Brevan Howard, the macro-focused hedge fund managing about $20 billion, has revealed a $2.3 billion position in spot bitcoin exchange-traded funds, according to its latest 13F filing with the U.S. Securities and Exchange Commission. The disclosure makes Brevan Howard the largest institutional holder of BlackRock’s iShares Bitcoin Trust, underscoring the growing presence of traditional asset managers in regulated cryptocurrency products. The stake represents a little more than 20 % of the firm’s reported portfolio, signaling a sizable conviction in bitcoin’s long-term prospects.