Institutional appetite for spot Bitcoin exchange-traded funds broadened sharply in the second quarter of 2025, according to an analysis by Bloomberg ETF analyst James Seyffart. Public filing data show that investment advisors—ranging from wealth-management firms to registered investment advisers—collectively became the largest holders of the products during the period. The filings also reveal two prominent new entrants. Harvard University’s endowment and Brevan Howard Asset Management emerged as the biggest first-time buyers, taking leading positions among the latest shareholders. Their arrival adds academic and macro-hedge-fund heft to a market segment that has already attracted pension plans and insurance companies. Nearly every tracked category of institutional investor increased exposure to Bitcoin ETFs in the quarter, underscoring rising acceptance of the asset class within traditional portfolios.