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.

Mentioned in this article

Harvard Management Co. (HMC) reported a position in BlackRock’s iShares Bitcoin Trust (IBIT) worth $116,666,260.

According to a Form 13F filed with the US Securities and Exchange Commission (SEC) on August 8, HMC had 1,906,000 shares of IBIT as of June 30.

Based on the values shown on the same page, the Bitcoin allocation represents roughly 8% of the filing’s reported portfolio worth over $1.4 billion, placing it in the same tier as several of Harvard’s largest US-listed holdings.

Notably, HMC now holds more Bitcoin than gold, as its shares of SPDR Gold Trust were priced at approximately $102 million at the end of the second quarter.

The portfolio snapshot is notably selective and concentrated in mega-cap names. Microsoft appears at about $310 million, Amazon near $235 million, Booking Holdings around $182 million, Meta roughly $120 million, Alphabet close to $114 million, and Nvidia about $104 million.

The filing offers the clearest on-the-record sign yet of Harvard’s progression from exploratory crypto exposure to a visible, sized allocation within its US-reportable assets. 

Harvard has reportedly engaged with digital assets over multiple years. The institution was among the early university investors allocating to crypto-focused venture funds in 2018.

Furthermore, a 2019 SEC filing for Blockstack’s qualified token sale documented purchases of Stacks (STX) tied to a fund whose limited partners included Harvard affiliates. Lastly, reports from 2021 2021 indicated Harvard had been buying crypto directly through exchange accounts. 

The IBIT stake formalizes that arc by placing spot Bitcoin exposure in the same table as Harvard’s blue-chip equities and gold.

Form 13F covers only specific US-listed securities and does not represent Harvard’s entire portfolio, but the composition is instructive. 

By adding IBIT at roughly 8% of reported holdings, Harvard has elevated Bitcoin to a core component of its public-markets book for this quarter.

Mentioned in this article

BlackRock’s iShares Bitcoin Trust (IBIT) crossed $80 billion in assets under management on July 10, becoming the fastest exchange-traded fund (ETF) to reach the threshold in 374 trading days.

Bloomberg senior ETF analyst Eric Balchunas noted on X that IBIT outperformed the Vanguard S&P 500 ETF (VOO), which took 1,814 days to accumulate the same asset base, and surpassed comparable milestones for international-equity funds IEFA (2,034 days) and IEMG (2,089 days). 

The attached performance chart shows IBIT’s trajectory surpassing that of its peers well before its first anniversary. At $83 billion as of late July 11, IBIT ranks as the 21st-largest ETF in the United States.

Inflows surge alongside the milestone

US spot Bitcoin ETFs attracted $1.18 billion on July 10, the third-largest daily haul recorded for these products, according to CoinShares head of research James Butterfill. 

Farside Investors data added that IBIT led with $448.5 million, followed by Fidelity’s FBTC at $324.3 million and Ark 21Shares’ ARKB at $268.7 million.

Furthermore, Farside data shows cumulative net inflows of $51.3 billion across the 12 US spot Bitcoin ETFs through July 11.

IBIT accounts for $53.45 billion of that total, followed by FBTC with $12.62 billion, Ark 21Shares’ ARKB with $3.02 billion, and Bitwise’s BITB with $2.29 billion. 

GBTC’s $23.38 billion in redemptions offsets a large share of industry inflows, yet still leaves the group’s net figure firmly positive.

Bitbo data show that the 12 US spot Bitcoin ETFs now hold 1.26 million BTC, worth approximately $149 billion, equivalent to 6% of the eventual 21 million supply. 

IBIT alone controls 706,008 BTC, roughly 56% of the cohort, valued at $83 billion. Fidelity’s FBTC sits a distant second at $24.4 billion, while Grayscale’s GBTC retains $21.7 billion after months of redemptions.

Mentioned in this article

BlackRock’s spot Bitcoin ETF, trading under the ticker IBIT, has overtaken BlackRock flagship S&P 500 ETF (IVV) in annual revenue generation. Despite being a fraction of its size in terms of assets under management, IBIT’s surge is pivotal. It indicates an increase in institutional demand for regulated Bitcoin exposure.

According to 2 July 2025 Bloomberg report, IBIT’s higher expense ratio of 0.25% has propelled it ahead of the iShares Cor S&P 500 ETF IVV.

Notably, IVV charge a nominal 0.03% fee in terms of annual fee income. So the higher fee structure of IBIT, combined with the surging interest in Bitcoin as an asset class, has given BlackRock a powerful new revenue engine.

“IBIT overtaking IVV in annual fee revenue is reflective of both the surging investor demand for Bitcoin and the significant fee compression in core equity exposure,” NovaDius Wealth Management president Nate Geraci told Bloomberg on 2 July 2025.

Importantly, IBIT is projected to generate over $187 million in annual fees.

BlackRock’s Bitcoin ETF is now more profitable than its S&P 500 fund.

The firm is raking in $187M in fees from its Bitcoin ETFs, a clear signal of where investor demand (and revenue) is heading.

Wall Street isn’t just adopting crypto, it’s actually profiting from it. pic.twitter.com/PQOpuYyZkt

— Bitcoinsensus (@Bitcoinsensus) July 3, 2025

DISCOVER: 20+ Next Crypto to Explode in 2025

Standard Chartered’s Bitcoin Outlook: Poised for a Historic Rally?

According to Standard Chartered’s latest market outlook, Bitcoin is poised for its strongest dollar rally in history in the second half of 2025. Bitcoin is expected to reach $135,000 before the close of September, according to Standard Chartered. 

Geoff Kendrick, Standard Chartered’s head of digital asset research said, “Thanks to increased investor flows, we believe BTC has moved beyond the previous dynamic whereby prices fell 18 months after a ‘halving’ cycle.”

Standard Chartered says #Bitcoin is heading to $200K by late 2025.

If that happens…

Where will ETH, SOL, and XRP be?
Drop your predictions. pic.twitter.com/KwPHIY67DW

— Crypto Decode (@TheCryptoDecode) July 2, 2025

If this forecast materialises, the appeal of spot Bitcoin ETFs like IBIT could grow even further.

“Strong inflows drove Q2 price gains,” added Kendrick, “US spot ETFs saw inflows of $12.4bn (120,000 BTC) during the quarter, and Bitcoin treasury companies added 125,000 BTC.”

DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025

BTC ETFs See Interrupted Inflow Streak Amid Bearish BTC Price

However, BlackRock’s IBIT is clearly an exception.

The relentless inflow streak into US spot Bitcoin ETFs came to an abrupt halt amidst renewed bearish momentum and political headwinds. On 1 July 2025, the 12 US-listed spot Bitcoin ETFs collectively recorded $342.25 million in net outflows. This marks the end of a robust 15 day run that had seen $4.73 billion pour into US spot Bitcoin ETFs since mid-June.

Fidelity’s FBTC saw the largest withdrawal with $172.73 million in outflows. Grayscale’s GBTC saw $119.51 million redeemed.

ARK21Shares’ ARKB recorded $27.03 million in outflows. Bitwise’s BITB registered $22.98 million in redemptions.

Spot Bitcoin ETFs are more than just headlines, they’re unlocking serious liquidity.

Big money is flowing in, retail confidence is rising, and the market structure is shifting fast.

If you’re still trading like it’s 2021, you’re missing the ETF effect.

Stay sharp.#Bitcoin… pic.twitter.com/OUP7dTCkmo

— CryptonautX (@CryptonautX_) July 2, 2025

Explore: Bitcoin ETFs See Interrupted Inflow Streak Amid Bearish BTC Price

BlackRock’s spot Bitcoin ETF IBIT Surpasses S&P 500 ETF Annual Revenue

BlackRock’s iShares Bitcoin Trust ETF (IBIT) is rapidly cementing its status as the most dominant BTC fund among its peers.

Bitcoin analyst James Check highlighted the divergence in a June 29 X post, noting that total inflows across all other Bitcoin ETFs have stagnated around $20 billion since December 2024.

In contrast, IBIT alone has drawn over $52 billion in cumulative inflows since its launch, solidifying its dominance in the space.

He further pointed out that this trend is reflected in weekly inflow data, where IBIT attracts the lion’s share of new investments and shows minimal outflows compared to competitors.

Check wrote:

“Dominance for all other ETFs in terms of total AUM has been in constant decline, initially dominated by GTBTC outflows, but more recently due to a clear preference for IBIT by investors.”

This matches data from Bloomberg ETF analyst Eric Balchunas, who noted that based on year-to-date inflows, IBIT now ranks as the fourth-largest ETF in the US.

According to Balchunas’ data, IBIT has leapfrogged over SPDR Portfolio S&P 500 ETF (SPLG) and is closing in on heavyweights like Vanguard Total Stock Market ETF (VTI).

As of June 23, IBIT had recorded $13.7 billion in inflows, which is ahead of SPLG’s $13.4 billion but below VTI’s $19.3 billion.

He also highlighted IBIT’s outlier status, noting that the fund is “the fifth in three-year flows (despite only being alive for 1.5 years).”

These inflows helped the fund cross $70 billion in assets under management (AUM) in just 341 trading days, the fastest rate for any US ETF.

IBIT becomes BlackRock’s most profitable ETF

This breakout performance has translated into significant financial gains for BlackRock.

Nate Geraci, president of ETF Store, pointed out that IBIT generates $186 million annually in fee revenue, surpassing even IVV (BlackRock’s flagship S&P 500 ETF) by $3 million.

According to Arkham Intelligence, this milestone is particularly noteworthy given that IVV is nearly ten times larger than IBIT in terms of assets under management.

The shift signals a broader change in institutional behavior. BlackRock, long associated with traditional equity markets, is now seeing more fee revenue from its Bitcoin ETF than from legacy stock-based products.

Mentioned in this article

Today, BlackRock Robert Mitchnick’s digital assets director at Bloomberg ETF IQ spoke about what is actually driving the surge in Bitcoin ETFs.

“It’s a lot of stuff coming in. Outside the gate was retail and investor demand…” Mitchinick said. “We’ve seen stable progress recently in adopting more wealth advisors, more institutional adoption. It’s a mixture of people who are new to invest in everything in the crypto sector, and there are a lot of people who have been invested in Bitcoin for a long time.

When it comes to institutional adoption, Mitchinick says we’re still too early. ETF approvals usually take years, but some companies are tracking the process quickly.

“We’ve seen them being tracked quickly by a lot of companies, and we’re talking about fast tracking,” Mitchinick said. “We’re talking about quarters, not months, and I think slowly and certainly, you’ve seen you give your advisors approval to use these, especially in the months of companies that are more prominent than lowering obstacles.”

Bitcoin volatility has recently declined, making it even more attractive to institutions seeking diversification. However, while remaining unstable, the risk and return profile differs from traditional assets.

“It’s definitely a relatively new technology,” commented Mitchinick. “The volatility is declining, but it is still unstable, but at the same time its risk and return drivers are significantly different from most of the remaining assets in the traditional portfolio, and that is important.

Currently, around 12 Bitcoin ETFs compete in the market, and demand remains strong.

“Well, a lot of them are very successful, you know,” Mitchinick said. “Obviously, it was a category leader with a considerable margin. But as you know, it’s exciting, there’s a lot of product in the space, and that’s a good thing.”

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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Last updated: 

May 30, 2025

BlackRock’s iShares Bitcoin Trust (IBIT) saw a sharp reversal on May 30, recording $430.8 million in outflows and ending a 31-day inflow streak — the longest since the fund’s launch in January.

According to Farside data, this marks IBIT’s largest daily outflow to date, surpassing the previous record of $418.1 million on February 26.

The pullback comes after a strong month in which BlackRock accumulated nearly $6.2 billion in new Bitcoin holdings.

IBIT Holds $70 Billion in Bitcoin

ETF analyst Nate Geraci commented on the sudden shift, writing on X: “What a run over the past 30+ days, though.”

He noted that IBIT now holds roughly $70 billion in Bitcoin, calling the figure “ridiculous” given the fund’s relatively short history.

Across the broader U.S. spot Bitcoin ETF market, the story was similar. The group of 11 funds posted $616.1 million in net outflows on May 30, marking a second consecutive day of redemptions.

The previous day, May 29, saw $346.8 million in outflows, breaking a 10-day inflow streak.

Interestingly, BlackRock bucked the trend on May 29 by recording an inflow while other issuers saw redemptions.

“Every other issuer saw red. BlackRock kept buying… big brain energy right there,” Master Ventures founder Kyle Chasse commented.

Chasse suggested the recent sell-off wasn’t driven by retail panic but reflected a “quiet transfer of supply to the strongest hands.”

Despite the recent ETF activity, Bitcoin’s spot price remains under pressure. BTC is trading at $103,700, down 2.27% over the past 24 hours, per CoinMarketCap.

In the week ending May 23, spot Bitcoin ETFs had posted $2.75 billion in inflows.

Bitcoin Consolidates Below $110K

Bitcoin is consolidating near key levels after its recent all-time high, with traders closely watching for signals of the next major move, according to Hyblock Capital’s latest market report.

In a recent note shared with Cryptonews.com, Hyblock CEO Shubh Varma noted that Open Interest (OI) remains elevated in the 95th percentile, while combined order book liquidity is at 96%, reflecting a market primed for volatility.

“The longer this range holds, the greater the odds of a sharp breakout or stop hunt,” Varma said.

Retail stop-losses are reportedly concentrated at the edges of the current range, making them potential targets for liquidity-driven wicks.

On Binance, resistance is building between $109.5K–$110.5K, while key support lies at $105K–$105.5K. A break below could open the door to $98K.

A similar structure is forming on Bybit, with notable resistance at $110.5K–$111K and support zones mirroring Binance.

Varma highlighted a shift in sentiment, with retail longs at 48% and leverage flipping to short-heavy positioning.

This setup may fuel increased volatility if impatient traders rush into new positions.

“The passive order book is highly stacked, and leverage indicators are leaning bearish,” Varma said.

However, retail positioning near the 48% long mark has previously coincided with bullish reversals.

According to data from SoSoValue, IBIT has recorded 31 consecutive trading days without net outflows since April 14. The only exception was May 13, when flows remained flat.

Despite that pause, the ETF has received $9.31 billion in net inflows during the ongoing streak, which has propelled the fund’s assets under management to roughly $72 billion.

ETF Store President Nate Geraci pointed out that IBIT now ranks among the top five ETFs by year-to-date inflows across a universe of more than 4,200 US-listed funds.

Market observers point to declining volatility and improving market sentiment as key drivers behind IBIT’s appeal.

Bloomberg ETF strategist Eric Balchunas noted that the fund’s 90-day rolling volatility has reached its lowest level since inception. This trend, paired with Bitcoin’s steady price gains, is drawing in larger asset allocators.

Balchunas highlighted that IBIT’s flow dominance in recent weeks significantly outpaces other crypto-related ETFs, suggesting it has become the go-to choice for institutional players seeking Bitcoin exposure without excessive risk.

Investment manager Mike Shell of ASYMMETRY added that IBIT is beginning to behave more like a mature, institutional-grade asset.

According to him, the asset is not acting like a speculative crypto token but more like a digital store of value, like gold, than volatile tech stocks.

The post Bitcoin low volatility fuels BlackRock’s IBIT 31-day inflow run and $72B asset surge appeared first on CryptoSlate.