13F filing deadline approaching, institutions hold $13.3 billion in Bitcoin ETFs in the second quarter.

According to a tweet by CoinShares research director James Butterfill, the filing rate for the 13F report due on 8/15 has reached 92%, with a total of $13.3 billion in Bitcoin ETF holdings.

The company with the largest increase in Bitcoin holdings is Capula Management, followed by Goldman Sachs

The top two positions with the largest increase in holdings are Capula Management and Avenir, both asset management companies. They increased their Bitcoin holdings by 2.6% ($470 million) and 50% ($388 million) of their portfolios in the second quarter, respectively. The second-largest increase was held by Goldman Sachs at $418.65 million. CoinShares believes that Goldman Sachs may be holding Bitcoin on behalf of their clients as investment advisors.

Goldman Sachs discloses holding $4.18 billion worth of Bitcoin spot ETF

On the selling side, Millenium reduced its position from 0.33% to 0.19%, decreasing by $537 million. Other significant outflows came from DCG, SIG Holding, and Jane Street.

The largest holder of Bitcoin is DCG

Regarding Bitcoin ETF holdings, the rankings are as follows:

• DCG: The parent company of asset management firm Grayscale
• SIG Hana International Group: A multinational private financial technology company in the U.S. that bought up to $13.1 billion of Bitcoin spot ETF in the first quarter
• Millennium Management: An asset management company based in New York
• Jane Street: An Authorized Participant (AP) for Bitcoin spot ETF

Morgan Stanley reduced its holdings by $87 million from the previous quarter but still manages $2.03 billion in Bitcoin assets, second only to Goldman Sachs among banks.

Investment advisors hold $4.7 billion in Bitcoin

By industry, investment advisors and brokerage firms hold the highest Bitcoin managed assets at $4.7 billion and $1.5 billion, respectively. Hedge funds and holding companies follow with assets of $3.8 billion and $1.1 billion, respectively.

Are institutions heavily entering Bitcoin?

According to the statistics, these financial institutions collectively hold $13.3 billion in Bitcoin ETFs, accounting for about a quarter of the total market value. Does this signify a significant institutional entry into Bitcoin?

As CoinShares speculates that Goldman Sachs may be holding Bitcoin on behalf of their clients as investment advisors, the holdings of other investment advisors, brokerage firms, or banks are likely also for their clients. Jane Street, as an Authorized Participant (AP) for Bitcoin spot ETF, must hold a significant amount of Bitcoin ETF for market-making liquidity purposes. Therefore, the holdings of these institutions do not necessarily indicate a bullish long-term view on Bitcoin.

13F Filing: Mandatory disclosure form for institutional investments

Form 13F is a quarterly report that the U.S. Securities and Exchange Commission (SEC) requires investment institutions or advisors with assets under management exceeding $100 million to submit within 45 days after the end of each quarter.

This report requires disclosure of the stocks, fund flows, and other securities held by these institutions, including the type, quantity, and value of stocks. Investment institutions may include mutual funds, hedge funds, trust companies, pension funds, and insurance companies, among others.

By observing the changes in institutional holdings in these 13F reports, investors can gain insights into professional investment managers' views on market trends. Institutions like Warren Buffett's Berkshire Hathaway, Soros Fund, Oaktree Capital, and Bridgewater Fund are closely watched. However, due to the lag in reporting and the exclusion of short positions, these reports may not fully demonstrate a company's investment portfolio strategy.