Professional Investors Raise Bitcoin Exposure as Brokerages More Than Double

Professional investors increased their Bitcoin (BTC) exposure in the second quarter even as total holdings in U.S. spot Bitcoin exchange-traded funds declined, with brokerages recording the sharpest gain among major institutional groups.

Institutions filing 13F reports held 264,000 BTC at the end of June, up 1.3% from 261,000 three months earlier. Their share of total U.S. spot Bitcoin ETF assets also increased.

The broader gain masked significant differences across investor categories. Brokerages more than doubled their exposure, while private-equity firms increased exposure slightly. Endowments kept their positions broadly stable.

Hedge funds and investment advisers moved in the opposite direction, reducing their Bitcoin exposure during the quarter. The figures do not provide a more detailed breakdown of holdings for each category.

The shift came as overall U.S. spot Bitcoin ETF holdings declined. Because 13F filers increased their positions while the wider ETF holdings fell, their share of the ETF asset base rose.

Third-quarter filings may show whether brokerage buying continued and whether professional investors maintained their Bitcoin exposure.