Key Takeaways
- • Barclays increased its BlackRock IBIT position by 48% to 3.94 million shares, valued at about $187 million as of Sept. 30, up from $88.5 million for 2.66 million shares on June 30, according to a Form 13F filing reported by Cointelegraph.
- • Bank holdings in U.S. spot Bitcoin ETFs rose to $258 million, or 4.9% of reported positions among early Q3 filers, up from $107 million, or 3.2%, in Q2, per Bitwise data.
- • Citigroup disclosed a new position of about $119 million in the Fidelity Wise Origin Bitcoin Fund and raised its IBIT holdings 50% to about 521,000 shares.
- • U.S. spot Bitcoin ETFs recorded $6.34 billion in net inflows in Q3, followed by roughly $2.1 billion in net outflows in Q4 through the reporting date, according to SoSoValue.
- • Analysts caution that higher dollar values largely reflect IBIT's roughly 41% price gain in Q3 rather than necessarily new institutional buying, since filings predate later Bitcoin weakness and outflows.
Summary
Banks increased their exposure to spot Bitcoin exchange-traded funds in the third quarter, according to early 13F filings compiled by Bitwise and reported by Cointelegraph. Barclays disclosed in a Friday filing that it held 3.94 million shares of BlackRock's iShares Bitcoin Trust (IBIT) at the end of September, a 48% increase from the prior quarter. The position was valued at about $187 million on Sept. 30, compared with $88.5 million for 2.66 million shares on June 30.
Bitwise data shows bank holdings across reported spot Bitcoin ETF positions reached $258 million, or 4.9%, among the 1,389 institutions that had filed Q3 reports by Friday, up from $107 million, or 3.2%, in the second quarter. Citigroup also expanded its footprint, reporting a new position of roughly $119 million in the Fidelity Wise Origin Bitcoin Fund and a 50% increase in its IBIT holdings to about 521,000 shares from 347,000 at the end of June. Investment advisers remained the largest holder group, with $3.5 billion, or 66.6%, of reported positions, up from $2.2 billion previously. The combined value of reported holdings for the filers rose to $5.25 billion from $3.35 billion. Bitwise analyst Camran Khosravi said advisers at major banks and wealth platforms can now recommend Bitcoin ETFs to clients, a shift he expects to become more visible in coming quarters.
PrimeXBT senior market analyst Jonatan Randin cautioned that higher ETF valuations do not necessarily indicate fresh institutional buying, arguing that share counts are a better measure. He noted that IBIT gained about 41% in price during the third quarter, and that the filings reflect holdings as of Sept. 30, before Bitcoin's subsequent decline and ETF outflows.
SoSoValue data shows U.S. spot Bitcoin ETFs took in about $6.34 billion in net inflows during the third quarter, followed by roughly $2.1 billion in net outflows in the fourth quarter through Tuesday. Major holders including JPMorgan, Wells Fargo, and hedge funds Millennium and Schonfeld had not yet reported positions ahead of the filing deadline, which fell on Monday, so the bank and institutional picture remains incomplete.
Bitwise data shows bank holdings across reported spot Bitcoin ETF positions reached $258 million, or 4.9%, among the 1,389 institutions that had filed Q3 reports by Friday, up from $107 million, or 3.2%, in the second quarter. Citigroup also expanded its footprint, reporting a new position of roughly $119 million in the Fidelity Wise Origin Bitcoin Fund and a 50% increase in its IBIT holdings to about 521,000 shares from 347,000 at the end of June. Investment advisers remained the largest holder group, with $3.5 billion, or 66.6%, of reported positions, up from $2.2 billion previously. The combined value of reported holdings for the filers rose to $5.25 billion from $3.35 billion. Bitwise analyst Camran Khosravi said advisers at major banks and wealth platforms can now recommend Bitcoin ETFs to clients, a shift he expects to become more visible in coming quarters.
PrimeXBT senior market analyst Jonatan Randin cautioned that higher ETF valuations do not necessarily indicate fresh institutional buying, arguing that share counts are a better measure. He noted that IBIT gained about 41% in price during the third quarter, and that the filings reflect holdings as of Sept. 30, before Bitcoin's subsequent decline and ETF outflows.
SoSoValue data shows U.S. spot Bitcoin ETFs took in about $6.34 billion in net inflows during the third quarter, followed by roughly $2.1 billion in net outflows in the fourth quarter through Tuesday. Major holders including JPMorgan, Wells Fargo, and hedge funds Millennium and Schonfeld had not yet reported positions ahead of the filing deadline, which fell on Monday, so the bank and institutional picture remains incomplete.
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