What 13F filings tell us about institutional appetite for bitcoin ETFs

Institutions continue to disclose their holdings in SEC filings, and here’s what we’ve learned so far


JHVEPhoto/Shutterstock modified by Blockworks


13F filings continue to pour in and are a good gauge of institutional interest in bitcoin ETFs. 

The forms were first filed at the beginning of last month and will continue to come in until mid-May.

The document is a required form filed with the Securities and Exchange Commission which discloses the quarterly holdings for institutions that manage $100 million or more. 

Two of the biggest institutions to disclose holdings in a bitcoin ETF so far have been BNP Paribas and BNY Mellon.

BNY Mellon’s 13F shows that it owns nearly 20,000 shares of IBIT and roughly 7,000 shares of Grayscale’s bitcoin ETF GBTC. 

BNP Paribas, on the other hand, only owns about 1,000 shares of IBIT.

The holdings, clearly, are small potatoes. But there are some smaller firms with much bigger bags.

Take a look at Pittsburgh-based registered investment manager Quattro Advisors, for example. 

The 13F showed that they own 468,200 shares of BlackRock’s ETF. There’s also Legacy Wealth Management, which disclosed that it owns over 350,000 shares of Fidelity’s ETF.

But one of the largest IBIT holders is Yong Rong, which disclosed in its 13F that it holds over a million shares of BlackRock’s fund. According to the filing, this makes BlackRock one of the biggest holdings in the manager’s portfolio.

Bloomberg’s Eric Balchunas pointed out that Yong Rong isn’t the only Hong Kong asset manager to leap into the bitcoin ETFs. Ovata, Balchunas posted on X, holds multiple bitcoin ETFs including Fidelity, Grayscale and Bitwise alongside IBIT.

Loading Tweet..

These companies join a list of firms who’ve previously disclosed their holdings, including Brookstone Capital Management —- which owns both Fidelity and Bitwise’s ETFs — and LexAurum, another IBIT holder. 

As Blockworks previously reported, some analysts have said that this is just the starting line and not to expect too much from this first quarter of 13Fs. But, as we continue to monitor the filings, the appetite may pick up. Some of the bigger institutions tend to wait to file until closer to the deadline. 

A version of this article was included in today’s Empire newsletter.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (4).jpg


Despite crypto gaming related projects and funds raising close to a billion dollars in November 2021, there have been only a handful of games that have attracted users apart from mercenary capital, and have had sustained activity for longer than a few months. Crypto gaming is going through an infrastructure phase. Theoretically, crypto gaming stands to benefit from purpose-built, high throughput chains, where blockspace is cheap (especially for games which are fully onchain). However, despite the launch of many gaming-focused chains, most crypto games are lacking in quality and quantity. Most new crypto gaming infrastructure either have no games or only a few games launched (e.g. Xai) or have failed to garner meaningful attention (e.g. Immutable X).


As Bloomberg analysts up their ether ETF approval odds, concerns about ETH’s liquidity and its possible status as a security remain


Ethereum is becoming a multilayered lasagna-like system, pushing people to the margins with its complexity and fees


Ether would be set to re-test its 2021 price high should the regulator unexpectedly approve ETH funds, industry watchers say


The Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act, is expected to head to the floor for a vote in the House in the afternoon on May 22


NYAG announced details about its settlement with bankrupt lender Genesis on Monday


The $948 million of inflows from May 13 to May 17 roughly equaled the net money that left the fund category over the five prior weeks