Bitcoin ETF 13F Filings Explained: Who Actually Holds the ETFs
Every quarter, institutional Bitcoin ETF holders disclose their positions on Form 13F. Here is how to read those filings, what they reveal, and the limits of the data.
TL;DR. SEC Form 13F is a quarterly disclosure that institutional investment managers with over $100M AUM must file 45 days after quarter-end. It lists all "13F securities" held — including spot Bitcoin ETFs. This makes 13F filings the primary public window into institutional Bitcoin ETF adoption. The data is real but lagging (45-day delay), incomplete (only managers above $100M, only long positions, no smaller institutions or retail), and aggregate (doesn't show changes within the quarter). Read directionally, not for precise timing.
What 13F filings are
Form 13F is required by Section 13(f) of the Securities Exchange Act. Filing requirements:
- Filed by "institutional investment managers" — registered investment advisors with at least $100M of "13F securities" under discretionary management.
- Lists all 13F securities held at end of quarter.
- Due 45 days after each calendar quarter-end (so Q1 filings appear mid-May, Q2 in mid-August, etc.).
- Only long positions are required to be reported. Short positions and derivatives generally are not.
- Filings are public on the SEC EDGAR system immediately after filing.
Spot Bitcoin ETFs are 13F securities (they trade on US exchanges). This means most major institutional holders are required to disclose their positions.
What 13F reveals about Bitcoin ETF adoption
Cumulative institutional disclosures across the latest quarter (mid-2026 reading):
- Wealth managers (RIAs and broker-dealers): approximately $25B aggregate Bitcoin ETF holdings. Largest single category.
- Hedge funds: ~$8B. Many positions are arbitrage/basis trades rather than directional.
- Pension funds: ~$3B across publicly-disclosed allocations.
- Sovereign wealth and central bank-adjacent: ~$1B (smaller US allocations; some non-US filers).
- Insurance companies: ~$0.5B.
- Foundations and endowments: ~$2B.
Total disclosed institutional: roughly $40B of the ~$135B category AUM. The remaining $80-90B is in smaller institutions (under $100M threshold), family offices, retail accounts, and direct brokerage holdings.
Notable Bitcoin ETF 13F filers
The biggest single holders (Q1 2026):
- Hightower Advisors — ~$300M of IBIT primarily.
- Cetera Advisors — ~$250M across IBIT and FBTC.
- Edelman Financial Engines — ~$200M IBIT.
- Mariner Wealth Advisors — ~$180M IBIT.
- State of Wisconsin Investment Board — ~$165M IBIT (one of the first pension allocators, disclosed Q1 2024).
- Millennium Management — ~$2B across multiple Bitcoin ETFs (largest single hedge fund position).
- Goldman Sachs Asset Management — ~$700M across IBIT, FBTC.
- Morgan Stanley Wealth Management — ~$200M (smaller relative to AUM scale).
How to read 13F data
Three useful framings:
Aggregate trend
Total disclosed Bitcoin ETF holdings have grown roughly 30% quarter-over-quarter through 2024 and stabilised at 5-10% growth quarterly in 2025-2026. Slowing growth is mature-category behavior, not a warning sign.
Holder category composition
Watch the wealth-manager share grow vs hedge-fund share. Wealth managers represent "sticky" client-driven allocations; hedge funds represent tactical positions. Composition shifts toward wealth managers suggest deepening adoption.
Specific high-profile additions
Notable first-time allocations (e.g., a major pension fund disclosing a new position) generate headlines but should be read in context. A $100M position from a $50B pension fund is a 0.2% allocation — visible but not yet meaningful at the institution level.
What 13F does NOT show
- Within-quarter activity. A holder who bought and sold $1B within the same quarter shows zero in 13F. Only end-quarter snapshot.
- Short positions. Generally not disclosed. Some hedge funds are short Bitcoin ETFs as a hedge — you cannot see this.
- Smaller managers. Under $100M threshold. The bulk of family offices are below this and invisible.
- Foreign institutions. Non-US filers report only US securities; many simply don't file.
- Retail direct ownership. Roughly 60% of total ETF AUM is in non-13F-reporting hands.
The 45-day lag
13F filings appear 45 days after quarter-end. So mid-November 2026 filings reflect 30 September 2026 positions — a six-week delay. Action since quarter-end is invisible until the next quarterly filing.
For time-sensitive analysis, daily aggregate ETF flow data (covered in how to read Bitcoin ETF flows) is more timely. 13F is for structural adoption tracking, not for tactical positioning.
Useful 13F-monitoring resources
- SEC EDGAR — primary source. Search by manager name or filter for IBIT/FBTC holders.
- WhaleWisdom, 13F.info — third-party aggregators that organise 13F data by holding.
- BlackRock and Fidelity — issuers sometimes publish their own 13F-derived holder summaries.
FAQ
What is a Form 13F?
A quarterly disclosure required by the SEC of institutional investment managers with over $100M AUM. It lists all 13F securities held at end of quarter. Spot Bitcoin ETFs are 13F securities, so major institutional holders must disclose their positions 45 days after each quarter-end.
How much of Bitcoin ETF AUM is held by institutions?
Disclosed institutional holdings (13F filers above $100M AUM) total roughly $40 billion as of mid-2026 — about 30% of the $135B total category AUM. The remaining ~70% is in smaller institutions, family offices, retail brokerage accounts, and IRAs.
Which institutions hold the most Bitcoin ETF?
The largest single institutional holders include Hightower Advisors, Cetera, Edelman Financial Engines, Mariner Wealth Advisors (wealth managers), Millennium Management (hedge fund), Goldman Sachs Asset Management, and the State of Wisconsin Investment Board (pension fund). Each holds $100M+ in spot Bitcoin ETFs.
How do I find Bitcoin ETF 13F filings?
SEC EDGAR is the primary source — search for individual managers or use Form 13F-HR filings to find all institutional disclosures. Third-party sites like WhaleWisdom and 13F.info organise the data by holding and quarter. The biggest issuers (BlackRock, Fidelity) sometimes publish holder summaries derived from 13F data.
Why is 13F data lagging?
Filings are due 45 days after quarter-end. So Q3 2026 filings (showing September 30, 2026 positions) appear mid-November 2026. Action since the quarter-end is invisible until the next quarterly disclosure. For real-time flow analysis, daily aggregate ETF flow data is more timely than 13F.
Sources and further reading
- SEC, Form 13F filing requirements — sec.gov.
- WhaleWisdom 13F aggregator — whalewisdom.com.
- Internal: Bitcoin ETF institutional holders, Authorized Participants explained, AUM growth analysis.
