Wall Street’s Appetite for Bitcoin ETFs Grows
Wall Street titans are diving deeper into the murky waters of cryptocurrency, with several major institutions reporting increased stakes in bitcoin exchange-traded funds (ETFs) during the second quarter of 2025. Heavyweights like Brevan Howard, Goldman Sachs, and Harvard University are leading the charge, signaling a significant shift in institutional engagement with digital assets.
Brevan Howard and Goldman Sachs: Betting Big
Brevan Howard, the renowned macro-focused hedge fund, has nearly doubled its position in BlackRock’s iShares Bitcoin Trust (IBIT), now holding a staggering 37.9 million shares worth over $2.6 billion as of late June. This move bolsters Brevan Howard’s status as one of the largest institutional holders of IBIT, alongside Goldman Sachs. The banking giant, with a $3.3 billion stake in IBIT and Fidelity’s Wise Origin Bitcoin Trust (FBTC), isn’t tiptoeing into the crypto realm. However, according to insiders, Goldman’s substantial holdings likely reflect client positions managed by Goldman Sachs Asset Management rather than direct trading desk bets.
Brevan Howard’s commitment to crypto isn’t new. Their digital asset division, BH Digital, manages billions, focusing on blockchain infrastructure and decentralized finance. This steadfast involvement highlights the hedge fund’s confidence in the transformative potential of these technologies.
Academic and Institutional Players Join the Fray
Harvard University has also thrown its hat into the bitcoin arena, with a reported $1.9 billion stake in IBIT. This follows Harvard’s earlier revelation of a $116 million investment in BlackRock Bitcoin ETF, underscoring its growing interest in digital assets. The Ivy League institution is joined by Abu Dhabi’s Mubadala Investment Company, holding $681 million in the same ETF. Meanwhile, U.S. banking giant Wells Fargo has significantly increased its IBIT holdings to $160 million, up from a mere $26 million in the previous quarter.
Cantor Fitzgerald is not far behind, boosting its holdings to over $250 million. The firm has also ramped up investments in crypto-related stocks like MicroStrategy (MSTR), Coinbase (COIN), and Robinhood (HOOD). Such moves indicate a broader trend of traditional finance embracing crypto assets, albeit cautiously.
Norway’s Indirect Approach
Across the Atlantic, Norway’s sovereign wealth fund is taking a slightly different route. Rather than buying bitcoin directly, Norges Bank Investment Management (NBIM) has increased its indirect exposure to the digital currency through U.S.-listed companies holding significant BTC reserves. As of the latest count, NBIM indirectly holds 7,161 BTC, valued at approximately $841 million. This strategy underscores a preference for equity stakes in crypto-adjacent firms over direct cryptocurrency holdings—a more palatable option for some conservative investors.
A Ripple in the Crypto Waters
The surge in institutional bitcoin ETF buying is a testament to growing comfort with digital assets among traditional finance players. Yet, for all the billions being poured into these funds, some industry watchers remain cautious. “It’s a promising trend,” says crypto analyst Sarah Jensen, “but it raises questions about sustainability and long-term commitment. Will these institutions hold steady if the market stumbles?” This sentiment is echoed in recent analyses of crypto ETP inflows hitting $572M as Bitcoin and Ether rebound, highlighting the volatile nature of the market.
As the crypto market continues to evolve, these strategic investments by Wall Street heavyweights are likely to influence its trajectory significantly. While the recent buying spree suggests a burgeoning institutional embrace of bitcoin, the long-term implications remain uncertain. Will this be the start of a new era in finance, or just another fleeting trend? Only time will tell.
Source
This article is based on: Brevan Howard, Goldman Sachs and Harvard Lead Billions in Bitcoin ETF Buying Spree
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
