As Bitcoin soared 47% in the fourth quarter of 2024, institutional investors—including wealth management firms, hedge funds, and pension funds—dramatically increased their exposure to U.S. exchange-traded funds (ETFs) linked to Bitcoin’s price, according to recent regulatory filings.
One of the most notable moves came from the State of Wisconsin Investment Board, which more than doubled its stake in the iShares Bitcoin Trust ETF in the final three months of 2024. By December 31, its holdings had jumped to 6 million shares, reinforcing its position as an early institutional adopter of crypto ETFs.
Other heavyweight investors also expanded their positions:
- Tudor Investment Corp, a systematic hedge fund, nearly doubled its stake in the iShares ETF, increasing from 4.4 million to 8 million shares. The fund’s Bitcoin ETF holdings surged in value from $159.9 million at the end of Q3 to $426.9 million by year-end, reflecting Bitcoin’s price appreciation.
- Mubadala Investment Co, an Abu Dhabi sovereign wealth fund, made its first major foray into Bitcoin ETFs, acquiring 8.2 million shares worth approximately $436.9 million.
- Hedge fund Hunting Hill Capital, which had zero exposure to Bitcoin ETFs at the end of Q3, made a strong comeback with holdings valued at $131 million by December 31.
Beyond hedge funds and sovereign wealth funds, financial advisory firms catering to individual investors also increased their Bitcoin ETF positions. Firms like Cetera Advisors and NewEdge Advisers added to their holdings in several ETFs, including those managed by Fidelity, ARK Investments, and Invesco.
Others took a more selective approach. Cresset Asset Management, for example, focused on low-fee Bitcoin ETFs and explored options strategies to protect downside risk while maintaining upside potential.
“It’s possible right now to get attractive options pricing for collar strategies, allowing us to hedge risk while still capturing gains,” said Jack Ablin, the firm’s chief investment officer.
While these quarterly 13F filings offer a snapshot of institutional positioning, they don’t necessarily reflect current holdings, as many funds actively trade in and out of positions. Nonetheless, the trend is clear: Big money is moving into Bitcoin ETFs, and institutional demand is stronger than ever.