Bitcoin ETF AUM Near $150B —But Who’s Really Buying?

Bitcoin ETF complex has swelled to $130 billion in assets under management (AUM) according to Coinglass data. That growth prompts a question: who is driving these inflows?

13F filings data shared by Bloomberg ETF analyst Eric Balchunas on June 4 reveal investment advisors lead the charge, but a diverse group of institutions is staking a claim. Below, we break down the data to show who’s buying—and who still sits on the sidelines.

Bitcoin ETF AUM Approaches $150 Billion

As of early June 2025, combined AUM for U.S.-listed spot Bitcoin ETFs hover just $20 billion shy of $150 billion. That figure includes BlackRock’s IBIT, Fidelity’s FBTC, and nine other funds.

Since their January 2024 launch, these ETFs have attracted roughly $44 billion in net inflows. Institutional investors account for an estimated 20 percent of that total—or about $30 billion if $150 billion is the base.

Data from 13F filings of institutional managers—required for those with over $100 million AUM—lays out the key holders.

Who is Buying?

Balchunas’ X post on June 4, 2025, breaks down spot Bitcoin ETF holders through 13F filings. Investment advisors rank first, with $10.28 billion in Bitcoin ETF exposure (124,753 BTC equivalents) according to Bloomberg Intelligence’s breakdown of 13F data.

That number implies advisors control nearly one-third of all institutional ETF holdings. These firms include registered investment advisors and financial planners.

They allocate client portfolios across equities, bonds, and now cryptocurrency through ETFs. Their share suggests Bitcoin is fast becoming a mainstream asset recommendation.

Hedge fund managers hold $6.92 billion in Bitcoin ETFs (83,934 BTC) as of the June 4, 2025 filings. They come in second, representing about 23 percent of institutional ETF ownership.

Hedge funds often use ETFs to gain crypto exposure without holding private keys. They also employ leverage and derivatives for richer strategies.

Brokerages rank third with $2.14 billion in ETF assets (25,964 BTC). These include middlemen like Charles Schwab and TD Ameritrade that offer ETFs on retail platforms.

As trading venues, brokerages profit from client transactions. Their stakes reflect both proprietary positions and assets held for clients.

Other Institutional Categories

Holding companies—often corporate treasuries—own $596 million (7,230 BTC) in Bitcoin ETFs. Some public companies holding BTC indirectly via ETFs might classify under this bucket.

Meanwhile, government-linked entities (e.g., sovereign wealth funds or pension-related vehicles) hold $408 million (4,956 BTC). That shows modest but growing state-level interest.

Banks occupy the next tier at $298 million (3,610 BTC). These include commercial and investment banks using ETFs to hedge client exposures or provide digital asset services.

Private equity firms account for $240 million (2,912 BTC), often seeding crypto funds or offering ETF allocations to limited partners.

Trusts, endowments, and insurance companies appear lower on the list. Trusts hold $36 million (438 BTC), endowments have $24 million (297 BTC), and insurance companies hold $23 million (280 BTC).

These numbers underscore caution among ultra-conservative allocators. Family offices and pension funds together hold less than $30 million of Bitcoin ETFs (360 BTC combined).

Eric Balchunas of Bloomberg Intelligence suggests institutional share could rise to 35–40 percent of ETF AUM as wirehouses (e.g., Morgan Stanley, Merrill Lynch) expand offerings.

If total AUM indeed approaches $150 billion, 40 percent equates to $60 billion in institutional holdings. That shift would reshape market dynamics, smoothing out Bitcoin’s volatility as larger holders stabilize flows.

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