As of mid-February 2025, there are 12 U.S. spot bitcoin exchange-traded funds (ETFs) holding a total of $114.41 billion in bitcoin. This represents 5.94% of the bitcoin market cap. While retail investors have access to these ETFs, the article focuses on the financial giants that are accumulating significant amounts of bitcoin ETF shares. It is clarified that firms like Blackrock, Fidelity, and Ark Invest act as custodians of these ETFs, and it is the investors in these funds who actually own the bitcoin. Blackrock's IBIT is the largest holder, with $57.46 billion in BTC. Goldman Sachs is one of the largest holders of IBIT, along with Millennium Management, Susquehanna International Group, and the State of Wisconsin Investment Board. Susquehanna is involved in multiple BTC ETFs, as are other firms like Jane Street Group. The article suggests that this institutional ETF participation showcases Bitcoin's evolution as an asset class and will continue to support its scarcity.



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