Author: Dingqian Wang, Chen Li

Corresponding author: Youbi Investment Research Team

TL;DR

• Whether as a reserve asset or part of innovative investment, Bitcoin has gradually diversified its holders since its birth. Public companies, private companies, and some government agencies have joined the ranks of Bitcoin holders. In January 2024, the United States approved the Bitcoin spot ETF, providing investors with a more convenient way, making ETFs quickly become the largest group of holders at present. As of October 8, 2024, the global BTC ETF holds more than 1.1 million BTC (about US$68.726 billion), accounting for 5.26% of the total supply; among them, the US BTC ETF holds about 928,000 BTC (about US$57.793 billion), accounting for 84.13% of the total global BTC ETF.

• Through the 13F file of the SEC (U.S. Securities and Exchange Commission), we can understand which U.S. institutions are buying BTC ETFs. There are roughly three conclusions:

  • Many different types of professional institutions hold Bitcoin ETFs; including hedge funds, investment advisors, quants, banks and even state government investment funds.

  • Bitcoin ETFs are attracting unprecedented interest from professional investors. Compare institutional holdings of BTC ETFs with the 10 fastest-growing new ETFs of all time. Just two quarters after listing, BTC ETFs have far surpassed other ETFs in terms of both number of holders and assets under management (AUM).

  • Non-filers are overinvested in Bitcoin spot ETFs when comparing them to other investments. Compared to major securities and other ETFs, 76.8% of spot BTC ETF holders are retail investors or non-filers, significantly higher than other investments.

Although most of the investment in Bitcoin ETFs in Q1 and Q2 2024 still comes from retail investors or non-filers, participation from professional investors may be increasing. This is because professional investors will make small personal allocations before making allocations on behalf of their clients. They want to test the waters before making them public to investors.

In the first quarter of 2024, nearly 1,015 institutions held approximately $11.72 billion in Bitcoin spot ETFs. This accounts for approximately 23.2% of the total market of US BTC ETFs (including GBTC), and 76.8% of the holders are unknown (non-declarants, such as those with assets less than $100 million, or retail investors). A large portion of the BTC ETF assets held by institutions only account for a small portion of their total asset management scale.

Despite the 12% drop in Bitcoin prices in Q2 2024, institutional investors continued to buy Bitcoin ETFs, with 1,100 institutions holding $11 billion (although the value of holdings fell from $11.73 billion in Q1, it was actually an increase because BTC fell more than 12% in Q2). The number of institutions increased by 8.37% compared to Q1 (1,015). There were 6,794 13F institutions in Q2 2024, with a total market value of more than $48.66 trillion, so nearly 1/6 of 13F fund institutions held spot Bitcoin ETFs.

As of October 8, 2024, governments hold approximately 529,365 bitcoins, worth $32.968 billion, or 2.52% of the total. 42 public companies hold 363,827 bitcoins, worth $22.659 billion, or 1.73% of the total supply. 12 private companies hold approximately 359,638 bitcoins, worth $22.398 billion, or 1.71% of the total.

AI-generated English podcast

Note: The podcast is generated by AI, $690B at about 46s should be $69B

01 Introduction

The total amount of Bitcoin is 21 million. Whether as a reserve asset or part of innovative investment, its holders have gradually diversified since its birth. Public companies, private companies, and some government agencies have joined the ranks of holding Bitcoin. In January 2024, the United States approved the Bitcoin spot ETF, providing investors with a more convenient way, making ETFs quickly become the largest group of holders at present. As of October 8, 2024, the global BTC ETF holds more than 1.1 million BTC (about US$68.726 billion), accounting for 5.26% of the total supply; among them, the US BTC ETF holds about 928,000 BTC (about US$57.793 billion), accounting for 84.13% of the total global BTC ETF.

Table 1: Distribution of ETF Holders

So who is buying the spot Bitcoin ETF? The answer can be found through the SEC’s 13F filings, which reveal the movements of these investors.

02 13F What is it?

The SEC's Form 13F is a quarterly report that requires institutional investors (such as hedge funds, asset management companies, etc.) with assets under management of more than $100 million to disclose their U.S. equity holdings, including common stocks, exchange-traded funds (ETFs), convertible bonds, etc. to the U.S. Securities and Exchange Commission (SEC). The submission time is within 45 days after the end of each quarter. The main purpose of Form 13F is to provide market transparency so that investors and regulators can understand the holdings of large institutional investors.

1 Data Overview

Table 2: 2024 Q1-Q2 13F data comparison

2024 Q1 13F

According to the 13F report submitted to the SEC in the first quarter of 2024, nearly 1,015 institutions held approximately $11.72 billion in Bitcoin spot ETFs in the first quarter. This accounts for approximately 23.2% of the total market of US BTC ETFs (including GBTC), and 76.8% of the holders are unknown (non-reporters, such as those with assets of less than $100 million or retail investors).

In the first quarter of 2024, there were 18 institutions holding more than US$100 million in BTC-related assets, 106 institutions holding more than US$10 million, and 382 institutions holding more than US$1 million in BTC. A large proportion of the BTC ETF assets held by institutions only account for a small part of their total asset management scale.

Note: In the first quarter of 2024 (as of March 31), Grayscale GBTC outflow was about 14.767 billion US dollars, and BTC ETFs such as BlackRock, Fidelity, and Bitwise had a net inflow of about 12.132 billion. In other words, several ETFs passed in January had a total inflow of 26.899 billion US dollars. As of the end of the first quarter of 2024, the asset size of US spot BTC ETFs (including GBTC, excluding other national ETFs) reached 50.58 billion US dollars.

If the inflows of several spot BTC ETFs approved in 2024 are taken into account (BlackRock, Fidelity, Bitwise, etc.), the proportion of holdings of these 1,000 institutions will increase, because many institutions will replace GBTC with low-fee ETFs such as IBIT and FBTC.

In the first quarter, nearly 1,015 institutions held ETFs, excluding those with a value of 0. Some institutions’ holdings were shown as 0, indicating that they sold after holding.

2024 Q1 13F

Despite the 12% drop in Bitcoin prices in the second quarter of 2024, institutional investors continued to buy Bitcoin ETFs. According to Bitwise data, there are 1,100 institutions holding $11 billion (although the value of holdings has dropped from $11.73 billion in the first quarter, it is actually an increase because BTC fell by more than 12% in the second quarter). The number of institutions increased by 8.37% compared to the first quarter (1,015).

Two-thirds of institutional holders continued to hold or increase their holdings in Q2, but 34% of them chose to reduce or liquidate their holdings. These institutions are still concentrated in the fields of hedge funds, asset management, quantitative and banks.
According to data from Sina Finance, there were 6,794 13F institutions in Q2 2024, with a total market value of holdings exceeding US$48.66 trillion, so nearly 1/6 of the 13F fund institutions hold spot Bitcoin ETFs.

Note: In the second quarter of 2024 (as of June 30), Grayscale GBTC outflow was about 18.515 billion US dollars, and BTC ETFs such as BlackRock, Fidelity, and Bitwise had a net inflow of about 14.522 billion. In other words, several ETFs passed in January had a total inflow of 33.037 billion US dollars. As of the end of the second quarter of 2024, the asset size of US spot BTC ETFs (including GBTC, excluding other national ETFs) reached 50.34 billion US dollars.
(The first quarter was 50.58 billion. The size of the holdings also needs to take into account the 12% drop in the price of Bitcoin, so the overall holdings are increased)

2 Investor Types

Many different types of professional institutions hold Bitcoin ETFs, including hedge funds, investment advisors, quants, banks, and even state government investment funds. Hedge funds and investment advisors are the largest holding groups among the disclosed institutions, among which investment advisory companies are the largest. In the first quarter, more than 700 companies held BTC ETFs worth about $3.8 billion. Although there are only 107 hedge funds, they are more concentrated and hold about $4.7 billion. In the second quarter, investment advisors surpassed hedge funds to become the largest group of holders.

Bitcoin ETFs have attracted unprecedented interest from professional investors. Eric Balchunas, Bloomberg ETF analyst, said that such large-scale investor participation is very surprising for a new ETF. Historically, even the most successful ETF launches, such as the gold ETF in 2004, which raised more than $1 billion in just five days, had only 95 professional firms invested in the product at the time of the first 13F filing. In contrast, from the perspective of broad investor participation, the Bitcoin ETF has achieved historic success.

Eric Balchunas also counted the institutional holdings of the 10 fastest-growing new ETFs in history. After only two quarters of listing, the Bitcoin ETF far surpassed other ETFs in terms of both the number of holders and the size of assets under management (AUM).

The only ETF that can be somewhat comparable is the Nasdaq-100 QQQs, but this comparison may not be appropriate because the QQQ ETF was launched in March 1999, but Eric Balchunas only found 13F historical data from the first quarter of 2001 for comparison (that is, the data is lagged by 9 quarters). Even so, the number of institutional holders of the Bitcoin ETF is still three times that of the QQQ.

Table 3: Institutional holdings of ETFs two quarters after listing

Non-filers are overinvested in Bitcoin spot ETFs when comparing them to other investments. According to NYDIG data, the proportion of non-filer investments in U.S. stocks such as AAPL is 40.0%, NVDA is 30.0%, and MSFT is 28.7%. Other ETFs such as SPY are at 43.5%, QQQ at 61.8%, GLD at 62.5%, and IAU at 42.2%. Compared to major securities and ETFs, 76.8% of spot BTC ETF holders are retail investors or non-filers, significantly higher than other investments.

Although most of the investment in Bitcoin ETFs in Q1 and Q2 of 2024 still comes from retail investors or non-filers, the participation of professional investors may be increasing. This is because professional investors will make a small personal allocation before making an allocation on behalf of their clients. They want to test the waters before making it public to investors. Data shows that the median investor holding Bitcoin ETFs in the second quarter only allocated 0.47% of their portfolio to Bitcoin.

Bitwise has helped professional investors enter the cryptocurrency space over the past seven years and found that most investors follow a fixed pattern when investing in cryptocurrencies: from due diligence, personal testing, to ultimately broad allocation among the client base.

Professional investors are increasing, which is also reflected in the number of institutions in Q2: Goldman Sachs did not hold BTC ETF in its 13F in Q1 2024, but its Q2 13F showed that it held $418 million worth of Bitcoin ETF. In addition, the Wisconsin Investment Committee invested about $163 million in Bitcoin ETF in the first quarter, and then the Michigan Retirement System purchased $6.6 million worth of Bitcoin ETF in the second quarter.

03 13F Owner Change

Nearly a thousand institutions were disclosed in the 13F reports for the first and second quarters of 2024. Due to space considerations, this article only compares the changes in major holders. Detailed information on other institutions can be obtained on the SEC official website through the query link below.

1 Hedge Fund

The largest holder category in Bitcoin spot ETFs in the first quarter of 2024 was hedge funds, with 107 hedge funds reporting spot positions in Bitcoin ETFs, accounting for 9.3% of the total ETF volume, or approximately $4.7 billion. While hedge funds are the largest group of holdings, these positions are likely primarily used in hedging trading strategies rather than outright long investments. For example, these positions may be part of market making or arbitrage activities. In addition, hedge fund holdings move quickly, and current holding levels are likely to have changed significantly from the time of publication. Q2 Hedge funds are the largest holder group after investment advisors.

Changes in the value of holdings of some hedge funds from Q1 to Q2 2024

According to River statistics, 60% of the 25 largest hedge funds in the United States hold Bitcoin ETFs. In the second quarter, most funds continued to increase their holdings. Millennium Management significantly reduced its holdings of BTC ETFs in Q2, but it is still the largest holder of BTC ETFs.

Note: Although the holding value of HBK Investments has changed, the number of BTC ETFs it holds has not changed. The change in holding value comes from market price fluctuations (BTCQ2 fell 12% compared to Q1). The holdings with larger changes are active changes and partly from market price fluctuations. Taking Schonfeld Strategic Advisors as an example, it held 3,735,534 shares of FBTC in Q1, worth about 232 million. In Q2, it held 3,901,786 shares of FBTC, worth about 205 million, an increase of 166,000 shares of FBTC, but the holding value decreased by 27 million.

Figure 1: Changes in the value of some hedge fund holdings

Table 4: Changes in the value of some hedge fund holdings

1) Millennium Management (approximately US$1.145 billion)

Millennium Management is a global multi-strategy hedge fund headquartered in New York, founded in 1989 by Israeli-American financier Israel Englander, and is currently one of the largest hedge funds in the world.

In Q1 2024, the company held five Bitcoin ETFs with a total value of approximately US$1.94 billion, accounting for approximately 3% of the hedge fund's assets under management. In Q2 2024, the company held approximately US$1.145 billion in BTC ETFs.

2) Capula Investment Management ($464 million)

Capula Investment Management, Europe’s fourth-largest hedge fund, disclosed on June 30 that it held $464 million in BlackRock and Fidelity Bitcoin spot ETFs in Q2.

3) Schonfeld Strategic Advisors (approximately $363 million)

Schonfeld Strategic Advisors is a global hedge fund firm headquartered in New York and founded in 1988. The firm was originally founded by Steven Schonfeld as a proprietary trading firm focused on equity trading and has evolved into a multi-strategy hedge fund management firm.

In Q1 2024, Schonfeld held a total of $479 million in BTC ETFs, including $248 million in IBIT and $231.8 million in FBTC. In Q2 2024, it was $363 million.

4) Boothbay Fund Management ($214 million)

Boothbay Fund Management is a New York-based hedge fund management firm founded in 2011 by Ari Glass.

The company invested a total of $377 million in spot Bitcoin ETFs in Q1 2024 and $214 million in Q2 2024.

5) Aristeia Capital ($203 million)

Aristeia Capital is a New York-based hedge fund firm founded in 1997 by Robert Henry Lynch and Anthony Michael Frascella.

In Q1 2024, it held $163 million of IBIT investment. In Q2 2024, it held $203 million.

6) D. E. Shaw & Co., Inc. ($180 million)

D. E. Shaw & Co., Inc. is a leading global hedge fund and investment management firm founded in 1988. It is known for its investment strategies that rely heavily on mathematics, computer science, and quantitative analysis.

In Q1 2024, it held $8.987 million in Bitcoin spot ETFs. In Q2 2024, it held $180 million.

7) HBK Investments ($160 million)

HBK Investments is a hedge fund firm headquartered in Dallas, Texas, USA, founded in 1991.

In Q1 2024, it held $164 million in Bitcoin spot ETFs. In Q2 2024, it held $160 million.

8) Bracebridge Capital ($112 million)

Bracebridge Capital is a hedge fund company headquartered in Boston, USA. It was founded in 1994 by Nancy Zimmerman and Gabrielle Sulzberger. Bracebridge Capital manages billions of dollars in assets, and its clients mainly include university endowments, foundations, family offices and other institutional investors.

In Q1 2024, it held approximately $434 million in Bitcoin spot ETFs. In Q2 2024, it held $112 million.

9) Graham Capital Management ($97 million)

Graham Capital Management is a hedge fund firm focused on global macro and quantitative investment strategies, founded in 1994 and headquartered in Rowayton, Connecticut, U.S. The company was founded by Kenneth G. Tropin, a veteran in the hedge fund industry.

In Q1 2024, it held $98.8 million in IBIT investment and $3.8 million in FBTC investment. In Q2 2024, it held $97 million.

10) Point72 ($60 million)

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.58 million worth of spot Bitcoin ETFs at the end of the first quarter. In Q2 2024, it was $60 million.

2 Financial Services Companies

Financial services companies are the most diverse group, and most of the applicants come from this group, including investment consulting, wealth management, investment banks, etc.

Changes in holdings value of some financial services companies from Q1 to Q2 2024

According to River statistics, 13 of the 25 largest investment advisors (RIAs) have already dabbled in Bitcoin and are gradually increasing their allocation ratios. Many financial services companies have added new holdings. For example, in Q1 2024, Goldman Sachs did not disclose its holdings of BTC ETFs, but its Q2 13F showed that it held $418 million in Bitcoin spot ETFs, making Goldman Sachs the third largest holder of IBIT, second only to hedge fund Millenium Management and Europe's fourth largest hedge fund Capula Investment Management.

In addition, taking Horizon Kinetics as an example, it held 14,974,187 shares of GBTC in Q1, worth $946 million. In Q2, it still held 14,917,448 shares of GBTC, worth $794 million. It reduced its holdings by 0.38% of GBTC, but its holding value fell by 16.07%. Most of this was due to market price fluctuations, not a significant reduction in holdings.

Figure 2: Changes in the value of holdings of some financial services companies

Table 5: Changes in the value of holdings of some financial services companies

1) Horizon Kinetics ($819 million)

Horizon Kinetics is an independent investment advisory firm founded in 1994 and headquartered in New York. The firm focuses on a long-term, contrarian and fundamental value investment philosophy, and is committed to finding undervalued investment opportunities in non-traditional and less efficient markets. The assets under management are approximately $7 billion.

In Q1 2024, it holds a total of $946 million in Grayscale's GBTC, making it the second largest holder of GBTC (the first is Susquehanna International Group mentioned below). In addition, it also holds $29.01 million worth of IBTC. Horizon Kinetics' holdings in GBTC account for 33% of its Internet Fund assets. This shows that the company is very optimistic about the long-term prospects of Bitcoin and has obtained Bitcoin spot exposure through GBTC. In Q2 2024, it was $819 million.

2) Pine Ridge Advisers ($174 million)

Pine Ridge Advisers LLC is a New York-based financial advisory firm founded in 2018. The company manages approximately $863 million in assets and primarily provides investment consulting and financial planning services to high net worth individuals and small businesses.

In Q1 2024, it held $205.8 million in Bitcoin spot ETFs. In Q2 2024, it held $174 million.

3) ARK Investment Management ($205 million)

ARK Invest is an American asset management company founded in 2014 by Cathie Wood. ARK Invest mainly invests in companies that use revolutionary technologies, such as artificial intelligence, genomics, robotics, fintech, blockchain, 3D printing and other fields.

In Q1 2024, it held $206 million in ARK 21 Shares Bitcoin ETF, which is one of Wood's companies among the first 11 Bitcoin spot ETFs launched. In Q2 2024, it held $205 million.

4) Morgan Stanley ($189 million)

Morgan Stanley is an international financial services company founded in 1935 and headquartered in New York, USA. It provides a variety of financial services, including investment banking, wealth management, asset management and securities trading.

In Q1 2024, it held $272 million in Bitcoin ETF investments, all of which were invested in Grayscale's GBTC, making it the third largest holder of GBTC. In Q2 2024, it was $189 million.

5) Ovata Capital Management ($65 million)

Ovata Capital is a Hong Kong-based asset management firm founded in 2017.

In Q1 2024, the total value of its Bitcoin ETF holdings exceeded US$75 million. In Q2 2024, it was US$65 million.

6) Hightower Advisors ($59 million)

Hightower Advisors is a company that provides wealth management and investment advisory services, headquartered in Chicago, USA.

In Q1 2024, it held more than $68.34 million worth of US Bitcoin spot ETFs, while the company managed a total of $122 billion. In Q2 2024, it held $59 million.

7) Rubric Capital Management ($0)

Rubric Capital Management is a US-based investment management firm founded in 2008.

In Q1 2024, it held more than $69.709 million of BlackRock Bitcoin Spot ETF. In Q2 2024, it sold the BTC ETF.

8) J.P. Morgan Chase & Co. ($0)

JPMorgan Chase is a New York-based financial services company founded in 2000 that provides a variety of financial services including investment banking, commercial banking, asset management and securities trading.

In Q1 2024, it held $731,000 worth of Bitcoin spot ETF. In Q2 2024, it sold the BTC ETF.

3 State government investment funds, banks, etc.

In the 13F disclosure, banks hold a relatively small proportion of BTC ETFs, such as Bank of America and U.S. Bancorp. Although these institutions manage trillions of dollars in assets, their current participation in this field is almost negligible. However, this also means that they have greater room for growth in the future.

The listed holders holding BTC ETFs do not necessarily mean that they are currently providing trading services to customers. Some are custodians, such as Bank of New York Mellon and U.S. Bank. Some only hold a small portion, such as National Bank and BNP Paribas, which may be testing the waters in the early stages.

It can be seen that some private banks have begun to provide BTC trading services to customers. For example, in August 2024, Morgan Stanley Advisors began to provide spot Bitcoin ETFs (IBIT and FBTC) to customers. According to sources, Wells Fargo may follow Morgan Stanley to provide Bitcoin ETFs to customers. Merrill, a subsidiary of Bank of America Corp., has also begun to provide ETFs that directly invest in Bitcoin.

On September 4, 2024, Zurich Cantonal Bank, Switzerland's largest cantonal bank and fourth largest bank, also announced the launch of cryptocurrency services for its retail customers and third-party banks.

Changes in holdings of state government investment funds and some banks from Q1 to Q2 2024

Figure 3: Changes in the value of state government investment funds and some banks’ holdings

Table 6: Changes in the value of holdings of state government investment funds and some banks

1) State of Wisconsin Investment Board ($98.94 million)

The first state government fund in the United States to purchase a Bitcoin spot ETF was established in 1951 and currently manages more than $156 billion in assets according to its website. Its main responsibility is to manage the investment portfolios of Wisconsin's retirement systems (such as the Wisconsin Retirement System, WRS) and other state governments.

Wisconsin purchased nearly $100 million of BlackRock iShares Bitcoin Trust (IBIT) in Q1 2024, as well as $64 million of Grayscale Bitcoin Trust (GBTC).

In Q1 2024, it held Bitcoin spot ETFs with a total value of approximately US$163 million.

In Q2 2024, the Wisconsin Investment Committee held a total of approximately $98.94 million worth of Bitcoin spot ETFs. In addition, the Wisconsin Investment Committee also holds more than 98,000 shares of Coinbase, worth nearly $21.9 million, and 115,000 shares of Marathon Digital, worth approximately $2.3 million.

2) Michigan Retirement System ($6.6 million)

After the Wisconsin Investment Board invested in a Bitcoin ETF in the first quarter, the Michigan Retirement System purchased $6.6 million worth of Bitcoin ETFs in the second quarter.

3) U.S. Bancorp DE ($13.09 million)

U.S. Bancorp is a large commercial bank in the United States and one of the top five banks in the country, with more than 3,000 branches, mainly in the western and midwestern U.S. Its parent company is U.S. Bancorp, headquartered in Minneapolis, Minnesota.

U.S. Bancorp launched its cryptocurrency custody service in 2021 and previously invested in Ownera, a securities tokenization infrastructure company. U.S. Bancorp Fund Services, LLC, U.S. Bank N.A., and U.S. Bank Global Fund Services are three entities involved in the Valkyrie and Hashdex ETFs.

In Q1 2024, it held about $15.58 million worth of Bitcoin spot ETFs. In Q2 2024, it held $13.09 million.

4) BNY Mellon (US$7.105 million)

BNY Mellon was established in 2007 through the merger of The Bank of New York, one of the oldest banks in the United States, and Mellon Financial Corporation. Headquartered in New York City, BNY Mellon is one of the largest custodian banks and asset management companies in the world.

BNY Mellon has long been involved in the cryptocurrency and digital asset business and has been approved by New York regulators to provide cryptocurrency custody services. BNY Mellon is the ETF manager, transfer agent and cash custodian for ARK 21Shares, Bitwise, Grayscale, Invesco/Galaxy, BlackRock and Franklin Templeton. At the same time, BNY Mellon is also an authorized dealer of Hashdex and can participate in the purchase of shares.

The 13F filing shows that in Q1 2024, it held nearly $1.255 million worth of Bitcoin spot ETFs. In Q2 2024, it was $7.105 million.

5) Bank of America ($5.197 million)

In Q1 2024, it held Bitcoin spot ETF worth US$5.125 million.

Q2 2024 is $5.197 million.

6) Wells Fargo & Co ($120,000)

Wells Fargo, the fourth largest bank in the United States (with total assets of approximately $1.88 trillion), held $142,000 in Bitcoin spot ETFs in Q1 2024. In Q2 2024, it was $120,000.

7) BNP Paribas Arbitrage, SA ($0)

BNP Paribas Arbitrage, SA is a subsidiary of BNP Paribas that specializes in arbitrage trading and market neutral strategies. In Q1 2024, it only held about 1,000 shares of IBIT (about $42,000). In Q2 2024, it sold the ETF.

8) American National Bank ($0)

American National Bank has an AUM of approximately $637 million. In Q1 2024, it held 100 ARKB shares (worth approximately $7,000), and in Q2 2024, it sold the ETF.

4 Private banks in other countries

Mox, a virtual banking subsidiary of Standard Chartered Bank, announced the launch of a cryptocurrency ETF service in August 2024, becoming the first bank of its kind to offer direct trading of spot Bitcoin and Ethereum ETFs on its platform. The bank also plans to expand its cryptocurrency products, including allowing direct purchase and trading of crypto assets in the future through cooperation with licensed exchanges.

Julius Baer Group has been offering digital asset services since 2020. In 2023, it expanded its crypto business to Dubai.

Itaú Unibanco, Brazil's largest private bank, launched cryptocurrency trading services in December 2023.

Swiss private bank BBVA announced in November 2023 that it had expanded its partnership with digital asset custody and tokenization provider Metaco. BBVA Switzerland became the first Tier 1 bank in the eurozone to offer cryptocurrency custody and trading services to individual clients.

Santander International Private Bank, a subsidiary of Spanish financial services giant Santander Bank, will provide trading and investment services for major cryptocurrencies Bitcoin and Ethereum to high-net-worth clients in Switzerland in November 2023.

Banco Galicia, Argentina's largest private bank, will offer Bitcoin and Ethereum transactions to its customers in May 2022. One reason for the popularity of cryptocurrencies in Argentina is that the country has one of the highest inflation rates in the world, according to the Argentine central bank.

DBS Group, the largest bank in Southeast Asia, announced in May 2021 that its private banking division offers crypto trust services. This means that high-net-worth clients can store Bitcoin (BTC) and Ethereum (ETH) in the bank. DBS Private Bank calls it the first bank-backed trust service in Asia.

Swiss private bank Bordier & Cie partnered with digital asset bank Sygnum in February 2021 to provide cryptocurrency trading services to its clients. Bordier & Cie is a private bank headquartered in Geneva, founded in 1884 and owned and managed by five generations of the Bordier family.

Swiss private bank Maerki Baumann announced in June 2020 that it had begun offering cryptocurrency trading and custody services to its clients after receiving approval from the Swiss Financial Market Supervisory Authority (FINMA). Maerki Baumann, headquartered in Zurich, is the second bank in Switzerland to accept cryptocurrency assets.

Italian bank Banco Sella launched its own Bitcoin trading service in March 2020, allowing its customers to buy, sell and store Bitcoin through the Hype platform.

5 Other types (quantitative, market making, etc.)

Changes in holding value of some other types of companies from Q1 to Q2 2024

Multicoin Capital Management held 1,321,808 shares of GBTC worth 84 million in Q1 2024, and still held 1,321,808 shares of GBTC worth 70 million in Q2 2024. This is also due to the unchanged number of shares due to market price fluctuations, and the value of holdings fell by 16.67%.

Figure 4: Changes in the value of some other types of holdings

Table 7: Changes in the value of some other types of holdings

1) Susquehanna International Group ($1.07 billion)

SIG Holdings, LLC, parent company of Susquehanna International Group. The abbreviation is SIG, which is translated as Haina International Group. Founded in 1987 and headquartered in Bergon, Pennsylvania, Susquehanna International Group, LLP (SIG) focuses on quantitative trading and market making.

In 2024 Q1, it holds nine Bitcoin spot ETFs, worth about $1.326 billion. The largest holder is Grayscale's GBTC, with a total of 17.27 million shares purchased, worth up to $1.09 billion, making it the largest holder of Grayscale GBTC. The company's total investment scale is about $575.9 billion, so Bitcoin ETF is only a small part of it. In 2024 Q2, it was $1.070 billion.

2) Jane Street Group ($1.04 billion)

Jane Street Group is a leading global quantitative trading firm headquartered in New York, USA, founded in 2000.

In Q1 2024, it held about $634 million worth of Bitcoin spot ETFs. In Q2 2024, it held $1.04 billion.

3) CRCM LP (US$86 million)

CRCM LP is a venture capital firm that invests primarily in startups and early-stage growth companies. In Q1 2024, it held approximately $96.67 million worth of Bitcoin spot ETFs. In Q2 2024, it held $86 million.

4) Multicoin Capital Management ($70 million)

Multicoin Capital Management is an investment company focused on blockchain and cryptocurrency. Founded in 2017, it is headquartered in Austin, Texas, USA.

In Q1 2024, it held about $83.5 million worth of Bitcoin spot ETFs. In Q2 2024, it held $70 million.

5) IMC-Chicago ($65 million)

IMC-Chicago is a quantitative trading company that focuses on algorithmic trading and market making. In Q1 2024, it held approximately $64.14 million worth of Bitcoin spot ETFs. In Q2 2024, it held $65 million.

6 Family Office

The number of family offices that are optimistic about cryptocurrencies is also growing. According to the 2024 Global Family Office Survey Report released by Citibank, the number of family offices that are optimistic about cryptocurrencies has doubled from 8% last year to 17% this year.

The report pointed out that regardless of the size of the assets under management, family offices have similar levels of interest in digital assets, with direct cryptocurrency investments and cryptocurrency-related investment funds being their priority. Large family offices show greater interest in tokenized real-world assets (RWA), with 11% holding cryptocurrency exposure, compared to 3% for small family offices.

Asia Pacific leads in digital asset adoption, with 37% of family offices investing or interested in investing in digital assets. Latin American family offices have the lowest interest, with 83% not prioritizing digital asset allocation.

.........And so on. The details of each company’s holdings can be found on the SEC official website according to the last chapter.

04 Global BTC holdings distribution

1 Global BTC ETF Fund Data

As of October 8, 2024, 28 Bitcoin ETF funds hold more than 1.1 million Bitcoins, worth approximately US$68.7 billion.

Table 8: Global BTC ETF Distribution

2. Distribution of BTC held by global companies, governments, etc.

According to bitcointreasuries data, as of October 8, 2024, 42 listed companies held 363,827 bitcoins (1.73% of the total supply) worth $22.659 billion. Compared with $7.2 billion a year ago, the value of these bitcoin holdings has increased by nearly 214%.

Governments hold approximately 529,365 Bitcoins (2.52% of the total supply) worth $32.968 billion. Private companies hold approximately 359,638 Bitcoins (1.7% of the total supply) worth $22.398 billion.

Note: Public companies usually disclose the amount of Bitcoin they hold in their annual reports (Form 10-K) or quarterly reports (Form 10-Q) because it may affect the company's financial situation. In the report, the company will disclose its balance sheet, cash flow statement and other information, which may include the amount and value of cryptocurrencies held.

Table 9: BTC held by listed companies

Table 10: BTC held by governments

Table 11: BTC held by private companies

05 Company's 13F document inquiry process

If you need to know whether a company discloses its holdings and how much BTC ETF it holds in 13F, you can follow the steps below:

Open the SEC 13F website:

1. Enter the keyword: Bitcoin

2. Enter your company name: e.g. Millennium Management

3. Select file type: 13F-HR

4. Select date: 2024-01-01 to 2024-09-01

5. Click to search: Take Millennium Management's second quarter 13F as an example. The search results are as follows, with a total of 3 results. The one reported for 2024-06-30 is the 13F for the second quarter of 2024, and the one for the first quarter is Reported for 2024-03-31.

6. Click on the first file and you will see the following interface: The first keyword containing Bitcoin indicates that Millennium Management holds ARK’s BTC ETF, which is worth approximately $38 million.

7. There are a total of 6 Bitcoin keywords in the file. When we click Next, we can see that it also holds ETFs issued by BITWISE, FIDELITY, etc. Overall, in 2024 Q2 Millennium Management holds BTC ETFs worth approximately US$1.145 billion.

8. Similarly, you can check the data of BTC ETF holdings disclosed in the first quarter or other companies in 13F.

For example, we can see that in Q1 2024, Millennium Management held a total of $1.942 billion in BTC ETFs, and in Q2 it held $1.145 billion, a reduction of about 41.1%. The company name can be changed to Goldman Sachs, which did not hold BTC in its 13F in Q1 2024, but held $418 million worth of Bitcoin ETFs in Q2 13F (as of June 30).