Four Wall Street patterns in $16.3B Bitcoin ETF 13F filings

Five institutional Form 13F filings submitted Aug. 12–14, which report positions as of June 30, covered about $16.3 billion of Bitcoin ETF exposure and fell into four distinct patterns: two Abu Dhabi sovereign filers held IBIT shares steady, JPMorgan increased ordinary spot-ETF units, UBS shifted disclosed long-options exposure toward calls, and Morgan Stanley reduced external ETF holdings while reporting a new branded trust.

Mubadala reported 14,721,917 shares of BlackRock’s iShares Bitcoin Trust (IBIT) at both March 31 and June 30. The Abu Dhabi Investment Council reported 8,218,712 IBIT shares at both dates. The market value of those positions declined between quarter ends from $565.6 million to $490.1 million for Mubadala and from $315.8 million to $273.6 million for the Abu Dhabi Investment Council, reflecting mark-to-market changes rather than changes in reported share counts.

JPMorgan’s filing showed an increase in ordinary spot-ETF holdings from 8,462,883 shares in an amended Q1 filing to 10,623,591 in Q2. IBIT holdings in JPMorgan’s filing rose from 8,302,691 to 10,407,635 shares. JPMorgan’s disclosed option-equivalent rows moved separately: IBIT call underlying equivalents rose from 3,775,000 to 3,945,000 and put underlying equivalents fell from 4,756,400 to 3,495,800. Form 13F reports options in underlying-security terms rather than contract counts.

UBS reported ordinary spot-ETF holdings increasing from 365,894 to 414,191 shares. Its disclosed IBIT call underlying equivalents rose from 80,000 to 1,950,000 while put underlying equivalents fell from 303,300 to 143,300. The filings do not list expirations, strikes or whether options were purchased or written.

Morgan Stanley’s filing showed external spot-ETF shares fell by 775,301 to 18,636,055. The Q2 filing also disclosed 2,570,627 shares of a Morgan Stanley Bitcoin Trust that were not reported in Q1. Counting the branded trust with external ETFs produces 21,206,682 total spot-wrapper units as of June 30, about 9.25% higher than the Q1 external-fund total. The filings do not indicate whether units moved between external funds and the branded trust.

The ETF complex recorded roughly $4.89 billion of net outflows in Q2, including about $2.06 billion in the final five trading sessions of June. The Form 13F reports capture long securities and some held options but exclude short positions and written options. Managers may report assets held for the firm alongside discretionary client assets, so the filings show manager-level positions without identifying ultimate beneficial owners.

No filer disclosed margin calls, forced liquidations or client withdrawals in these filings. The reports provide manager-level snapshots as of June 30 and do not show intra-quarter transactions, option expiries, dealer hedging, or the full offsetting positions that could exist outside the disclosed rows.