Advisors Led Institutional Bitcoin Growth in Q3 Filings

With the fourth quarter reporting season approaching, a look back at 2025 third quarter 13F filings reveals institutional bitcoin adoption continued its steady climb through exchange-traded funds. The data offers a baseline for what may emerge after Q4 holdings disclosures in the coming months.

Investment advisors drove the growth, accounting for 57% of all reported institutional bitcoin holdings by the end of Q3, according to a recent CoinShares report on bitcoin ETF 13F filings. These advisors held approximately 185,000 bitcoin-equivalent exposure through ETFs, more than double the holdings of hedge funds.

Professional investors reporting bitcoin exposure rose 12% quarter over quarter, nearly matching the 13% increase in total U.S. bitcoin ETF assets under management, according to the report. Bitcoin’s price climbed 6.4% during the same period.

Firms required to file 13F reports manage over $100 million in assets. By Q3 end, these filers accounted for 24% of the U.S. bitcoin ETF complex, with average portfolio allocations remaining below 1%, according to the report.

Concentration among major issuers remained tight. Grayscale Investments, BlackRock, and Fidelity Investments represented 89% of total U.S. bitcoin ETF assets, according to the report. The CoinShares Bitcoin ETF (BRRR), which launched in January 2024 with a 0.25% expense ratio, held $545.3 million in assets, according to ETF Database.

New Institutional Bitcoin Players in Q3

Several high-profile entries marked the quarter. Al Warda in the United Arab Emirates reported ownership for the first time, with 4,521 bitcoin equivalent, or $515.6 million, according to the report. The Abu Dhabi Investment Council stated in a comment to Bloomberg that it views bitcoin as a store of value similar to gold.

Harvard Management Company increased its exposure 257% to 3,868 bitcoin equivalent, reaching $441.2 million, according to the report. Emory University also expanded its position 91% to 456 bitcoin equivalent, or $52.1 million.

Traditional financial institutions continued building positions. Wells Fargo & Company reported $491 million in exposure, Morgan Stanley reported $724 million. Meanwhile, JPMorgan Chase & Co. reported $346 million, according to the report.

The quarterly 13F reports provide a window into how professional money managers allocate to bitcoin through ETFs. With average portfolio allocations still below 1%, room remains for institutional positions to expand, according to the report. As Q4 filings approach their mid-February deadline, the Q3 data establishes a reference point for tracking whether institutional adoption accelerated or slowed heading into year-end.

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