Brevan Howard became the largest institutional shareholder of BlackRock’s iShares Bitcoin Trust (IBIT) by increasing its holdings by 71% between the first and second quarters of 2025.

According to a filing with the US Securities and Exchange Commission (SEC) of its latest 13F form, the hedge fund now holds approximately 37.5 million IBIT shares valued at roughly $2.3 billion as of June 30, up from 21.9 million shares in the first quarter.

Additionally, Brevan Howard has a $25 million exposure to Bitcoin put calls through 400,000 shares of IBIT. The London-based firm’s dollar-denominated holdings grew from both the share increase and Bitcoin’s (BTC) price appreciation during the period. 

Bitcoin surged from its March closing of $82,511.47 to a June closing of $107,168.23. This price movement amplified the value of Brevan Howard’s expanded position. 

Brevan Howard previously ranked as the second-largest IBIT investor, trailing Goldman Sachs, which held over $1.4 billion worth of IBIT shares as of March. 

The accumulation in the second quarter vaulted Brevan Howard past Goldman Sachs to claim the top position among institutional holders.

The hedge fund also added exposure to BlackRock’s iShares Ethereum Trust (ETHA) during the last quarter.

Crypto dive

Brevan Howard formed BH Digital in September 2021 to provide digital asset exposure across investing and business operations in public and private markets. 

The dedicated crypto division has delivered strong performance, with BH Digital returning 34.5% in the first quarter of 2024 while managing around $1.7 billion in assets.

Brevan Howard raised more than $1 billion for its flagship crypto vehicle, representing the largest crypto hedge fund launch ever. 

The firm’s dual approach combines direct crypto investments through BH Digital with exchange-traded funds (ETFs) holdings in traditional portfolios.

IBIT has attracted substantial institutional interest since launching in January 2024, with over $91 billion in assets under management, according to Bold Report data.

Furthermore, Farside Investors’ data revealed that IBIT accumulated $58.5 billion in positive net flows since launch, dwarfing the second-largest spot Bitcoin ETF by nearly five times.

Brevan Howard’s Bitcoin ETF accumulation reflects broader institutional adoption of crypto through regulated investment products. 

The firm’s substantial IBIT position demonstrates how traditional asset managers are incorporating digital assets into institutional portfolios while maintaining operational efficiency through ETF structures.

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June 23, 2025

Trump Media & Technology Group Corp., the parent company of Truth Social, has announced plans to repurchase up to $400 million worth of its stock.

The move, confirmed in a press release on Monday, was approved by the company’s board of directors and will include the buyback of both common stock and warrants through open market transactions.

All repurchased shares will be retired, and the timing of the buyback will be left to the company’s discretion. Trump Media says the plan complies with the Securities and Exchange Commission (SEC) regulations.

With $3B War Chest, Trump Media Moves on Buybacks and Bitcoin Simultaneously

The company, trading under the ticker DJT on Nasdaq and NYSE Texas, described the buyback as part of a broader effort to return value to shareholders while maintaining flexibility for future growth.

Devin Nunes, CEO and chairman of Trump Media, said the decision reflects the board’s confidence in the company’s long-term direction.

“The Board took a vote of confidence in our company, our stock, and our strategic plans,” Nunes stated.

“Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this, which support strong shareholder returns, as we continue exploring further strategic opportunities.”

While launching the buyback program, the company made clear that its previously announced Bitcoin strategy remains fully intact. In May, Trump Media revealed a $2.3 billion private placement deal designed to fund a long-term Bitcoin treasury plan.

The company confirmed Monday that the share repurchase will not interfere with its crypto strategy. Both initiatives are independently funded, according to the statement.

Trump Media has said it intends to model its Bitcoin treasury plans after MicroStrategy, a firm led by Michael Saylor that has accumulated over $14 billion in Bitcoin holdings.

The financial separation between the stock buyback and the crypto treasury gives the company room to act on both fronts. Trump Media noted that it may also consider buying back its outstanding convertible notes in the future, either through market purchases or private deals.

Trump Media has continued to expand its brand, which includes not only Truth Social but also the streaming service Truth+ and the fintech platform Truth.Fi.

The company did not disclose a specific timeline for the repurchase program but confirmed that all buybacks would be handled under standard market conditions.

With $3 billion in cash on hand, the company says it remains in a strong financial position to pursue multiple strategies simultaneously.

Trump Media Advances $2.3B Bitcoin Strategy With ETF Ambitions, SEC Filings, and New Partnerships

Following its $400 million stock buyback announcement, Trump Media & Technology Group (TMTG) is doubling down on its digital asset push, with a $2.3 billion Bitcoin treasury plan now fully in motion.

On May 30, the company confirmed it had raised $2.44 billion through a private placement involving nearly 50 institutional investors. The raise included 55.9 million shares at $25.72 and $1 billion in zero-coupon convertible notes, with proceeds earmarked for Bitcoin acquisition and general operations.

According to Trump Media, the move indicates a long-term shift toward holding Bitcoin as a core treasury asset.

Just weeks later, on June 13, the U.S. SEC approved TMTG’s S-3 registration statement, a key step in launching its large-scale Bitcoin treasury strategy. The approval adds regulatory backing to one of the most ambitious crypto plays by a U.S. public company.

Then, on June 16, TMTG filed for a Truth Social Bitcoin and Ethereum ETF, seeking to list the fund on NYSE Arca. The proposed ETF would allocate 75% to Bitcoin and 25% to Ethereum, with Crypto.com acting as custodian and execution agent.

If approved, the fund could offer direct crypto exposure to retail and institutional investors under the Truth.Fi brand.

TMTG also announced plans to expand its ETF offerings into other sectors, including energy, via a partnership with Yorkville America Digital and Crypto.com.

Together, these moves position Trump Media as a growing force in crypto finance, blending political branding with Bitcoin-backed financial products at a scale few U.S. companies have attempted.

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June 14, 2025

The U.S. Securities and Exchange Commission (SEC) has approved Trump Media and Technology Group’s (TMTG) registration statement linked to a $2.3 billion Bitcoin treasury initiative.

The decision, revealed in a June 13 filing, marks a major regulatory step for the company behind Truth Social, the platform founded by President Donald Trump and partially owned by him.

According to the filing, the SEC declared effective TMTG’s S-3 registration statement, initially submitted on June 6.

Trump Media Registers 85M Shares Linked to $2.3B Bitcoin Deal: SEC

The document outlines the registration of roughly 56 million shares and an additional 29 million shares tied to convertible notes, forming part of the firm’s broader equity and debt agreements with approximately 50 investors.

The total proceeds from these arrangements amount to $2.3 billion.

Although the registration includes a universal shelf to allow TMTG greater capital-raising flexibility, the company said it has “no immediate plans” to issue new securities under the provision.

The move appears more strategic than urgent, aligning with TMTG’s stated ambition to evolve beyond its media roots.

TMTG President and CEO Devin Nunes said the company is now pushing forward on multiple fronts.

“We’re aggressively implementing our plans to expand the Company, our offerings, and our capabilities,” Nunes said.

“By simultaneously enhancing and growing our social media platform, TV streaming platform, and our fintech brand while establishing a Bitcoin treasury, we aim to continue rapidly transforming Trump Media into an indispensable company for the expanding customer base of the Patriot Economy.”

Despite the regulatory win, TMTG shares dropped 2.06% on the day of the announcement, closing at $19.52.

TMTG Confirms $2.5B Capital Raise to Buy Bitcoin

The SEC’s green light comes just weeks after TMTG confirmed a $2.5 billion capital raise to accumulate Bitcoin, following earlier denials.

In that May 27 announcement, Nunes characterized Bitcoin as “an apex instrument of financial freedom,” asserting that it would become a core part of the company’s asset base.

On May 28, Arkham Intelligence posted on X, “Donald Trump’s company, Trump Media, will buy $2.5 BILLION of Bitcoin. Is Trump about to go Saylor Mode?” — referencing MicroStrategy’s executive chairman and his aggressive Bitcoin strategy.

TMTG isn’t stopping there. On June 5, the company filed for approval to launch its own Bitcoin exchange-traded fund (ETF), signaling even deeper ambitions in digital assets.

According to the filing, the ETF would hold Bitcoin in custody and aim to mirror its market performance.

Trump has publicly supported the expansion of crypto access and has pledged to make the United States a leading center for digital assets.

Earlier this month, he hosted a private dinner for investors in his personal meme coin project at his golf club.