
By Matt Mena
The demand for Bitcoin exchange-traded products (ETPs) is surging, with a growing number of institutional players joining the market. The latest 13F filings, the quarterly disclosures submitted to the SEC by large institutional investors, underscore strong and growing conviction in Bitcoin ETPs.
According to the recent 13F filings, the number of institutional holders climbed from 1,694 in Q4 2024 to 1,775 in Q1 2025, a 5% rise that signals sustained long-term confidence in Bitcoin’s potential.
To put this into perspective: In less than a year, Bitcoin ETPs have already achieved nearly 70% of the institutional holder base of SPDR Gold Shares (GLD), the world’s largest gold and commodity ETF, which has 2,565 institutional holders despite its over 20-year track record and $97 billion in assets under management (AUM).

Source: 21Shares, Bloomberg
Goldman Sachs is the leading institutional holder of Bitcoin
Goldman Sachs has emerged as the single largest traditional financial institutional investor in Bitcoin ETPs, increasing its allocation by $500 million in Q1 2025 to surpass $2.1 billion in total holdings. This significant move underscores growing acceptance of Bitcoin among the most established players in traditional finance and reinforces the asset’s evolving role as part of core institutional strategies.
Notably, additional university endowments continued to dip their toes into the crypto market, with Brown University becoming the first Ivy League endowment to allocate capital to Bitcoin ETPs.
Institutions are betting on Ethereum, too
Despite Ethereum’s more muted price performance relative to Bitcoin, institutional interest in Ethereum ETPs has remained resilient. Investment advisors drove the expansion of Ethereum ETPs, with the number of holders rising 38%, from 261 in Q3 2024 to 357 in Q1 2025.
Moreover, since 13F filings began tracking these products in Q3 2024, institutional holdings have grown by approximately $450 million, rising from $1.17 billion in Q3 2024 to over $1.62 billion in Q1 2025. Hedge funds have led the charge, nearly doubling their exposure from $212 million in Q3 2024 to more than $406 million in Q1 2025, while private equity firms increased their allocations by a staggering 650% over the same period.
This continued growth highlights Ethereum’s staying power among institutional allocators and reinforces its evolving role as an essential part of diversified digital asset portfolios.

Source: 21Shares, Bloomberg
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