Regulatory filings for the second quarter of 2025 show a broad uptick in institutional appetite for spot Bitcoin exchange-traded funds, lifting total institutional holdings to about $33.6 billion, according to Bloomberg Intelligence data. Institutions added roughly 57,375 BTC during the quarter, with investment advisors leading the influx. Advisors’ positions rose to $17.4 billion—almost twice the $9 billion held by hedge funds—while brokerage firms and banks also expanded allocations. Brevan Howard Capital Management recorded the largest new stake, boosting its holding in the iShares Bitcoin Trust to 37.5 million shares valued at $2.3 billion. Harvard Management Company initiated a $117 million position in the same fund, giving the university endowment a larger dollar exposure to Bitcoin than to gold. Banks continued to build exposure as well: Goldman Sachs bought an additional $194 million in Bitcoin during the period, raising its total to $470 million. Outside the ETF market, public companies collectively added 4,330 BTC in the past week, taking corporate reserves to 988,271 BTC.