Nine Institutions Cut Bitcoin (BTC) ETF Exposure as Cash-and-Carry Returns Narrow

Nine institutions reduced their reported U.S. spot Bitcoin (BTC) ETF exposure by 68,000 BTC-equivalent between Sept. 30, 2025, and June 30, 2026, as returns from cash-and-carry trading narrowed.

The institutions were Millennium Management, Brevan Howard, Goldman Sachs Group, Capula Management, Farallon Capital, D. E. Shaw, Schonfeld Strategic Advisors, Symmetry Investments and Tudor Investment Corp. Their individual reductions ranged from 29% to 100%.

Exposure also increased among wealth platforms and sovereign investors. Morgan Stanley’s wealth arm, Mubadala and the Abu Dhabi Investment Council added positions during the period. In a filing for the quarter ended June 30, the council listed 8,218,712 shares of iShares Bitcoin Trust ETF, valued at $273.6 million. The filing was submitted Aug. 13, 2026.

A trader can combine Bitcoin ETF shares with a short Bitcoin futures position to pursue the price difference. Traders aim to earn the futures premium over the spot price, known as the basis.

During the month leading up to Bitcoin’s October 2025 high, the annualized CME front-month basis averaged 7.9%, exceeding three-month Treasury bill yields by 3.9 percentage points. In the 30 days through Oct. 21, 2026, the basis averaged 4.8%, or 0.6 percentage point above the bills.

“That arithmetic is why the multi-strategy desks left,” Alex Thorn wrote.

An earlier review of second-quarter 13F holdings offered a snapshot of institutional positions. Form 13F filings report holdings at quarter-end, rather than the dates trades took place, and do not explain why an investor bought or sold. The filing data and the narrowing futures basis do not establish that lower cash-and-carry returns caused any named institution to reduce its position.