Institutions have notably increased their exposure to Bitcoin in Q2 2025 by investing in spot ETFs and crypto-related stocks. Brevan Howard raised its stake in BlackRock's iShares Bitcoin Trust (IBIT) to $2.3 billion, almost doubling its previous position. Goldman Sachs also expanded its investments in IBIT and Fidelity's Wise Origin Bitcoin Trust (FBTC), with holdings valued at $3.3 billion. Other notable investors include Harvard University and Wells Fargo, which boosted its IBIT holdings to $160 million. Norway’s sovereign wealth fund saw its indirect Bitcoin holdings surge by 192% year-over-year by investing in companies like MicroStrategy and Coinbase. Despite this increase, the overall Bitcoin exposure for the fund represents less than 0.05% of its $2 trillion portfolio. This trend reflects a growing institutional comfort with cryptocurrency, primarily through traditional investment vehicles like ETFs that allow investors to avoid direct ownership of Bitcoin.

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