Key Takeaways
- • Institutional holders of U.S. spot bitcoin ETFs increased their combined position to 264,000 bitcoin at the end of June, up 1.3% from 261,000 in March, according to CoinShares' Bitcoin 13F Q2 2026 report.
- • Their share of U.S. spot bitcoin ETF assets rose from 20.8% to 22.4%, the first increase since mid-2025, while investors outside 13F reporting cut holdings 8.3%, or roughly 82,500 coins.
- • Hedge funds cut exposure 22% to 37,800 bitcoin, less than half their 2025 year-end level, with Brevan Howard Capital Management making the largest cut of any filer and Millennium Management roughly halving its stake.
- • Brokerages lifted holdings to 38,500 bitcoin from 17,000, led by a 10,900-bitcoin increase at Jane Street; the total includes 10,400 bitcoin held by Morgan Stanley, partly reflecting a first-quarter filing missing from earlier data.
- • Total bitcoin held by U.S. spot ETFs fell 6.3% in the quarter as bitcoin dropped 14%, but the report says ETF flows reversed in August with $3.5 billion of net inflows.
Summary
Wall Street firms and other large investors added bitcoin exposure in the second quarter even as a 14% bitcoin price decline prompted smaller investors to exit, according to CoinShares' Bitcoin 13F Q2 2026 report. The report draws on 13F filings, which the Securities and Exchange Commission requires from money managers overseeing at least $100 million, a group that includes hedge funds, banks, financial advisors and university endowments. Together these filers held the equivalent of 264,000 bitcoin through U.S. spot ETFs at the end of June, up 1.3% from 261,000 in March.
The quarter's overall picture was one of divergence. Total bitcoin held by U.S. spot ETFs fell 6.3%, with investors who do not file 13Fs, such as individuals and smaller advisors, cutting holdings 8.3%. CoinShares said leveraged and short-term trades kept unwinding, while 'the more strategic, longer-duration holders held broadly steady.' As a result, the 13F filers' share of U.S. bitcoin ETF assets rose from 20.8% to 22.4%, the first increase since mid-2025.
Hedge funds were the most aggressive sellers among large holders, cutting exposure 22% to 37,800 bitcoin, less than half their 2025 year-end level. D.E. Shaw & Co. exited its 3,700-bitcoin position. Millennium Management reduced its stake from 14,400 to 7,300 bitcoin, while Brevan Howard Capital Management dropped from 13,700 to 4,100 bitcoin, the largest reduction of any filer. Advisors trimmed holdings 3% to 145,700 bitcoin but still accounted for roughly 55% of the 13F total.
Brokerages moved in the opposite direction, raising holdings to 38,500 bitcoin from 17,000. Jane Street, a trading firm that helps keep ETF prices aligned with their holdings, added 10,900 bitcoin, the largest increase of any filer. Part of the jump reflects timing: the brokerage total includes 10,400 bitcoin held by Morgan Stanley, whose first-quarter filing was missing from the data CoinShares used previously. Governments and endowments were broadly unchanged, with the Emirate of Abu Dhabi holding 8,400 bitcoin, Harvard University 1,700, Brown University 121 and Dartmouth College 114.
For context, the CoinShares Bitcoin ETF (BRRR) held about 5,720 bitcoin worth $458.1 million as of November 5, according to CoinShares. The fund launched in January 2024 with the first wave of U.S. spot bitcoin ETFs and charges a 0.25% sponsor fee. The report also notes that bitcoin rallied roughly 25% in August, its strongest month in nearly two years, and that ETF flows swung to $3.5 billion of net inflows that month, erasing two-thirds of the year's outflows.
The quarter's overall picture was one of divergence. Total bitcoin held by U.S. spot ETFs fell 6.3%, with investors who do not file 13Fs, such as individuals and smaller advisors, cutting holdings 8.3%. CoinShares said leveraged and short-term trades kept unwinding, while 'the more strategic, longer-duration holders held broadly steady.' As a result, the 13F filers' share of U.S. bitcoin ETF assets rose from 20.8% to 22.4%, the first increase since mid-2025.
Hedge funds were the most aggressive sellers among large holders, cutting exposure 22% to 37,800 bitcoin, less than half their 2025 year-end level. D.E. Shaw & Co. exited its 3,700-bitcoin position. Millennium Management reduced its stake from 14,400 to 7,300 bitcoin, while Brevan Howard Capital Management dropped from 13,700 to 4,100 bitcoin, the largest reduction of any filer. Advisors trimmed holdings 3% to 145,700 bitcoin but still accounted for roughly 55% of the 13F total.
Brokerages moved in the opposite direction, raising holdings to 38,500 bitcoin from 17,000. Jane Street, a trading firm that helps keep ETF prices aligned with their holdings, added 10,900 bitcoin, the largest increase of any filer. Part of the jump reflects timing: the brokerage total includes 10,400 bitcoin held by Morgan Stanley, whose first-quarter filing was missing from the data CoinShares used previously. Governments and endowments were broadly unchanged, with the Emirate of Abu Dhabi holding 8,400 bitcoin, Harvard University 1,700, Brown University 121 and Dartmouth College 114.
For context, the CoinShares Bitcoin ETF (BRRR) held about 5,720 bitcoin worth $458.1 million as of November 5, according to CoinShares. The fund launched in January 2024 with the first wave of U.S. spot bitcoin ETFs and charges a 0.25% sponsor fee. The report also notes that bitcoin rallied roughly 25% in August, its strongest month in nearly two years, and that ETF flows swung to $3.5 billion of net inflows that month, erasing two-thirds of the year's outflows.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.