Between the initial and subsequent quarters of 2025, investment giant Brevan Howard significantly increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT), solidifying its position as the largest institutional shareholder with a 71% increase in holdings.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC) via its latest 13F form, the hedge fund now possesses approximately 37.5 million IBIT shares. These shares had an estimated value of $2.3 billion as of June 30, a considerable leap from the 21.9 million shares held during the first quarter.
Further illustrating its Bitcoin strategy, Brevan Howard also maintains a $25 million position in Bitcoin put calls, represented by 400,000 IBIT shares. The value of the London-based firm’s holdings, denominated in US dollars, experienced growth not only due to the increased share count but also from the notable price appreciation of Bitcoin (BTC) during this timeframe.
Bitcoin experienced a substantial rise, climbing from its March close of $82,511.47 to a June close of $107,168.23. This upward trajectory in price significantly enhanced the overall value of Brevan Howard’s expanded investment.
Previously, Brevan Howard held the position of the second-largest IBIT investor, following closely behind Goldman Sachs, which held IBIT shares valued at over $1.4 billion as of March.
The strategic accumulation of IBIT shares in the second quarter propelled Brevan Howard past Goldman Sachs, enabling it to seize the leading position among institutional investors.
In addition to Bitcoin, the hedge fund has also expanded its portfolio to include BlackRock’s iShares Ethereum Trust (ETHA) during the past quarter.
Crypto Dive
In September 2021, Brevan Howard established BH Digital to facilitate investment and operational activities across both public and private digital asset markets.
This dedicated crypto division has demonstrated impressive performance, with BH Digital achieving returns of 34.5% in the first quarter of 2024 while managing approximately $1.7 billion in assets.
Brevan Howard successfully raised over $1 billion for its primary crypto investment vehicle, marking the largest crypto hedge fund launch to date.
The firm adopts a comprehensive strategy that combines direct investments in crypto assets via BH Digital with holdings in exchange-traded funds (ETFs) within its traditional portfolios.
Since its launch in January 2024, IBIT has garnered substantial interest from institutional investors, accumulating over $91 billion in assets under management, according to Bold Report data.
Furthermore, Farside Investors’ data indicates that IBIT has amassed $58.5 billion in positive net inflows since inception, exceeding the second-largest spot Bitcoin ETF by a factor of nearly five.
Brevan Howard’s accumulation of Bitcoin ETFs is reflective of a wider trend of institutional adoption of cryptocurrency through regulated investment products.
The firm’s significant IBIT position underscores the growing trend of traditional asset managers incorporating digital assets into their institutional portfolios while leveraging the operational efficiency offered by ETF structures.