Wall Street's Bitcoin Bet

According to several financial news websites, Wall Street institutions recently disclosed their stakes in U.S. spot bitcoin exchange-traded funds (ETFs) in their quarterly 13F reports, which the SEC requires.

On Thursday, top Wall Street firms reported spot bitcoin ETFs' collective daily net inflows of $257.34 million, marking the fourth consecutive net inflow.

BlackRock Leads the Pack

BlackRock's IBIT, the second largest in terms of net asset value, saw a remarkable inflow of $94 million on Thursday. According to data from SoSoValue, this was a significant shift for IBIT, which had mainly seen zero to minimal flows in the past three weeks.

Fidelity's FBTC fund also experienced a substantial inflow of $67 million, while Ark Invest and 21Shares' bitcoin ETF reported net inflows of $62 million.

Grayscale's GBTC, which had been recording large net outflows on most days since its conversion in January, finally saw a positive change with a daily net inflow of $4.64 million on Thursday. Valkyrie's bitcoin ETF also joined the trend with inflows of $18.5 million, while funds from Bitwise, Franklin Templeton, Invesco, and Galaxy Digital netted single-digit inflows.

Institutional Stakes Revealed

The consecutive net inflows from the 11 spot bitcoin ETFs coincided with Wall Street's first-quarter 13F reporting season. Major financial players disclosed their stakes in these funds, which were more significant than many had expected.

"IBIT ended up with 414 reported holders in its first 13F season, which is mind-boggling, blows away record," wrote Eric Balchunas, Bloomberg's senior ETF analyst, on X Thursday. "Even having 20 holders as a newborn is a big deal, sporadic."

As of the end of March, Morgan Stanley held spot bitcoin ETFs worth over $270 million, while Millennium Management disclosed a staggering stake of $1.94 billion in shares across five bitcoin funds. The State of Wisconsin Investment Board also revealed holdings of $163 million in BlackRock and Grayscale's funds.

The Bigger Picture

Meanwhile, the 11 spot bitcoin ETFs in the U.S. have accumulated a total of $12.40 billion worth of net inflows so far, according to SoSoValue data.

Despite consecutive days of total net inflows, trading volume on the ETFs remains lower than its peak level in March, as indicated by The Block's data dashboard.