Prominent macro hedge fund Brevan Howard has disclosed a $2.3 billion investment in BlackRock's iShares Bitcoin Trust (IBIT), making it the largest institutional holder of the Bitcoin ETF. The stake, representing 21.84% of Brevan Howard's portfolio, was revealed in a Form 13F filing submitted on August 15, 2025.
Brevan Howard increased its IBIT holdings by 71% between Q1 and Q2 2025, growing from 21.9 million shares to 37.5 million shares. This accumulation surpassed Goldman Sachs' previous $1.4 billion position. The fund also holds $25 million in Bitcoin put options and added exposure to BlackRock's iShares Ethereum Trust (ETHA) during Q2.
Notably, this expansion occurred despite Bitcoin's volatility, as BTC dropped from its all-time high of $124,500 to $117,000. The firm's dollar-denominated holdings surged due to both share accumulation and Bitcoin's price appreciation from $82,511 in March to $107,168 by June 2025.
BlackRock's IBIT dominates the institutional Bitcoin market with $91 billion in assets under management and $58.5 billion in net inflows since its January 2024 launch. Brevan Howard's crypto division, BH Digital, complements this strategy, having returned 34.5% in early 2024 while managing $1.7 billion in assets.