New data from the latest 13F filings reveals a sharp increase in institutional interest in spot Bitcoin ETFs, with registered investment advisors (RIAs) emerging as the dominant players.
Bloomberg’s senior ETF analyst, Eric Balchunas, highlighted that RIAs have now taken the lead among institutional holders of Bitcoin ETFs. Collectively, this group holds exposure to more than 124,000 BTC, which amounts to over $10.2 billion in assets.
That figure places them well ahead of hedge funds, which account for roughly $7 billion in Bitcoin ETF exposure, and brokerages, which hold about $2.1 billion.
Industry insiders also point to a shift in how RIAs are marketing crypto to high-net-worth (HNW) clients.
William Poulin, former head of product at Fidelity, highlighted a trend where savvy advisors rebrand portfolio strategies as exclusive hedge funds.
These RIAs are placing Bitcoin and Ethereum into limited partnerships (LPs), then charging management fees in the structure of “1 and 15”—that is, 1% of assets under management (AUM) plus 15 basis points of gains.
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