Although Bitcoin’s price has experienced notable volatility in recent months, Brevan Howard has considerably increased its exposure to the cryptocurrency by acquiring approximately 37.5 million shares in BlackRock’s Bitcoin ETF (IBIT), a position valued at around $2.3 billion as of June 30, 2025. This represents a substantial growth from the 21.5 million shares held in the first quarter of 2025, signaling a significant bullish stance by the hedge fund. With this investment, Brevan Howard now stands as the largest institutional shareholder in IBIT, surpassing Goldman Sachs, which held $1.4 billion worth of shares earlier in the year. The firm’s increased position reflects a broader hedge fund interest in digital assets and blockchain products, highlighting the rise of hedge fund investment.
BlackRock’s Bitcoin ETF has quickly risen to dominate the U.S. Bitcoin ETF market, managing over $90 billion in assets under management (AUM). The fund’s ability to offer regulated exposure to Bitcoin appeals to institutional investors, who increasingly prefer ETF structures due to their compliance benefits and liquidity. Other prominent holders of IBIT include Symmetry Investments, Capula Management, Mubadala Investment, and Harvard Management, the latter recently joining the top 20 holders with a $1.9 billion stake. Collectively, Bitcoin ETFs hold over $153 billion in net assets, which is approximately 6.54% of Bitcoin’s total market capitalization, highlighting growing institutional adoption through regulated financial products.
Brevan Howard’s overall assets under management approximate $20 billion, with a growing focus on digital assets managed through BH Digital, its dedicated crypto division. The firm’s increasing allocation to IBIT aligns with broader institutional trends toward regulated crypto exposure, encompassing both direct Bitcoin investment and blockchain infrastructure technologies. Despite ongoing price fluctuations, Brevan Howard’s ETF position has appreciated in value alongside Bitcoin’s recovery from March to June 2025, demonstrating resilience amid market turbulence. This move also signifies a potential shift in hedge fund strategies toward increased crypto asset exposure.
Although the crypto market has faced liquidity challenges and price swings, the steady inflows into Bitcoin ETFs like IBIT suggest sustained institutional demand. However, the volatility inherent in cryptocurrencies and regulatory uncertainties necessitate caution for investors. The shift by major financial institutions toward ETF-based Bitcoin holdings rather than direct cryptocurrency ownership underscores a preference for regulated, transparent investment vehicles in an evolving market landscape.
