TLDR
- Wells Fargo increased its BlackRock Bitcoin ETF holdings from $26 million to $160 million in Q2 2025.
- The bank began offering spot Bitcoin ETFs to select wealth management clients in February 2024.
- Wells Fargo expanded its exposure to other Bitcoin ETFs including Invesco Galaxy and Grayscale products.
- The bank also reported smaller positions in ETFs from ARK Invest, Bitwise, CoinShares, Fidelity, and VanEck.
- Abu Dhabi’s sovereign wealth funds maintained some of the largest Bitcoin ETF holdings in the world.
Wells Fargo increased its holdings in BlackRock’s Bitcoin ETF from $26 million to over $160 million in Q2 2025. The bank’s latest SEC filing revealed this sharp rise in the iShares Bitcoin Trust (IBIT) position as of June 30. This marks a significant shift from client-driven offerings to direct institutional exposure on its balance sheet.
Wells Fargo Expands Bitcoin ETF Holdings
Wells Fargo’s Q2 filing shows a rapid expansion in its IBIT position compared with the previous quarter. The bank held just over $26 million in IBIT at the end of Q1. However, the new $160 million figure signals a substantial commitment to Bitcoin ETF exposure.
The bank began offering spot Bitcoin ETFs to wealth management clients in February 2024. This was shortly after US regulators approved such products. “Bank of America Corp.’s Merrill arm and Wells Fargo & Co.’s brokerage unit are offering access,” Bloomberg reported.
Moreover, Wells Fargo’s exposure is not limited to BlackRock’s IBIT. The bank’s stake in the Invesco Galaxy Bitcoin ETF (BTCO) rose from $2.5 million to $26 million, and positions in smaller Bitcoin ETFs also grew during the quarter.
Additional Bitcoin ETF Allocations
Wells Fargo increased its Grayscale Bitcoin Trust (GBTC) holdings from $146,000 to over $192,000 and its Grayscale Bitcoin Mini Trust (BTC) position from $23,000 to $31,500. These moves reflect a strategy of diversified Bitcoin ETF investments.
The bank also reported smaller stakes in products from ARK Invest/21Shares, Bitwise, CoinShares, Fidelity, and VanEck. This demonstrates a broad allocation across leading Bitcoin ETF issuers. In addition, Wells Fargo disclosed allocations to spot Ethereum ETFs.
These investments indicate growing institutional interest in Bitcoin ETFs as a preferred access point. The filings suggest Wells Fargo sees strategic value in multiple issuers. Diversification could also serve as a risk-spreading measure.
Sovereign Wealth Funds Hold Firm
Abu Dhabi’s sovereign wealth funds remain among the largest institutional holders of Bitcoin ETFs. Mubadala reported 8.7 million IBIT shares valued at $534 million as of June 30. Al Warda Investments held 2.4 million IBIT shares worth $147 million.
These positions have remained unchanged since May. Analyst Cas Abbe described this as “diamond hands at a nation-state level.” Such stability indicates a long-term, conviction-driven approach to Bitcoin ETF exposure.
The latest disclosures highlight parallel moves by US banks and Middle Eastern sovereign funds. Both groups are expanding or maintaining significant Bitcoin ETF allocations. This trend underscores Bitcoin’s growing role in institutional portfolios.
