Brevan Howard, Goldman Sachs, and Harvard University are leading a significant shift in Wall Street’s relationship with cryptocurrency, with billions of dollars being funneled into Bitcoin exchange-traded funds (ETFs) and related equity positions as of the second quarter of 2025. This increased exposure, revealed through recent SEC filings, marks a noteworthy development in the ongoing marriage between traditional finance and digital assets.
Hedge Funds and Heavyweights
Brevan Howard, a macro-focused hedge fund with a dedicated digital asset division, has nearly doubled its investment in BlackRock’s iShares Bitcoin Trust (IBIT), now holding 37.9 million shares valued at over $2.6 billion as of June. This strategic move places Brevan Howard among the top institutional investors in IBIT, alongside financial behemoth Goldman Sachs. The latter’s stake in IBIT and Fidelity’s Wise Origin Bitcoin Trust (FBTC) has swelled to $3.3 billion, illustrating its commitment to offering clients exposure to Bitcoin’s price dynamics. Though Goldman’s positions are reportedly more representative of its asset management operations than a direct market gamble, the scale of investment underscores a growing confidence in crypto assets.
Harvard University has also entered the fray, reporting a $1.9 billion stake in IBIT. This involvement from a prestigious educational institution signals a broader acceptance of digital currencies within academic and investment communities. Notably, Harvard Reveals $116 Million Investment in BlackRock Bitcoin ETF further highlights the university’s strategic positioning in the crypto space. Meanwhile, Wells Fargo has significantly expanded its IBIT holdings to $160 million, showcasing a notable institutional appetite for crypto exposure.
Global Players Join the Game
The crypto wave isn’t confined to U.S. shores. Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, has ramped up its indirect Bitcoin holdings to 7,161 BTC through investments in crypto-adjacent firms. This figure represents a staggering 192% increase from last year, reflecting a broader trend among European state-backed investors who prefer equity stakes over direct cryptocurrency ownership. As detailed in Crypto ETP inflows hit $572M as Bitcoin and Ether rebound, this trend is part of a larger movement of capital into crypto-related products.
K33 Research reports that the bulk of Norway’s exposure comes via shares in companies like Strategy and Coinbase. Despite this growth, the Bitcoin-linked investments are still a mere fraction of the fund’s $2 trillion portfolio, indicating that while institutional comfort with cryptocurrency is on the rise, it remains a cautious exploration rather than a full-scale strategic pivot.
The Broader Implications
The recent buying spree by these financial titans suggests a maturing perception of Bitcoin and its derivatives as viable investment vehicles within traditional finance. Spot Bitcoin ETFs like IBIT, which debuted in January, provide a bridge for institutions to engage with the crypto market without the complexities of direct asset ownership. This model appeals to entities seeking regulated avenues to participate in the burgeoning digital economy.
Cantor Fitzgerald, for instance, has bolstered its crypto-related portfolio, including positions in MicroStrategy, Coinbase, and Robinhood, evidencing a diversified approach to the sector. Meanwhile, trading firm Jane Street holds a $1.46 billion stake in IBIT, marking it as the largest single position in its portfolio. This substantial investment highlights the allure of crypto assets amidst an evolving financial landscape.
While these developments may raise questions about the sustainability and potential volatility of such investments, they undeniably reflect a shifting paradigm. The traditional financial world is increasingly warming up to cryptocurrencies, albeit with measured steps and strategic hedges. As the landscape continues to evolve, the actions of these institutional giants could set the tone for broader market participation.
The road ahead is uncertain, and it remains to be seen whether this institutional enthusiasm will maintain its momentum. However, the increasing integration of Bitcoin into established financial frameworks signals a promising, albeit cautious, embrace of the digital frontier. As we move further into 2025, all eyes will be on how these investments play out in a market characterized by both opportunity and unpredictability.
Source
This article is based on: Brevan Howard, Goldman Sachs and Harvard Lead Billions in Bitcoin ETF Buying Spree
Further Reading
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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.
