TLDR
- Brevan Howard holds a $2.3B stake in BlackRock’s Bitcoin ETF, representing 21.84% of its portfolio.
- Brevan Howard surpassed Goldman Sachs as the largest IBIT shareholder, surpassing $2B in holdings.
- Despite Bitcoin’s recent price drop, Brevan Howard increased its Bitcoin ETF investment.
- The BlackRock Bitcoin ETF, with $88B AUM, remains the largest institutional Bitcoin product.
Brevan Howard, a prominent macro hedge fund, has disclosed a significant $2.3 billion investment in BlackRock’s iShares Bitcoin Trust (IBIT). According to a filing submitted on August 15, 2025, the hedge fund now holds over 20% of its total portfolio in IBIT. The filing, submitted late on the final day of the Q2 2025 Form 13F submission window, reveals the firm’s strong commitment to Bitcoin through BlackRock’s ETF, despite the cryptocurrency’s recent price volatility.
The disclosure of this large stake is notable as it represents one of the most significant moves by an institutional investor into Bitcoin exposure via an ETF. The $2.3 billion allocation is spread across three separate entries for IBIT, which include an initial stake of $2.26 billion and smaller investments of $32.86 million and $24.48 million.
Brevan Howard’s Strategic Position in the Market
Brevan Howard, known for its expertise in global macro trading, appears to have made a bold bet on Bitcoin’s future growth. This large position in BlackRock’s Bitcoin ETF comes amid market uncertainty, as Bitcoin recently dropped from an all-time high of $124,500 to around $117,000.
Despite this downturn, Brevan Howard’s continued investment shows confidence in the long-term potential of Bitcoin, suggesting the hedge fund sees further upside in the asset.
The $2.3 billion stake places Brevan Howard among the largest institutional holders of Bitcoin through an ETF, possibly surpassing Goldman Sachs, which held $1.4 billion in IBIT as of earlier filings. This marks a pivotal moment for Brevan Howard as it strengthens its position in the cryptocurrency market.
BlackRock’s Dominance in Bitcoin ETFs
BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate the institutional Bitcoin investment space. With $88 billion in assets under management (AUM), IBIT remains the largest Bitcoin-focused ETF globally.
This ETF has attracted significant institutional interest, including investments from firms like Brevan Howard and Harvard University’s endowment fund.
Despite Bitcoin’s recent price fluctuations, institutional inflows into Bitcoin ETFs, particularly IBIT, have remained robust. The recent surge in institutional interest reflects a growing trend of traditional finance giants gaining exposure to Bitcoin, a shift that is likely to continue as more institutional investors enter the crypto space.
Broader Institutional Trends in Cryptocurrency Investment
Brevan Howard’s large stake in BlackRock’s Bitcoin ETF reflects broader trends in institutional adoption of cryptocurrency. Other major institutions, such as Harvard University, have also made significant investments in IBIT. As of recent filings, these moves highlight a growing shift towards cryptocurrency as a legitimate asset class in institutional portfolios.
The increasing flow of capital into Bitcoin ETFs comes at a time when analysts have suggested that an “altseason” might be underway, with Ethereum seeing significant inflows as well.
This signals that institutions are not only investing in Bitcoin but are also diversifying into other cryptocurrencies. With Bitcoin and Ethereum ETFs seeing massive inflows, the trend suggests that traditional finance firms are recalibrating their portfolios to reflect the expanding role of digital assets.
