Institutional investors increased Bitcoin ETF holdings by 7.5% during the second quarter of 2025 even as the underlying asset declined 14.2%, according to analysis of SEC 13F filings compiled by Bitcoin Strategy.

Holdings rose from 498,389 BTC equivalent at the end of Q1 to 535,723 BTC at June 30, 2025. The divergence between price and institutional demand signals selective accumulation among banks and quantitative managers, offset by retreat among some hedge funds and trading firms.

Institutional Share Gains Ground

Institutions accounted for 44.2% of Bitcoin ETF holdings by the end of Q2, up from 38.4% in Q1, according to Bitcoin Strategy’s methodology. The firm built its estimate from public 13F filings the SEC collects but does not itself aggregate into a single institutional Bitcoin holdings figure.

The professional share of US-traded spot Bitcoin ETF assets reached 20.8% according to CoinShares methodology, which counted 261,000 BTC in professional holdings during Q1.

JPMorgan and Renaissance Lead Accumulation

JPMorgan increased its IBIT position by 25.35%, raising holdings from 8,302,691 shares in Q1 to 10,407,635 shares in Q2. The position was valued at 355.7 million dollars at the June 30 filing price.

Renaissance Technologies, the quantitative investment firm, posted a far steeper gain. Its IBIT position surged 312.92%, climbing from approximately 340,000 shares to 1,403,942 shares. The position was worth 46.7 million dollars by quarter’s end.

Sovereign Wealth Funds Hold Steady

Mubadala Investment Company maintained its IBIT position at 14,721,917 shares across both quarters, valuing the holding at 490.1 million dollars in Q2. Abu Dhabi Investment Council held 8,218,712 shares, worth 273.6 million dollars at quarter’s end.

Harvard Management’s endowment held 3,044,612 IBIT shares unchanged from Q1 to Q2. Fortress Investment Group maintained 1,325,000 shares.

Hedge Funds and Trading Firms Retreat

Brevan Howard cut its IBIT position by 70.36%, reducing holdings from 24,304,788 shares in Q1 to 7,205,004 shares in Q2. The hedge fund held 7.23 million shares worth of IBIT call options and 5.27 million shares of put options as of the quarter’s end.

Citadel trimmed its IBIT position by 59.66%, ending Q2 with 514,614 shares. The trading firm held 24.65 million shares of call options and 17.86 million shares of put options on IBIT.

Macquarie reduced its IBIT holdings by 61.78%, leaving 1,581,934 shares valued at 52.7 million dollars in Q2.

Market Makers Expand Positions

Jane Street, the market maker and authorized participant, expanded its IBIT holdings significantly from 5,872,212 shares in Q1 to 24,878,191 shares in Q2, a position worth 828.2 million dollars at quarter’s end. Jane Street also held 34 million shares of IBIT call options and 34.8 million shares of put options.

Institutional Reporting Declines

The number of institutions reporting Bitcoin positions through 13F filings fell from approximately 2,000 in Q1 to 1,900 in Q2, a 6.8% decline. This reduction coincided with the rise in holdings among those who maintained or expanded positions, indicating concentration of Bitcoin exposure among a smaller set of institutional players.