A major macro hedge fund disclosed roughly 37.5 million shares of BlackRock’s iShares Bitcoin Trust, worth about 2.3 billion dollars at quarter end prices. The filing places Brevan Howard among the largest reported holders of IBIT in second quarter disclosures. The signal is simple. A top tier manager is using a regulated wrapper to scale bitcoin exposure at size.
What the position tells us
Vehicle and scale
IBIT is one of the deepest spot bitcoin wrappers in the market. Large creations and redemptions help keep secondary spreads tight and allow big tickets to clear with less tracking error.
Why choose IBIT
Committees care about audit trails, service provider clarity, and daily liquidity. A high capacity fund with established authorized participants reduces operational friction compared to building native custody from scratch for a single macro bet.
Governance and custody blueprint
Sponsor and trustees
The trust is sponsored and administered within the iShares structure with named trustees responsible for day to day operations.
Bitcoin safekeeping
Custody relies on cold storage architecture at a qualified custodian where key management, segregation, and access controls are defined in the trust documents.
Cash and administration
A global bank handles cash custody and administration for the trust. This separation of duties helps auditors and regulators review controls across the stack.
How big is the bet
Disclosed stake
About 37.5 million IBIT shares as of June 30, 2025. Valued near 2.3 billion dollars using quarter end pricing. This sits among the largest holdings reported in the latest batch of filings.
Ranking caveat
League tables can differ. Affiliates sometimes file separately, and not all holders are required to report. Treat the ranking as one of the largest disclosed holders rather than a final list.
Comparative snapshot for allocators
| Question | IBIT view | What it means |
|---|---|---|
| Execution at size | Deep primary creations and active AP network | Lower slippage for block trades versus direct spot on fragmented venues |
| Control clarity | Named custodian, administrator, and trustees | Easier internal approvals and external audits |
| Liquidity timing | Flow concentrated in US market hours | Rebalance windows align with traditional portfolios |
| Cost vs build | Expense ratio plus trading costs | Often cheaper and faster than building native custody for a single allocation |
Portfolio implications
A regulated wrapper reduces operational overhead while preserving daily liquidity and clear reporting.
ETF scale can tighten futures and options spreads as market makers hedge against predictable primary flow.
If peers mirror this path, corporate treasury and multi asset mandates can normalize bitcoin exposure without bespoke custody builds.
Risks and open questions
Wrapper concentration adds sponsor and service provider dependency even with strong controls.
A sharp rates or liquidity shock can slow creations and widen spreads temporarily.
Accounting and regulatory treatment can change how some investors size or classify positions.
