $119 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), and its IBIT holdings rose 50% to about 521,000 shares from 347,000 at the end of June. The filings give an early reading of institutional Bitcoin ETF ownership; institutional investment managers have until Monday to file third-quarter holdings reports.
Bitwise data shared with Cointelegraph showed banks accounted for $258 million, or 4.9%, of reported spot Bitcoin ETF holdings among early third-quarter filers, up from $107 million, or 3.2%, in the second quarter. Investment advisers remained the largest holders at $3.5 billion, or 66.6% of reported positions, up from $2.2 billion. Bitwise compared holdings across the two quarters for the 1,389 institutions that had filed by Friday; their combined spot Bitcoin ETF holdings rose to $5.25 billion from $3.35 billion.
"Early readings suggest longer-term holders make up a growing share of the spot bitcoin ETF investor base," Bitwise analyst Camran Khosravi told Cointelegraph, pointing to increased bank exposure including at Citigroup. Khosravi said financial advisers at major banks and wealth platforms can now recommend Bitcoin ETFs to clients.
The figures are preliminary. JPMorgan, Wells Fargo and hedge funds Millennium and Schonfeld had not reported positions ahead of the deadline. PrimeXBT senior market analyst Jonatan Randin told Cointelegraph that dollar increases do not necessarily reflect fresh buying, noting IBIT gained about 41% in price in the third quarter and that the filings capture holdings as of September 30, before Bitcoin's subsequent decline and spot ETF outflows.