A fresh deep-dive into fourth-quarter 2024 13F regulatory filings offers a rare glimpse into how institutional investors—ranging from major banks to hedge funds, state pension funds, endowments, and family offices—are expanding their exposure to spot Bitcoin exchange-traded funds (ETFs). On February 19, Sam Callahan, an adviser to Cantilever, MARA Holdings Inc. (MARA), and Acropolis, took to X to provide a comprehensive breakdown of the data he compiled from these filings.
“I dug through the 13F filings and, by my count, there were 1,573 institutions with long exposure to Bitcoin in Q4 2024,” Callahan wrote. “These include banks, hedge funds, RIAs, family offices, endowments, pensions, sovereign wealth funds, & other asset managers.”
Callahan went on to clarify that 13F forms only disclose a firm’s long positions in US equity-related assets—namely stocks, ETFs, REITs, options, and convertible bonds. They exclude other asset classes such as bonds, commodities, precious metals, private investments, futures, spot Bitcoin, and short positions.
Due to this scope, there is a risk of overstating how large a Bitcoin ETF allocation may seem relative to the rest of an institution’s undisclosed positions. Callahan cited the Abu Dhabi sovereign wealth fund as a prime example: the fund’s 13F shows about 6.6% of its total holdings, because the rest of its global, multi-asset portfolio does not appear in the US-focused filing.
Although these disclosures represent an incomplete picture of overall portfolios, the filings nonetheless reveal a growing number of significant stakeholders. Callahan highlighted various high-profile managers and firms whose Bitcoin ETF positions stand out among their US equity holdings.
Top US Spot Bitcoin ETF Holders
1. Horizon Kinetics emerges as a prominent case, where Bitcoin ranks as the firm’s second-largest position at 16.16%, worth about $1.3 billion. The firm is run by Murray Stahl, widely admired for his investment insights. In its Q4 commentary, Horizon Kinetics underscored its deliberate choice not to rebalance away from BTC, maintaining conviction despite price volatility.
2. Bracebridge Capital has Bitcoin as its largest reported position, comprising 23.6% of its portfolio, or roughly $334 million in exposure. The fund is led by Nancy Zimmerman and serves high-profile institutional clients, including parts of the Yale and Princeton endowments, both of which have posted top-tier returns over the last two decades.
3. Tudor Investment Corp reveals Bitcoin as its largest allocation at 1.625%, translating to an estimated $436 million. This disclosure drew attention, partly because the fund’s founder, Paul Tudor Jones, is regarded as one of this generation’s most successful macro investors. He reaffirmed his bullish view on Bitcoin last month, citing it as a key diversifier in his portfolio.
4. Fortress Investment Group lists Bitcoin as its fourth-largest holding, weighing in at 11.2%, or nearly $70 million in value. Mubadala, the Abu Dhabi sovereign wealth fund, purchased a 68% stake in Fortress in 2024, effectively expanding the UAE’s indirect BTC exposure.
5. Brevan Howard discloses that Bitcoin is the second-largest position in its US equity portfolio at 8.74%, worth approximately $1.4 billion. The macro-focused fund, founded by billionaire Alan Howard, has consistently maintained a positive stance on Bitcoin, even through the 2022 market dip when BTC declined by 50%.
6. Discovery Capital Management’s filings show Bitcoin as its fifth-largest holding at 4.6%, representing about $68 million. The firm is helmed by Robert Citrone, who worked closely with Julian Robertson and George Soros before establishing Discovery and also holds a minority ownership stake in the Pittsburgh Steelers.
7. Jericho Capital discloses Bitcoin at 5.4% of its portfolio, for an estimated $378 million in value. Founded by Josh Resnick, the firm has grown from $36 million in 2009 to over $7 billion AUM today. Resnick’s pedigree includes a track record at Tiger Management, the legendary hedge fund run by Julian Robertson.
8. Hudson Bay Capital Management lists just 0.15 % allocated to BTC—about $44 million. What stands out is that Nouriel Roubini, one of the most vocal skeptics of Bitcoin, serves as a Senior Advisor to the firm. Callahan wryly notes that the fund apparently did not follow Roubini’s bearish advice in this instance.
9. The State of Wisconsin Investment Board (SWIB) significantly increased its Bitcoin position over the course of 2024. In the second quarter, the pension fund disclosed $99 million, rising to $104 million in the third quarter, and eventually surging to $321 million in the fourth quarter. Its share count climbed to more than six million in Q4, growing from 0.26% to 0.82% of its US equity holdings.
10. The State of Michigan Retirement System nearly doubled its Bitcoin ETF holdings as well, moving from $6.6 million in Q2 to $6.9 million in Q3 and then to $9.3 million in Q4, expanding the allocation from 0.03% to 0.05% of its equity portfolio. Although it remains small, the upward trend is undeniable.
11. Emory University, which holds Bitcoin as its second-largest position at 32.3% ($22 million), made no moves to rebalance in Q4. This indicates that Emory’s endowment has effectively allowed its BTC position to ride through a roughly 50 % appreciation over that period.
12. Pine Ridge Advisors places Bitcoin at 18.4% of its equity holdings—$209 million—making it the firm’s second-largest position. This is noteworthy, given that Pine Ridge presents itself as a family office with a concise web presence, suggesting a highly targeted strategy for BTC exposure.
13. Capula Management, Europe’s fourth-largest hedge fund, reports Bitcoin at 5.4% of its portfolio, or around $936 million. Capula focuses on innovative, uncorrelated trading strategies, which aligns with its decision to hold Bitcoin as part of its US equity-related allocations.
14. Cresset Asset Management continues to build its Bitcoin position, now counting it among the firm’s top thirty holdings. The firm’s allocation rose from $33.7 million in Q2 to $53.9 million in Q3 and $107.5 million by Q4, representing 0.51% of its US equity portfolio. Callahan considers it a good yardstick for how some larger independent RIAs are warming up to BTC.
In addition to these hedge funds and institutional managers, Callahan also examined how major US banks—such as JPMorgan, Goldman Sachs, Wells Fargo, Bank of America, and Morgan Stanley—show Bitcoin ETF holdings in their filings. JPMorgan’s 13F showed $964,000 in BTC ETFs (0.0001%), Goldman Sachs’s was $2.3 billion (0.37%), Wells Fargo’s was $375,000 (0.0001%), Bank of America’s was $24 million (0.002 %), and Morgan Stanley’s was $259 million (0.02 %).
He pointed out that these banks typically hold ETF shares in their capacity as Authorized Participants (APs) and market makers, taking on inventory to ensure market liquidity and orderly pricing. Current Federal Reserve guidance disallows them from directly holding Bitcoin on their balance sheets as principal positions, although the recent rescission of SAB 121 hints at a changing regulatory landscape. Morgan Stanley in particular made waves by enabling its financial advisors to pitch Bitcoin ETFs to clients in August 2024, while Goldman Sachs has long facilitated Bitcoin investments for wealthy clients through its asset management arm.
According to Callahan, only about 19% of the 8,190 13F filings last quarter included any Bitcoin allocation at all. He sees this as an early-phase institutional adoption trend, with multiple high-profile managers dipping their toes into Bitcoin while its liquidity profile continues to grow. “Overall, these 13F filings show how BTC is emerging as an institutional-grade asset,” Callahan concluded. “As more enter the fray—or those already in increase their allocations—the inflows could drive Bitcoin to new heights and change its investor base forever.”
At press time, BTC traded at $97,339.
