Bitcoin 13F Filers Raise Holdings 1.3% to 264,000 BTC in Q2

Professional investors increased their reported Bitcoin positions during the second-quarter sell-off, even as total holdings in U.S. spot Bitcoin ETFs declined.

Bitcoin (BTC) held by 13F filers rose 1.3% to 264,000 BTC at the end of June from 261,000 BTC in the first quarter. The value of those holdings fell 13% to $15.5 billion as Bitcoin’s price dropped 14% during the quarter.

The increase lifted 13F filers’ share of total U.S. spot Bitcoin ETF assets under management to 22.4% from 20.8%. It was the first quarterly increase since the second quarter of 2025.

Total Bitcoin held by U.S. spot ETFs fell 6.3%, while non-13F holders reduced their positions by 8.3%. Because non-filing holders sold more heavily, they represented a larger share of ETF ownership.

Hedge funds recorded the largest decline among the major investor groups, cutting exposure by 10,800 BTC, or 22%, to 37,800 BTC. DE Shaw exited its 3,700-BTC position, while Millennium reduced its holdings to 7,300 BTC from 14,400 BTC.

Advisors reduced holdings by 4,600 BTC, or 3%, to 145,700 BTC. Brevan Howard accounted for much of the decline, cutting its position to 4,100 BTC from 13,700 BTC.

Brokerage holdings more than doubled to 38,500 BTC from 17,000 BTC. Jane Street, an exchange-traded fund market maker, added 10,900 BTC to reach 16,900 BTC. The brokerage total also included Morgan Stanley’s 10,400 BTC.

Government and university endowment holdings were broadly unchanged. The Emirate of Abu Dhabi held 8,400 BTC, Harvard held 1,700 BTC, Brown held 121 BTC and Dartmouth held 114 BTC. Private-equity holdings rose 5% to 6,900 BTC.

The second-quarter figures showed leveraged and tactical investors continuing to reduce exposure, while advisors, banks, sovereign entities and endowments remained broadly steady. Bitcoin later advanced 42.7% in the third quarter after falling 14.2% in the second quarter, as detailed in Bitcoin’s third-quarter recovery.

Third-quarter filings will show how professional holdings changed after Bitcoin reached its yearly lows.