🏦 Wall Street's Massive Bitcoin ETF Investments
In a significant shift, Wall Street and global institutions have dramatically increased their Bitcoin exposure in Q2, pouring billions into spot ETFs like BlackRock’s IBIT and related crypto equities. SEC filings reveal that heavyweights such as Brevan Howard, Goldman Sachs, Harvard, Wells Fargo, Jane Street, and even Norway’s sovereign wealth fund have all boosted their positions, signaling growing comfort with BTC as a core allocation.
đź“Ś Key Institutional Moves
- Brevan Howard nearly doubled its IBIT stake to 37.9M shares worth $2.6B, making it one of the largest institutional holders.
- Goldman Sachs reported $3.3B across IBIT and Fidelity’s FBTC, plus $489M in Ethereum’s ETHA trust.
- Harvard disclosed a $1.9B stake in IBIT, while Abu Dhabi’s Mubadala holds $681M.
- Wells Fargo quadrupled IBIT holdings to $160M, alongside a small GBTC stake.
- Norway’s $2T sovereign wealth fund indirectly holds 7,161 BTC (~$841M) via equity stakes in MSTR, Coinbase, Block, and others - up 192% YoY.
Yet, the average professional fund manager in the US is barely allocated. A Bank of America survey showed that the average fund manager has just 0.3% allocated to crypto, with 75% having 0 exposure.
🗣️ Why This Matters
It’s a tale of two groups. Institutions are clearly piling into BTC and crypto, including the biggest names in finance, academia, and nation-states. The sheer scale of these positions validates Bitcoin as an institutional-grade asset, with spot ETFs serving as the gateway.
However, retail is sleeping, and their fund managers aren’t helping. The fact that 75% of fund managers aren’t allocated at all is staggering. But as more big names pile in, it becomes "safer" for the average fund manager to recommend crypto. The pivot is just a matter of time.
🌎 Macro Crypto and Memes
- Crypto majors were red: BTC -3% at $115,100, ETH -6% at $4,260.
- Odds of a September rate cut have fallen from 99% to 83% after recent inflation data.
- ETH ETFs saw new outflows after a massive 8-session green streak.
- Grayscale filed for a Dogecoin ETF on Friday.
đź’° Corporate Treasuries and Memes
- Metaplanet bought another 775 BTC for $93M, now holds 18,888.
- Adam Back’s Bitcoin Standard TreasuryCo is preparing to go public with 30,000 BTC + $1.5B in capital.
- Memecoin leaders were very red: DOGE -5%, Shiba -5%, PEPE -5%.
🤖 AI x Crypto
- Overall market cap down 3% to $12.9B, leaders were red.
- FARTCOIN (-6%), VIRTUAL (-3%), TIBBIR (-8%) were notable movers.
đźšš NFTs Update
- ETH NFT leaders were red: Punks -1%, Pudgy -3%, BAYC -3%.
- Bitcoin NFTs saw some green, led by Taproot Wizards (+4%).
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