Brevan Howard Emerges as Top Institutional Shareholder of BlackRock’s iShares Bitcoin Trust
Brevan Howard, a renowned hedge fund, has made waves in the cryptocurrency investment space by significantly increasing its holdings in BlackRock’s iShares Bitcoin Trust (IBIT). The firm boosted its IBIT holdings by a staggering 71% between the first and second quarters of 2025, solidifying its position as the largest institutional shareholder.
According to a recent filing with the US Securities and Exchange Commission (SEC), Brevan Howard now holds approximately 37.5 million IBIT shares valued at around $2.3 billion as of June 30. This substantial increase from 21.9 million shares in the previous quarter showcases the firm’s confidence in the potential of Bitcoin as a long-term investment.
In addition to its IBIT holdings, Brevan Howard has also acquired a $25 million exposure to Bitcoin put calls through 400,000 shares of IBIT. The firm’s dollar-denominated holdings received a significant boost from Bitcoin’s price appreciation during the period, with the cryptocurrency surging from $82,511.47 in March to $107,168.23 in June.
Brevan Howard’s strategic move has propelled it to the top spot among institutional holders of IBIT, surpassing Goldman Sachs, which held over $1.4 billion worth of IBIT shares as of March. This shift in position underscores the growing institutional interest in cryptocurrency investments.
Furthermore, Brevan Howard has expanded its exposure to the digital asset space by adding holdings in BlackRock’s iShares Ethereum Trust (ETHA) during the last quarter. The firm’s dedicated crypto division, BH Digital, established in September 2021, has delivered strong performance, generating a return of 34.5% in the first quarter of 2024 while managing $1.7 billion in assets.
Brevan Howard’s dual approach to crypto investments combines direct holdings through BH Digital with ETF holdings in traditional portfolios. The firm’s successful launch of a flagship crypto vehicle, raising over $1 billion, represents the largest crypto hedge fund launch to date.
With IBIT attracting significant institutional interest and amassing over $91 billion in assets under management since its inception in January 2024, Brevan Howard’s strategic positioning reflects the broader trend of institutional adoption of cryptocurrencies through regulated investment products. The firm’s substantial IBIT position highlights the growing integration of digital assets into institutional portfolios while leveraging the operational efficiency of ETF structures.
In conclusion, Brevan Howard’s bold moves in the cryptocurrency space underscore its commitment to embracing digital assets as a key component of its investment strategy. As the landscape of institutional crypto investments continues to evolve, Brevan Howard remains at the forefront, demonstrating its prowess in navigating the dynamic crypto market.