rewrite this title Brevan Howard reports $2.3B Bitcoin exposure via BlackRock’s IBIT ETF, becoming second-largest holder

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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