Major TradFi companies have begun reporting exposure to Bitcoin via MicroStrategy and spot BTC ETFs.
Vanguard and BlackRock have increased their stakes in MicroStrategy holdings (MSTR) on May 10.
Vanguard holds 1.6 million shares of MSTR worth $2.6 billion as of the end of the first quarter, up from 1.2 million shares worth $727.6 million at the end of December 2023.
BlackRock now holds 1.2 million shares worth $2.1 billion, up from 1.0 million shares worth $646.4 million at the end of the last quarter.
Numerous other companies have also invested in MSTR, which provides exposure to Bitcoin through its own Bitcoin investments. Data from Fintel indicates that at least 750 firms have invested in MSTR.
MicroStrategy itself has taken steps to increase its Bitcoin holdings. The firm reported buying $1.65 billion of BTC in the first quarter, raising its total holdings to 214,400 BTC. The company maintains its position as the publicly traded company with the most Bitcoin.
Other Bitcoin ETF filings
Meanwhile, 13F disclosures continue to reveal growing TradFi investments in spot Bitcoin ETFs.
Swiss bank UBS has invested $145,692 in BlackRock’s IBITon May 13. Other Global Systemically Important Banks (G-SIBS), including JP Morgan, Wells Fargo, and BNP Paribashave similarly reported spot Bitcoin ETF investments over the first quarter.
Wolverine Asset Management, an alternative investment firm, revealed it is one of the largest holders of Fidelity’s FBTC, with $54 million invested in the ETF over the first quarter. Meanwhile, fintech firm Envestnet reported a $62 million investment in spot Bitcoin ETFs, including FBTC, GBTC, ARKB, IBIT, and BITB.
Crypto and blockchain investment firm Multicoin Capitalreported a $83.5 million investment in Grayscale’s GBTC. Multicoin’s sole other 13F-reported investment is in Coinbase (COIN) stock, worth $217 million, for a total of $300 million across its latest 13F filing.
The investment places Multicoin Capital among the largest GBTC holders. In earlier filings, Susquehanna International Group and Horizon Kinetics Asset Management reported larger investments, amounting to $1.1 billion and $540 million, respectively.
Spot Bitcoin ETFs collectively reported $52.4 billion in assets under management (AUM) as of May 13 and $11.7 billion of cumulative inflows as of May 10.(Data via cyptostale)
#BlackRock #ETFvsBTC #ETHETFS

On-chain data suggests demand for Bitcoin remains significant as newcomer whales in the sector have been scooping up 200,000 BTC every week.
Short-Term Holder Bitcoin Whales Have Continued To Accumulate Recently As explained by CryptoQuant author Axel Adler Jr in a post on X, the demand among the short-term holder whales has decreased since the all-time high, although it still continues to remain strong. The "short-term holders" (STHs) refer to the Bitcoin investors who have been holding onto their coins since less than 155 days ago. This cohort includes the new investors in the market, as well as the fickle-minded traders who make moves often and don't tend to HODL.
The investors who make it past the 155-day threshold are put inside the "long-term holders"
(LTHs), which is a group that's generally considered to reflect the resolute side of the sector.
In the context of the current discussion, the investors of interest aren't the ordinary STHs, but rather the humongous entities called whales. Formally, these investors are defined as those holding more than 1,000 BTC in their wallets.At the current exchange rate, this lower limit is worth $61.5 million, which is massive indeed.
Whales can be influential beings on the network because of these large holdings, so their behavior can be something worth keeping an eye on.
The STH whales would naturally correspond to the large holders who only bought within the past five months. Here is a chart that shows the trend in the exchange outflows being made by these new whales in the Bitcoin market over the last few years:

As displayed in the above graph, the 7-day simple moving average (SMA) of the Bitcoin STH whale exchange outflows had spiked to pretty high levels earlier in the year, when the rally towards the new all-time high (ATH) price had taken place.
Naturally, this spike would suggest demand for buying the cryptocurrency was high from new whale investors entering the space. At the peak, the indicator implied accumulation was occurring at the rate of a whopping 452,000 BTC per week.
A part of this buying would correspond to the demand coming in from the spot exchange-traded funds (ETFs) - new investment vehicles for Bitcoin only approved at the start of this year that provide for an indirect way to invest into the asset in a format that may be preferrable for the more traditional investors.
From the chart, it's visible that the demand from the new whales has seen a clear decline in the period since the ATH, but accumulation nonetheless remains substantial as the STH whales are still potentially buying at a rate of around 200,000 BTC per week.
BTC Price
Bitcoin has continued to be stagnant recently as its price is trading around $61,600 right now, still very much inside the range. (data via-News BTC)
#ETHETFS #ETFvsBTC #BTC

BlackRock also filed its 13F disclosure, revealing a modest investment its own IBIT ETF.
JP Morgan and Wells Fargo are the latest major global banks to disclose exposure to Bitcoin via some of the spot BTC exchange-traded funds launched in January.
The two lenders filed their 13F disclosures on May 10, revealing a modest investment in the Bitcoin ETFs.
JP Morgan disclosed $731,246 of spot Bitcoin ETF investments in BlackRock’s IBIT,  Bitwise’s BITB,  Fidelity’s FBTC, and Grayscale’s GBTC. The majority of the amount — $477,425 — was invested in IBIT. Meanwhile, Wells Fargo reported a $141,817 investment in Grayscale’s GBTC during the first quarter.
Earlier disclosures have revealed that both BNP Paribas and BNY Mellon have also invested amounts into the Bitcoin ETFs, signaling a growing trend among traditional financial institutions despite the modest exposures.
Furthermore, other major banks, including Morgan Stanley and UBS, have indicated an intent to allow clients to invest in spot Bitcoin ETFs. However, the two lenders have yet to disclose direct exposure to Bitcoin as of press time.
Industry experts, including BlackRock’s head of digital assets, believe that the trend of institutional flows into Bitcoin ETFs is only beginning with the volume expected to rise as more sophisticated money, like sovereign wealth funds, begin entering the sector.
BlackRock 13F
BlackRock disclosed a $6.6 million investment in its own IBIT fund in its 13F filing on May 10.
The company’s strategy follows other spot Bitcoin ETF issuers that have similarly invested in their own funds. Ark Investholds $206.4 million of its ARKB fund, while Van Eck holds $98,000 of its HODL fund.
BlackRock’s latest investment comes alongside solid performance for BlackRock’s IBIT. The fund has the highest cumulative inflows of any spot Bitcoin ETF at $15,490 and is the second-largest spot Bitcoin ETF in terms of assets under management.
BlackRock’s IBIT has also set a new record for reaching $10 billion in AUM. Bloomberg ETF analyst Eric Balchunascommented on the trend, noting:
“The record speed for an ETF to reach $10b in assets was held by JEPQ who did it in 647 trading days … IBIT got there in 49 days, FBTC in 77 days.”
TradFi entering Bitcoin
Chicago-based hedge fund CTC Alternative Strategies reported a $27.7 million investment in IBIT on May 9.
Other financial institutions and companies that recently disclosed investments in spot Bitcoin ETFs include Hightower Advisors, US Bancorp, SouthState, Susquehanna International Group, Burkett Financial Services, and Legacy Wealth Asset Management.
The above companies are a few of the hundreds of other firms that have made similar disclosures in their 13F filings since spot Bitcoin ETFs went live in January.
According to data from Fintel, over 240 firms have invested in IBIT, while over 130 companies have invested in FBTC. More than 467 firms have invested in Grayscale’s GBTC, which existed before its conversion to an ETF in January. (Data via cryptostale)
#ETHETFS #ETFvsBTC #BinanceLaunchpool

Institutional investment in spot Bitcoin ETFs continues to grow as companies file their 13F forms for the first quarter.
US Bancorp disclosed spot Bitcoin ETF investments worth over $15 million on May 8.
The company revealed it purchased roughly 87,744 shares of Fidelity’s FBTC worth $5.4 million, 46,011 shares of Grayscale’s GBTC worth $2.9 million, and 178,567 shares of BlackRock’s IBIT worth $7.2 million.
The company’s total investments stood at $71.8 billion, based on its latest 13F filing.
US Bancorp is among the largest bank holding companies in the US, with over $663 billion in AUM at the end of 2023.
Rothschild firm investment
Edmond De Rothschild Holding SA separately disclosed spot Bitcoin ETF investments worth more than $4.2 million on May 9.
The company reported 103,600 shares of BlackRock’s IBIT, valued at slightly less than $4.2 million. It also reported 1,300 shares of GBTC, valued at $82,121.
The firm’s total investments stood at $6 billion, based on its latest 13F filing.
Continued institutional investment
Several other companies have disclosed investments in spot Bitcoin ETFs in recent weeks and months. Hightower Advisors and SouthState Bank, Susquehanna International Group, BNP Paribas, Burkett Financial Services, and Legacy Wealth Asset Management have purchased ETFs.
Meanwhile, MassMutual reported continued investment in Grayscale’s Bitcoin Trust (GBTC), amounting to 227 shares valued at $14,340 on May 9.
The latest disclosures cover the first quarter of 2024. The deadline for quarterly 13F filings is May 15, and other firms may disclose investments in the coming days. BlackRock and Bitwise executives believe institutional investors will continue purchasing spot Bitcoin ETFs.
Spot Bitcoin ETFs had a combined AUM of $52.7 billion on May 9, with nearly $11.8 billion in cumulative inflows as of May 8. (Data via- cryptoslate)
#ETHETFS #ETFvsBTC #BTC