In the past few weeks, more and more institutions have disclosed their holdings of Bitcoin spot ETFs to the SEC. According to Bitwise statistics, as of last week, 563 institutions have disclosed their holdings of Bitcoin spot ETFs worth $3.5 billion. Bitwise expects that the number of institutions holding positions will eventually exceed 700, with assets under management exceeding $5 billion.
According to Blockworks data, the total AUM (funds under management) of US Bitcoin spot ETFs is currently $58.3 billion. If, as Bitwise predicts, institutional holdings only account for $5 billion, then who is buying the remaining assets of more than $50 billion?
In fact, the $50 billion gap includes the capital injection by the issuer before the launch of the Bitcoin spot ETF. Apart from this factor, the institutions disclosed due to the P13 document still account for a relatively low share, and most of the remaining funds come from small and medium-sized institutions and retail investors that do not meet the P13 document disclosure threshold. (Odaily Note: The disclosure threshold of the P13 document is companies that manage more than $100 million in US assets or institutions and individuals that buy and sell more than 5% of a single ETF share.)
Retail investors and small and medium-sized institutional investors dominate Bitcoin spot ETFs, which may be due to the fact that Bitcoin prices have risen sharply several times in the past six months, thus driving retail buying.
In addition, although large institutions account for a relatively low share of Bitcoin spot ETFs, they have already surpassed other ETFs. In this article "Bitwise Chief Investment Officer: Who is buying Bitcoin ETFs?", the data of Bitcoin spot ETFs and gold ETFs were compared. Judging from the number of institutional holdings alone, Bitcoin spot ETFs have surpassed the gold ETFs at the time.
In general, Bitcoin spot ETF is a good investment target for traditional financial institutions, especially under the premise of today's turbulent international situation and unclear timing of the Federal Reserve's interest rate cut. Traditional finance needs high-quality assets such as Bitcoin that have a certain degree of risk resistance to make up for the overall investment risks.
Previously, Odaily Planet Daily compiled a list of well-known institutions that have disclosed their Bitcoin holdings, "Unveiling BTC Spot ETF Holding Institutions: Rothschild and JPMorgan Chase Can't Make It into the Top Ten, Who's the First?" However, recently there have been new institutions with holdings exceeding US$100 million, including globally renowned institutions such as Morgan Stanley and UBS.