Institutional investment activity provides significant insights into market trends and asset credibility. The Fidelity Wise Origin Bitcoin Fund (FBTC), a prominent spot Bitcoin ETF, has attracted considerable attention from major financial players. This analysis delves into the top institutional holders of FBTC, showcasing their positions and offering context on what this means for the broader cryptocurrency investment landscape.
Understanding FBTC and Institutional Investment
FBTC is one of several spot Bitcoin exchange-traded funds approved for trading, offering investors exposure to Bitcoin without the complexities of direct cryptocurrency ownership. Institutional investors, including hedge funds, asset managers, and advisory firms, often disclose their holdings through quarterly 13F filings with the Securities and Exchange Commission (SEC). These disclosures provide a window into how major players are positioning themselves in the evolving digital asset market.
The Top 50 Institutional Holders of FBTC
Our database tracks 524 institutional holders of FBTC over recent filing periods. The following table highlights the top 50 entities, ranked by the total value of their FBTC holdings as reported in their latest 13F filings. The data reflects positions as of March 31, 2025.
| Holder | Shares Held | Position Value ($ in Thousands) | Filing Date |
|---|---|---|---|
| Jane Street Group LLC | 6,761,463 | $486,622 | 03/31/2025 |
| Millennium Management LLC | 6,955,712 | $500,603 | 03/31/2025 |
| Capula Management Ltd | 4,299,112 | $309,407 | 03/31/2025 |
| Schonfeld Strategic Advisors LLC | 4,187,281 | $301,359 | 03/31/2025 |
| Sculptor Capital LP | 2,188,727 | $157,523 | 03/31/2025 |
| Goldman Sachs Group Inc. | 2,726,381 | $196,218 | 03/31/2025 |
| D. E. Shaw & Co. Inc. | 1,952,000 | $140,388 | 03/31/2025 |
| Almitas Capital LLC | 1,652,409 | $118,924 | 03/31/2025 |
| Pine Ridge Advisers LLC | 889,647 | $64,028 | 03/31/2025 |
| Susquehanna International Group LLP | 229,103 | $16,489 | 03/31/2025 |
| Envestnet Asset Management Inc. | 784,992 | $56,496 | 03/31/2025 |
| Patient Capital Management LLC | 620,226 | $44,638 | 03/31/2025 |
| Citadel Advisors LLC | 111,035 | $7,991 | 03/31/2025 |
| ParaFi Capital LP | 585,000 | $42,102 | 03/31/2025 |
| United Capital Management of KS Inc. | 567,244 | $40,825 | 03/31/2025 |
| Cresset Asset Management LLC | 529,291 | $38,093 | 03/31/2025 |
| Mariner LLC | 521,560 | $37,541 | 03/31/2025 |
| Beaumont Financial Advisors LLC | 487,554 | $35,089 | 03/31/2025 |
| Trans Canada Capital Inc. | 486,342 | $35,002 | 03/31/2025 |
| HBK Investments L P | 440,666 | $31,715 | 03/31/2025 |
| EverSource Wealth Advisors LLC | 362,016 | $26,054 | 03/31/2025 |
| HighTower Advisors LLC | 313,804 | $22,584 | 03/31/2025 |
| Wellington Management Group LLP | 313,432 | $22,558 | 03/31/2025 |
| Legacy Wealth Asset Management LLC | 307,686 | $22,144 | 03/31/2025 |
| Van Hulzen Asset Management LLC | 261,497 | $18,820 | 03/31/2025 |
| Commonwealth Equity Services LLC | 216,588 | $15,588 | 03/31/2025 |
| Landscape Capital Management L.L.C. | 212,641 | $15,304 | 03/31/2025 |
| Atlas Wealth Partners LLC | 210,270 | $15,133 | 03/31/2025 |
| Simplex Trading LLC | 119,045 | $8,567 | 03/31/2025 |
| Compass Ion Advisors LLC | 184,730 | $13,295 | 03/31/2025 |
| Kestra Advisory Services LLC | 184,212 | $13,258 | 03/31/2025 |
| Toroso Investments LLC | 182,017 | $13,100 | 03/31/2025 |
| SKY Mountain Capital Management Inc. | 166,942 | $12,015 | 03/31/2025 |
| Wolverine Asset Management LLC | 161,813 | $11,646 | 03/31/2025 |
| Claar Advisors LLC | 154,434 | $11,115 | 03/31/2025 |
| Kaleidoscope Capital LP | 141,315 | $10,170 | 03/31/2025 |
| Consolidated Portfolio Review Corp | 140,818 | $10,135 | 03/31/2025 |
| Parcion Private Wealth LLC | 137,636 | $9,906 | 03/31/2025 |
| Heck Capital Advisors LLC | 132,735 | $9,553 | 03/31/2025 |
| Cetera Investment Advisers | 132,209 | $9,515 | 03/31/2025 |
| StoneX Group Inc. | 124,192 | $8,938 | 03/31/2025 |
| Newtyn Management LLC | 120,200 | $8,651 | 03/31/2025 |
| Creative Planning | 119,367 | $8,591 | 03/31/2025 |
| Flow Traders U.S. LLC | 114,799 | $8,262 | 03/31/2025 |
| DRW Securities LLC | 112,409 | $8,090 | 03/31/2025 |
| Allegheny Financial Group LTD | 105,484 | $7,592 | 03/31/2025 |
| Wealth Enhancement Advisory Services LLC | 105,272 | $7,576 | 03/31/2025 |
| Fiduciary Trust Co. | 105,171 | $7,569 | 03/31/2025 |
| Ieq Capital LLC | 102,927 | $7,408 | 03/31/2025 |
| Traynor Capital Management Inc. | 97,549 | $7,021 | 03/31/2025 |
Key Trends and Observations
The data reveals several important patterns. First, the involvement of major quantitative trading firms and multi-strategy hedge funds like Jane Street and Millennium Management underscores the acceptance of Bitcoin ETFs as a legitimate asset class within sophisticated portfolios. Their significant positions suggest a strategic, rather than speculative, approach to cryptocurrency exposure.
Secondly, the diversity of holders is notable. The list includes traditional asset managers, wealth advisory firms, and even proprietary trading shops. This broad interest indicates that FBTC and similar products are appealing to a wide range of investment philosophies, from long-term wealth preservation to more active trading strategies. 👉 Explore more strategies for digital asset allocation
Finally, the sheer volume of assets allocated to FBTC signals strong institutional confidence in the fund's structure and the underlying value of Bitcoin. This endorsement from professional money managers can often serve as a catalyst for further adoption by retail and other institutional investors.
Why Institutional Investment in Bitcoin ETFs Matters
Institutional participation is a key milestone for any emerging asset class. When large funds allocate capital to a Bitcoin ETF like FBTC, it provides several benefits:
- Enhanced Liquidity: Large institutional trades contribute significantly to the daily trading volume of the ETF, improving liquidity and making it easier for all investors to enter and exit positions.
- Price Stability: While cryptocurrencies are known for volatility, the presence of long-term institutional holders can add a layer of stability to the market.
- Regulatory Confidence: Institutions conduct extensive due diligence. Their investment implies a level of comfort with the regulatory framework surrounding the ETF and its custodian arrangements.
- Mainstream Validation: It signals to the broader market that digital assets are a viable component of a diversified investment portfolio.
Frequently Asked Questions (FAQ)
What is FBTC?
FBTC is the ticker symbol for the Fidelity Wise Origin Bitcoin Fund, a spot Bitcoin exchange-traded fund. It holds actual Bitcoin, and its shares trade on a traditional stock exchange, allowing investors to gain exposure to Bitcoin's price movements without owning the cryptocurrency directly.
How often is institutional holdings data updated?
Institutional investment managers are required to file Form 13F with the SEC quarterly, within 45 days after the end of each quarter. Therefore, the data becomes publicly available on a delayed basis, reflecting holdings from the previous quarter.
Why do some firms show calls and puts in addition to shares?
Some institutions, particularly active traders and market makers, use options contracts like calls (rights to buy) and puts (rights to sell) to hedge their positions, generate income, or speculate on price movements. Their total exposure to FBTC can be a combination of direct shares and these derivative positions.
Is this a complete list of all FBTC holders?
No, this list only includes institutional investment managers who meet the SEC's 13F filing threshold. It does not include holdings from retail investors, non-U.S. institutions that don't file 13Fs, or institutions whose holdings are below the reporting requirement.
What does a large institutional holding indicate?
A large position typically indicates a strong conviction in the asset's long-term value or a strategic allocation within a diversified portfolio. It can be seen as a vote of confidence in the ETF itself and the future of the underlying asset, Bitcoin.
How can I track changes in these holdings over time?
You can monitor subsequent 13F filings released each quarter. By comparing filings from different periods, you can identify which institutions are increasing or decreasing their stakes in FBTC, which can provide insights into changing market sentiments. 👉 View real-time tools for market analysis
Conclusion
The extensive list of institutional holders of FBTC demonstrates the profound and growing integration of Bitcoin into the traditional financial system. The presence of elite hedge funds, trusted asset managers, and renowned advisory firms highlights a significant shift in perception, moving digital assets from the fringe to the mainstream. For investors, this activity offers valuable intelligence, underscoring the importance of conducting thorough research and considering the role such assets can play in a modern portfolio.