Institutional investors significantly increased their exposure to Bitcoin (BTC) via exchange-traded funds (ETFs) in the second quarter of 2025, reaching a total of $33.6 billion. This demonstrates a growing acceptance of Bitcoin as a legitimate investment asset among professional money managers.
On August 25th, Bloomberg ETF analyst James Seyffart shared data indicating that institutional buyers collectively added 57,375 BTC across all tracked ETF categories, highlighting substantial investment inflows.
Analysis from Bloomberg Intelligence reveals that investment advisors now control $17.4 billion in Bitcoin ETF holdings. This figure is almost double the $9 billion in Bitcoin ETF exposure held by hedge fund managers, emphasizing the prominent role of advisors in this investment trend.
Brevan Howard Capital Management has risen to become the largest institutional shareholder of Bitcoin ETFs among the new entrants. The investment firm boosted its holdings of the BlackRock iShares Bitcoin Trust (IBIT) by 71%, reaching 37.5 million shares valued at $2.3 billion as of June 30th.
Harvard Management Company has entered the Bitcoin ETF market, disclosing a $117 million investment in IBIT. This Bitcoin allocation positions itself among Harvard’s larger US-listed holdings, such as Microsoft at $310 million and Amazon around $235 million, accounting for approximately 8% of their reported portfolio.
Interestingly, the university endowment’s Bitcoin holdings now surpass its gold holdings in dollar terms. The SPDR Gold Trust position was valued at approximately $102 million at the close of the quarter.
Broad-Based Increases Across Categories
Seyffart also pointed out that investment advisors now stand as “by far the biggest holders” of spot Bitcoin ETFs, having added 37,156 BTC during the second quarter, bringing their total holdings to 161,909 BTC.
He noted that nearly every category within the fifteen listed showed increased exposure during the second quarter, with the exception of pension funds, which maintained stable positions of $10.7 million.
Brokerage firms increased their Bitcoin ETF allocations to $4.3 billion, representing the second-largest addition among institutions with 13,911 BTC. Banks recorded the third-largest increase, allocating 2,476 BTC and now holding roughly $655 million in Bitcoin through ETF shares.
The $17.4 billion allocated by investment advisors is larger than the combined holdings of hedge funds, brokerages, and holding companies, suggesting a growing trend of Bitcoin integration within professional wealth management strategies.
Seyffart clarified that the $33.6 billion allocated by institutional investors, as reported in 13F filings, accounts for only 25% of the total Bitcoin ETF shares outstanding.
He further stated:
“The remaining 75% are held by non-filers, which is primarily comprised of retail investors.”
Despite the growing interest from institutional investors, retail investors continue to be a major driver of Bitcoin ETF flows.