Latest Update on Crypto ETF: 12 Institutions Hold $15.8 Billion in Assets, BlackRock Leads in Large Inflows

Original Article Title: "Latest Status of Crypto ETFs: 12 Institutions Invest $15.8 Billion, BlackRock Attracts Over 90% of Funds, Multiple ETFs Lag Behind"

Original Article Author: Nancy, PANews

As the prices of Bitcoin and Ethereum continue to rise, Wall Street is accelerating its control over the pricing of crypto assets through crypto ETFs, becoming a key indicator to understand price trends and market sentiment. The just-concluded second-quarter institutional financial reports show that institutional funds' strong entry has driven the expansion of crypto ETFs' scale while also intensifying the market's differentiation, especially with BlackRock's products becoming the core allocation preference for new funds, while the performance of other institutions' ETFs has been relatively lackluster.

Spot ETF Fund Flows Show Significant Differentiation, with BlackRock Taking in Large Inflows Alone

In the second quarter of this year, U.S. Bitcoin and Ethereum spot ETFs performed strongly overall, but fund inflows were highly concentrated, with the performance of long-tail ETFs relatively weak.

According to SoSoValue data, the 12 related ETFs recorded a total of $12.8 billion in net inflows in the quarter, with an average monthly inflow of around $4.267 billion. However, almost all inflows were taken in by one company.

BlackRock's IBIT attracted $12.45 billion in a single quarter, accounting for nearly 96.8% of the entire market's net inflows, with a 23.1% increase in stock price during the same period. In contrast, the performance of other institutions appeared lackluster, with Fidelity's FBTC recording approximately $490 million in net inflows and a price increase of about 23.15%; Grayscale's Mini BTC saw inflows of over $330 million, with a price increase of 22.9% during the period; Bitwise's BITB saw inflows of over $160 million, with a price increase of 23%; VanEck's HODL had net inflows of less than $150 million, with a price increase of 23.1%; the remaining 7 products (such as Grayscale GBTC, Ark Invest ARKB, etc.) generally experienced net outflows.

BlackRock's ETHA remains the primary recipient of funds in Ethereum spot ETFs, with net inflows of nearly $1.45 billion and a price increase of 11.5% during the period; Fidelity's FETH attracted over $250 million in net inflows, with a stock price increase of 34.6%; Grayscale's Mini ETH had net inflows of over $160 million, with a price increase of 34.7%; Bitwise's ETHW saw net inflows of around $33.27 million, with a price increase of 36.37%; VanEck's ETHV received $5.81 million in fund inflows, with a price increase of 34.76%; Grayscale ETHE saw net outflows of over $130 million, with a quarterly price increase of 34.26%; Franklin's EZET received approximately $6.32 million in net inflows, with a price increase of about 34.61%; 21Shares' CETH saw inflows of $8.14 million, with a price increase of 34.63%; and Invesco's QETH had net inflows of $3.37 million, with a price increase of approximately 33.6%.

12 Institutions Hold a Total of $15.8 Billion, BlackRock Products Preferred as Top Holdings

PANews has compiled the Bitcoin/Ethereum spot ETF holdings of 12 publicly traded companies in Q2, with these institutions generally increasing their allocation to Bitcoin and Ethereum ETFs during the quarter, accumulating a total of approximately $15.8 billion in holdings, representing about a tenth of the total Bitcoin ETF market cap. They also strengthened risk management and return optimization through call/put options.

Specifically, in the Bitcoin spot ETF space, IBIT and FBTC were the key targets of institutional investment, with most institutions such as Goldman Sachs, Jane Street, Hana International, Millennium Management, among others, significantly increasing their holdings. Meanwhile, ARKB saw explosive growth in holdings among some institutions, such as Hana International and Schonfeld Strategic Advisors. In the Ethereum ETF space, ETHA became the top choice for all institutions, with Goldman Sachs, Millennium Management, Capula Management, among others, significantly increasing their positions in the second quarter. While FETH was also increased by multiple institutions, the scale and magnitude were relatively smaller compared to ETHA, with most other Ethereum ETFs falling behind.

Goldman Sachs: Spot Holdings Exceed $2.7 Billion, 283% Increase in ETHA

As of Q2 2025, Goldman Sachs has intensified its investment in crypto ETFs, with its spot holdings exceeding $2.7 billion, particularly with a significant increase in Ethereum-related products. Specifically, Goldman Sachs slightly increased its position in IBIT this quarter, with holdings exceeding $1.568 billion, and holding call and put options for IBIT worth over $1.25 billion; at the same time, the institution also increased its holdings in FBTC, with holdings valued at over $430 million, while reducing the corresponding put options.

On the Ethereum spot ETF side, Goldman Sachs significantly increased its position in ETHA, with the number of shares increasing by 283% compared to the previous quarter, holding a market value of over $474 million, and adding call options worth over $14.3 million; furthermore, it also slightly increased its holdings of approximately 1.95 million shares of FETH, with a holding value of $246 million.

Brevan Howard: Spot Holdings Close to $2.3 Billion, Significant Increase in IBIT

Brevan Howard is one of the world's largest macro hedge funds. As of Q2 2025, Brevan Howard held over 3750 shares of BlackRock IBIT (valued at approximately $2.296 billion), increasing its holdings by over 15.9 million shares compared to the first quarter, a growth rate of 74%. Additionally, Brevan Howard also added put options worth $400,000 on IBIT this quarter to hedge potential risks. Furthermore, the institution also added over 43,000 shares of BlackRock ETHA in the second quarter, valued at approximately $806,000.

Jane Street: Major Holdings in IBIT and ETHA, Dual-line Layout for Spot and Options

In the second quarter of 2025, the globally renowned quantitative trading firm Jane Street significantly increased its spot holdings in multiple Bitcoin/Ethereum ETFs, with an overall position size exceeding $2.2 billion. Jane Street strengthened its revenue and risk management through volatility trading and hedging but focused its position size on BlackRock's ETF products.

Regarding Bitcoin spot ETFs, this quarter Jane Street held 23.967 million shares of IBIT (valued at approximately $1.467 billion), with a 268% increase in shares compared to Q1. At the same time, the firm significantly increased its bullish and bearish options exposure for IBIT, with the total value of options holdings rising to $1.78 billion. ARKB held 11.43 million shares (valued at around $409 million), a 128% increase from the previous quarter, and substantially expanded its ARKB call and put options. The firm held 1.02 million shares of GBTC (valued at approximately $86.55 million), a 219% quarter-over-quarter increase, while also holding around $240 million worth of related call and put options. The position in BITO exceeded $537.4 million, with a 232% increase in shares from Q1; and a new position was taken in 190,000 shares of BITB, valued at around $11.6 million. In comparison, Jane Street slightly reduced its holdings in Grayscale BTC Mini and significantly decreased its DeFi holdings.

Regarding Ethereum spot ETFs, Jane Street held over $130 million worth of ETHA in the second quarter, with an increase of over 3.78 million shares compared to the first quarter, and added over $42 million worth of related call and put options. The position in FETH amounted to $47.37 million, a 36% increase quarter-over-quarter. In addition, holdings in ETHE, ETH, EZET, and QETH were all around several million dollars, while ETHW and CETH were significantly reduced or exited.

Hena International Group: Heavy Holdings in IBIT and FBTC, Large-scale Positioning in Ethereum ETF

As of the second quarter of 2025, Hena International Group held nearly $1.5 billion in Bitcoin/Ethereum spot ETFs and increased its options exposure to manage volatility risk.

Among them, Hena International held over $680 million in IBIT, as well as up to $1.56 billion in call options and $750 million in put options; the position size of FBTC exceeded $310 million, with nearly $950 million allocated to call and put options; ARKB's holdings increased to $357 million, with a staggering 4565% quarter-over-quarter increase in shares, making it the most significant increment target; BITB's share count also increased by 1093% quarter-over-quarter, with a position value of about $100 million; and still holding Bitcoin-related assets valued in thousands for Grayscale GBTC and BTC, BTCW, and HODL valued in millions.

In the Ethereum spot ETF space, Horizons International holds $17.9 million worth of ETHA and has added over $84 million worth of call and put options; Grayscale's ETH holdings increased by 588% quarter-over-quarter, with a total position of around $23.27 million. In addition, the institution has expanded and added positions in spot and options for products such as FETH, FETH, and ETHW, mostly valued in the millions of dollars.

Horizon Kinetics Asset Management: Bitcoin ETF as Core Holding with Minor Position Changes

Horizon Kinetics Asset Management's crypto ETF positions are valued at over $1.43 billion, with the Bitcoin ETF as a primary allocation. During the second quarter, Horizon Kinetics slightly reduced its GBTC holdings, which still amount to over $1.23 billion, and holds $146 million in Grayscale BTC, with the number of shares remaining unchanged from the previous quarter; meanwhile, IBIT's position has expanded to $58.88 million, with a quarter-over-quarter increase of approximately 11%; HODL and FBTC positions showed no significant changes, with assets valued in the hundreds of thousands of dollars. Additionally, the institution holds a small amount of Grayscale's ETHE and ETH.

Schonfeld Strategic Advisors: Total Position Value Exceeding $1.1 Billion, Significant Increase in ARKB

Multi-strategy hedge fund management company Schonfeld Strategic Advisors continued to increase its holdings in Bitcoin and Ethereum-related funds during the second quarter, with a total position value of approximately $11.2 billion.

In the Bitcoin spot ETF space, Schonfeld Strategic Advisors holds over $437 million worth of FBTC, with a slight quarter-over-quarter increase in the number of shares; IBIT's position has grown to around $347 million, and added $1.53 million worth of call options; ARKB's holdings saw a dramatic 1228% increase in the number of shares, reaching a holding value of nearly $1.2 billion; BITB's position expanded to $1.13 billion, and holds around $530,000 worth of GBTC.

Additionally, the institution increased its holdings by about 1.68 million shares of ETHA this quarter, with a holding value of $84.45 million; initiated a new position of 500,000 shares of ETHW, valued at around $9.03 million; FETH's share count remained unchanged from the previous quarter, with a value of approximately $4.04 million.

Avenir Group: IBIT Holdings Exceed $10 Billion, Ranking First Among Asian Institutional Investors

Avenir Group is a family office founded by Li Lin. As of the second quarter of this year, Avenir Group held over $10.1 billion in IBIT, with a 12% increase in shareholding compared to the previous period, ranking first among Asian institutional investors. The group also added approximately $12.2 million in value through call options; FBTC holdings amount to around $5.51 million.

Millennium Management: IBIT Accounts for Over Half, Increasing Ethereum ETF Allocation

As of the second quarter of 2025, global alternative investment management firm Millennium Management held over $9.4 billion worth of crypto ETFs, mainly focusing on Bitcoin spot ETFs.

Among these, Millennium Management held over $4.88 billion in IBIT, with a 22% increase in shareholding compared to Q1. They also held call and put options worth over $28 million; FBTC holdings remained relatively stable from the previous quarter at an asset value of $160 million; BITB reduced its position slightly, with holdings close to $45.3 million; ARKB had holdings of approximately $38 million, with a 207% increase in shareholding compared to the previous quarter; Grayscale BTC and GBTC holdings were nearly $30 million and $1.96 million, respectively.

In terms of Ethereum spot ETFs, Millennium Management added over 5.8 million ETHA shares in Q2, worth over $1.1 billion; their Grayscale ETH holdings also increased by 103%, reaching an asset value of $58.85 million; FETH saw a significant increase in holdings, with a position value of around $10.52 million; ETHW maintained a consistent position from the previous quarter, with an asset value rising to approximately $2.6 million.

Capula Management: Total Holdings Exceed $8 Billion, Majority in IBIT

Capula Management is one of Europe's largest hedge fund management companies, holding over $8.68 billion in Bitcoin/Ethereum spot ETFs in the second quarter. Capula Management held over 9.48 million IBIT shares (valued at around $5.8 billion), with a 23% increase compared to the previous period. Additionally, the institution held around $1.4 billion in FBTC, a significant 65% decrease from Q1.

Regarding Ethereum spot ETFs, Capula Management expanded its related position this quarter, with ETHA holdings surging by 196% to 5.35 million shares, worth over $100 million; while FETH holdings slightly increased to around $45.21 million.

Symmetry Capital: Only Holds Over $680 Million in IBIT, Slightly Increased Position in Q2

Symmetry Investments is a Hong Kong-based hedge fund company focused on fixed-income arbitrage and global macro strategies. In the second quarter of 2025, Symmetry Capital increased its position in IBIT by about 4% from the previous quarter, holding over 11.23 million shares, equivalent to a value of over $6.88 billion.

Mubadala Investment: Maintained Unchanged IBIT Holding

Mubadala Investment is a sovereign wealth fund with global assets under management exceeding $330 billion. The fund held over 8.72 million shares of IBIT in Q2, with the number of shares unchanged from the previous quarter. However, due to the rise in IBIT's stock price, its holding value increased to around $5.34 billion.

Sculptor Capital: Total Holding Value Exceeded $5 Billion, Significant Increase in IBIT Position

Global alternative asset management company Sculptor Capital held a Bitcoin spot ETF worth over $5 billion in Q2. Specifically, this institution significantly increased its position in IBIT this quarter, with a 60% increase in the number of shares held, with a holding value exceeding $2.7 billion. Additionally, the institution also held over $2 billion and $21.52 million worth of FBTC and BITB, with the number of shares unchanged from the first quarter.

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