In the second quarter, institutional holdings of Bitcoin ETFs surged to $33.6 billion! Investment advisors lead the way, and the Harvard fund is heavily allocated in BTC.

In the second quarter of 2025, the holdings of institutional investors through Bitcoin ETFs surged to $33.6 billion, setting a new record. The latest data shows that investment advisors have become the largest holders of spot Bitcoin ETFs, even surpassing hedge funds, brokerages, and banks. This trend indicates that professional wealth management is accelerating the incorporation of Bitcoin into the core of asset allocation.

Institutional Holdings Data Overview

According to data shared by Bloomberg ETF analyst James Seyffart on August 25:

Institutional total holdings in the second quarter: 33.6 billion USD

New Holdings: 57,375 BTC

Investment advisor holdings: $17.4 billion (161,909 coins BTC), almost twice that of hedge funds ($9 billion)

Institutional holdings account for only 25% of the total shares of Bitcoin ETF, while the remaining 75% are held by retail investors.

Core Institution Dynamics

1. Brevan Howard Capital Management

Become the largest institutional Bitcoin ETF shareholder

In the second quarter, increased holdings of iShares Bitcoin Trust (IBIT) by 71% to 37.5 million shares, valued at $2.3 billion.

2. Harvard Management Company

The first entry into Bitcoin ETF, holding a value of 117 million USD in IBIT.

BTC configuration is on par with its largest US stock holdings (Microsoft $310 million, Amazon $235 million).

The value of BTC holdings exceeds that of its gold ETF (SPDR Gold Trust) holdings by 102 million USD.

Holdings Changes by Category

Investment Advisor: Added 37,156 BTC, Holdings reached 161,909 BTC

Brokerage: Holdings valued at 4.3 billion USD, newly added 13,911 BTC

Bank: Holdings value of 655 million USD, added 2,476 BTC

Retirement Fund: Holdings remain at 10.7 million USD, being one of the few categories that have not increased their positions.

Market Significance and Trends

1. Professional Asset Allocation Acceleration

The investment advisor’s $17.4 billion allocation exceeds that of hedge funds, brokerages, and holding companies combined.

Show that Bitcoin is being incorporated into the long-term asset allocation framework.

2. Retail remains the main force

Institutions account for only 25% of the total ETF share, while retail investors still drive the majority of capital inflows.

It indicates that the appeal of BTC ETF to retail investors remains strong in terms of popularity and accessibility.

3. Institutional Branding Effect

The entry of well-known institutions such as Harvard Fund and Brevan Howard will further enhance the legitimacy of Bitcoin as an asset and boost market confidence.

Conclusion

In the second quarter, institutional Bitcoin ETF holdings surged to $33.6 billion, marking a significant acceleration of Bitcoin’s entry into the professional asset management sector. Investment advisors are leading the increase, and the entry of traditional financial giants like the Harvard Fund further boosts market confidence. Although retail investors remain the main driving force, the long-term allocation trend of institutions may profoundly change Bitcoin’s market structure and price trends in the coming years.