As of now, Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) sit at the top of the leaderboard for spot bitcoin ETF holdings. Thanks to Friday’s inflows, IBIT commands a hefty 655,570.77 BTC—just north of $70 billion at today’s prices. FBTC trails behind but holds its ground in second place with 200,712.72 BTC, valued at $21.43 billion. Altogether, the two funds control a combined $91.43 billion in bitcoin.
Now, several of the world’s most powerful hedge funds have exposure to IBIT and FBTC. So we took a deep dive into the top five holders of each fund to see which players dominate the space. While some firms stick to either IBIT or FBTC, others cast a wider net, scooping up bitcoin-related ETFs like GBTC, HODL, and BITB alongside them.
Fidelity’s FBTC
The No. 1 hedge fund holding FBTC is Jane Street Group LLC. Known as a global force in quantitative trading and liquidity provisioning, Jane Street leads the pack. Trailing just behind is New York–based Millennium Management LLC, a major player in the alternative investment world. As of Mar., Jane Street holds 7,239,363 FBTC shares, including 358,500 calls and 119,400 puts—suggesting a bullish tilt toward BTC ETFs. Millennium owns roughly 6,955,712 shares without any associated calls or puts.
Landing third is Capula Management Ltd, with 4,299,112 FBTC shares. The London-headquartered British fund is simply holding its position. Following Capula is Schonfeld Strategic Advisors LLC (Schonfeld or SSA), holding 4,187,281 shares. Schonfeld trimmed its stake in FBTC since Sept. 2024, when it held 5,530,865 shares. Rounding out the top five is Sculptor Capital LP, formerly Och-Ziff Capital Management Group, which upped its FBTC holdings from 801,950 shares at the end of 2024 to 2,188,727 shares today.
Blackrock’s IBIT
The top hedge fund with exposure to Blackrock’s Ishares Bitcoin Trust is Brevan Howard Capital Management LP. In 2025, the firm holds 21,567,122 IBIT shares. That’s down from 25,567,302 in the final quarter of 2024—a reduction of 4,000,180 shares. Coming in second is Goldman Sachs Group, with a total of 30,831,854 shares. Of those, 23,378,954 are held directly, 1,445,200 are call options, and 6,007,700 are puts. Millennium takes third with 18,100,456 shares, including 17,587,156 owned outright.
Millennium also holds options on 246,500 shares and puts on 266,800 more. Right behind is Susquehanna International Group LLP, which has 29,868,970 shares split among 12,403,900 calls, 6,816,100 puts, and 10,648,970 direct shares. The fifth-largest holder is Brooklands Fund Management Ltd, a boutique firm with a comparatively modest position of 15,300 shares.
The growing presence of heavyweight hedge funds in these bitcoin ETFs signals a deepening alignment between traditional finance and digital assets. Their calculated exposure hints at broader strategic interest, not just in bitcoin itself, but in its institutional packaging. As capital continues to coalesce around these vehicles, the line separating legacy finance and crypto innovation grows thinner with each passing quarter.
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