Key Takeaways
- • Barclays raised its BlackRock iShares Bitcoin Trust (IBIT) holdings by 48% to 3.94 million shares as of September 30, up from 2.66 million shares in June, with the position valued at $187 million versus $88.5 million in the prior quarter.
- • Citigroup reported a new position of roughly $119 million in Fidelity's Wise Origin Bitcoin Fund (FBTC) and lifted its IBIT holdings about 50% to 521,000 shares from 347,000 in June.
- • Banks' share of reported spot Bitcoin ETF holdings rose to 4.9% in the third quarter, or about $258 million among early Q3 filers, up from 3.2% ($107 million) in Q2, according to Bitwise.
- • US spot Bitcoin ETFs recorded roughly $6.34 billion in net inflows in Q3 per SoSoValue, but roughly $2.1 billion in net outflows had been recorded in the fourth quarter through Thursday.
- • Filings from JPMorgan, Wells Fargo, Millennium and Schonfeld have not yet been released, and experts caution that rising Bitcoin prices can lift holdings' dollar value without new purchases.
Summary
Major Wall Street banks increased their exposure to Bitcoin exchange-traded funds in the third quarter, according to 13F-style holdings reports cited by CoinCodex. Barclays held about 3.94 million shares of BlackRock's iShares Bitcoin Trust (IBIT) as of September 30, a 48% increase from 2.66 million shares held in June. The position's value rose to $187 million from $88.5 million in the previous quarter.
Citigroup also expanded its Bitcoin ETF exposure. The bank reported a new position worth around $119 million in Fidelity's Wise Origin Bitcoin Fund (FBTC) and increased its IBIT holdings by roughly 50%, to 521,000 shares from 347,000 in June.
According to Bitwise findings, banks held about $258 million in spot Bitcoin ETFs among early third-quarter filers, equal to 4.9% of their total holdings. That compares with $107 million, or 3.2%, in the second quarter. Investment advisers remained the largest holders, with reported holdings of $3.5 billion, or 66.6% of the total, up from $2.2 billion in Q2. Bitwise analyst Camran Khosravi said, "Early readings suggest longer-term holders make up a growing share of the spot bitcoin ETF investor base."
Flows present a mixed picture. According to SoSoValue data, US spot Bitcoin ETFs recorded about $6.34 billion in net inflows during the third quarter, but the trend reversed in the fourth quarter, with nearly $2.1 billion in net outflows through Thursday. Experts cautioned that higher ETF holdings do not necessarily reflect new institutional buying, since rising Bitcoin prices can increase the dollar value of existing positions.
Filings from JPMorgan, Wells Fargo, Millennium and Schonfeld have not yet been released for the third quarter, and their disclosures could further clarify the scale of institutional demand for Bitcoin ETFs.
Citigroup also expanded its Bitcoin ETF exposure. The bank reported a new position worth around $119 million in Fidelity's Wise Origin Bitcoin Fund (FBTC) and increased its IBIT holdings by roughly 50%, to 521,000 shares from 347,000 in June.
According to Bitwise findings, banks held about $258 million in spot Bitcoin ETFs among early third-quarter filers, equal to 4.9% of their total holdings. That compares with $107 million, or 3.2%, in the second quarter. Investment advisers remained the largest holders, with reported holdings of $3.5 billion, or 66.6% of the total, up from $2.2 billion in Q2. Bitwise analyst Camran Khosravi said, "Early readings suggest longer-term holders make up a growing share of the spot bitcoin ETF investor base."
Flows present a mixed picture. According to SoSoValue data, US spot Bitcoin ETFs recorded about $6.34 billion in net inflows during the third quarter, but the trend reversed in the fourth quarter, with nearly $2.1 billion in net outflows through Thursday. Experts cautioned that higher ETF holdings do not necessarily reflect new institutional buying, since rising Bitcoin prices can increase the dollar value of existing positions.
Filings from JPMorgan, Wells Fargo, Millennium and Schonfeld have not yet been released for the third quarter, and their disclosures could further clarify the scale of institutional demand for Bitcoin ETFs.
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