USDWeekly ETF Report: Bitcoin & Ethereum See Major Institutional Flows
Wisconsin Investment Board Doubles Down on BlackRock's Bitcoin ETF with $321M Stake
The State of Wisconsin Investment Board (SWIB) has significantly increased its investment in BlackRock's iShares Bitcoin Trust (IBIT), doubling its holdings to 6,060,351 shares valued at approximately $321.5 million as of December 31, 2024. This growth follows a reduction in its investment in the Grayscale Bitcoin Trust (GBTC) earlier in 2024, where it divested 1,013,000 shares.
IBIT has rapidly become the leading spot Bitcoin fund, amassing around $41 billion in net inflows since its inception, with total assets under management reaching $56 billion as of February 14, 2025. In addition to IBIT, Wisconsin's board has diversified its crypto investments, including shares in Coinbase, Marathon Digital, Robinhood, and Block Inc. Notably, Goldman Sachs recently reported over $1.5 billion in holdings across US spot Bitcoin ETFs, pointing to the growing institutional interest in digital assets.
Mubadala Invests $436 Million in Bitcoin ETFs, Signaling Institutional Interest
Abu Dhabi's sovereign wealth fund, Mubadala, has made headlines with a significant $436 million investment in Bitcoin exchange-traded funds (ETFs) during the first quarter of 2025. This investment, disclosed through a 13F filing with the U.S. Securities and Exchange Commission, specifically involves holdings in the iShares Bitcoin ETF ($IBIT).
This strategic move by Mubadala showcases an increasing trend of institutional interest in cryptocurrency, highlighting the growing acceptance of digital assets within traditional investment frameworks. The substantial investment signifies not only Mubadala's confidence in the potential of Bitcoin but also reflects a broader shift among sovereign wealth funds and institutional investors toward diversifying portfolios with cryptocurrency exposure.
Millennium Management Reveals $2.6B in Bitcoin ETFs and $182M in Ethereum ETFs
Hedge fund Millennium Management has significantly increased its holdings in digital assets, revealing $2.6 billion in Bitcoin ETFs and $182.1 million in Ethereum ETFs in its recent 13F filing with the SEC. The firm’s Bitcoin ETF investments span multiple funds, with BlackRock’s IBIT being the largest position at over $844 million, followed closely by Fidelity’s fund at over $806 million. Other notable holdings include the ARK 21Shares Bitcoin ETF and the Grayscale Bitcoin Trust.
This disclosure reflects a broader trend of growing institutional interest in cryptocurrencies, evidenced by Abu Dhabi's sovereign wealth fund purchasing $436.9 million of BlackRock’s spot Bitcoin ETF, alongside Goldman Sachs, which has increased its Bitcoin ETF investments to $1.5 billion. Notably, in May 2024, Millennium’s Bitcoin ETF investments reached nearly $2 billion, constituting just 3% of its total assets, underscoring the firm’s strategic shift towards digital assets.
Ethereum ETF Ownership Jumps to 14.5% While Bitcoin ETFs See Slight Decline
Institutional interest in spot Ethereum ETFs has surged, with ownership increasing from 4.8% to 14.5%, while Bitcoin ETF ownership saw a slight decline from 22.3% to 21.5%. Notably, Blackrock’s iShares Bitcoin Trust remains the leading Bitcoin ETF, with 1,100 institutions holding 247 million shares. Goldman Sachs significantly boosted its Bitcoin ETF holdings by 88% to $1.5 billion, while also establishing a new position in BlackRock's Ethereum Trust ETF, acquiring 9.3 million shares, making it the largest institutional shareholder.
Major institutional buyers, including Abu Dhabi’s sovereign wealth fund, marked significant entries into Bitcoin ETFs, illustrating the increasing trend of institutional accumulation. The overall institutional ownership disparity shows Bitcoin at 21% compared to Ethereum’s 15%, reflecting a similar path of initial retail interest transitioning to greater institutional adoption. BlackRock’s Bitcoin and Ethereum ETFs lead in assets under management, with $56.3 billion and $3.6 billion, respectively.
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