Summary
Matthew SigelHead of Digital Asset Research at VanEck, pointed to institutional ownership of Bitcoin ETFs, which reflects the growing interest in these financial instruments. A breakdown of institutional ownership of Bitcoin ETFs shows that Wisdom Tree (BTCW) leads with 92%, followed by Coinshares Valkyrie Bitcoin Fund ETF (BRRR) with 90%, Bitwise (BITB) with 50%, BlackRock (IBIT) with 47%, Fidelity (FBTC) with 37%, Invesco Galaxy Bitcoin ETF (BTCO) with 28%, and VanEck Bitcoin Trust (HODL) with 15%. Notably, VanEck’s own seed investment contributes significantly to HODL’s ownership.
As recent 13-F filings show, institutional ownership includes shares in publicly traded miners, MicroStrategy, and Bitcoin ETFs. However, it is important to consider the motives behind these investments. While some institutions, such as Wisconsin’s pension fund, are likely pursuing a buy-and-hold strategy, others, such as Goldman Sachs and Morgan Stanley, could trade on Bitcoin’s volatility and treat these ETFs as new financial instruments.
According to Fintel, five of the seven largest IBIT positions were filed in the most recent round of 13-F filings.
Despite Bitcoin’s price woes, Bitcoin ETFs continue to see inflows. On August 20, IBIT received another $55.4 million, while ARK’s ARKB saw an inflow of $51.9 million, bringing the total daily inflow to $88.0 million. Overall, total inflows into Bitcoin ETFs now stand at $17.5 billion, according to Farside data.
