Institutional Bitcoin Holdings in 2024: Key Insights from 13F Filings

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The latest 13F filings for Q4 2024 reveal a compelling trend: Bitcoin is accelerating its institutional adoption. While current allocations remain modest, the growing number of major financial players entering the space signals a pivotal shift in how digital assets are perceived across traditional finance.

According to analysis of SEC-disclosed data, 1,573 institutions now hold long positions in Bitcoin-related assets—primarily through U.S.-listed Bitcoin ETFs. These entities span banks, hedge funds, registered investment advisors (RIAs), family offices, endowments, pension funds, sovereign wealth funds, and asset management firms.

This growing footprint underscores Bitcoin’s evolving status as a legitimate asset class. However, to fully understand what these filings mean—and what they don’t—we need to unpack the mechanics behind them.

What Are 13F Filings?

Every quarter, investment managers overseeing more than $100 million in U.S. equities must file Form 13F with the Securities and Exchange Commission (SEC). These disclosures detail their long positions in American stocks and equity-linked instruments such as ETFs, REITs, options, and convertible bonds.

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Important caveats:
13F filings do not include holdings in:

This means 13F data only reflects a portion of an institution’s total portfolio, specifically its U.S. equity exposures. It does not show whether a Bitcoin ETF position is part of a hedged strategy or held outright as a conviction bet.

For example, the Abu Dhabi sovereign wealth fund recently disclosed a $437 million stake in BlackRock’s iShares Bitcoin Trust ($IBIT)—its second-largest holding in the 13F report. However, this report covered just $20 billion of its estimated $302 billion total assets under management (AUM).

Thus, while Bitcoin represented 2.1% of its disclosed U.S. equity portfolio, it accounts for only 0.1% of its overall AUM—a still-significant but more nuanced allocation.

Across all reporting institutions, the median Bitcoin allocation stands at just 0.13%, reinforcing that institutional adoption remains in its infancy. Yet even small allocations from elite managers carry outsized signaling value—especially when coming from proven capital allocators.

Notable Institutional Moves in Q4 2024

Several high-conviction Bitcoin allocations stand out in the latest filings. These are not passive bets—they reflect deliberate portfolio construction by some of the most respected names in finance.

Horizon Kinetics

With Bitcoin making up 16.16% of its portfolio (~$1.3B exposure), Horizon Kinetics ranks among the most bullish institutional holders. Led by veteran investor Murray Stahl, the firm explicitly stated it did not rebalance its Bitcoin position during Q4, signaling strong conviction.

Bracebridge Capital

Nancy Zimmerman’s firm holds Bitcoin as its largest position (23.6%), with ~$334M exposure. Bracebridge manages capital for elite institutions including Yale and Princeton endowments—two of the best-performing university funds over the past two decades.

Tudor Investment Corp

Paul Tudor Jones’ firm disclosed Bitcoin as its top holding (1.625%), valued at ~$436M. Jones has long advocated for Bitcoin as an inflation hedge, comparing it favorably to gold in macroeconomic cycles.

Fortress Investment Group

Bitcoin constitutes 11.2% of Fortress’ portfolio (~$70M). Notably, Mubadala—the Abu Dhabi sovereign investor—acquired a controlling stake in Fortress in 2023, suggesting strategic alignment with UAE’s broader digital asset ambitions.

Brevan Howard

This macro hedge fund holds Bitcoin as its second-largest position (8.74%), with ~$1.4B exposure. Despite market volatility in previous years, co-founder Alan Howard has remained publicly supportive of long-term HODLing strategies.

Discovery Capital Management

Robert Citrone’s fund holds Bitcoin as its fifth-largest holding (4.6%), valued at ~$68M. Citrone, a former colleague of Julian Robertson and George Soros, has long viewed Bitcoin as “digital gold with better fundamentals.”

Jericho Capital

Josh Resnick’s firm has grown from $36M AUM in 2009 to over $7B today. Its 5.4% Bitcoin allocation (~$378M) reflects sustained confidence in the asset’s asymmetric upside.

Hudson Bay Capital Management

Holds 0.15% in Bitcoin (~$44M)—a small percentage, but notable because economist Nouriel Roubini, a well-known Bitcoin bear, serves as a senior advisor. The firm clearly didn’t take his advice.

State of Wisconsin Investment Board

Wisconsin’s pension fund tripled its Bitcoin exposure in Q4:

A clear vote of confidence from public-sector capital.

State of Michigan Retirement System

Nearly doubled its position:

Modest but growing—indicative of cautious optimism among state treasurers.

Emory University Endowment

Holds Bitcoin as its second-largest holding (32.3%), ~$22M. Despite a ~50% price increase in Q4, the fund maintained its position—choosing to HODL rather than rebalance.

Pine Ridge Advisors

Family office with 18.4% Bitcoin allocation (~$209M)—an unusually concentrated bet for its size.

Capula Management

European macro fund with 5.4% in Bitcoin (~$936M), led by Yan Huo, former JPMorgan fixed-income trader.

Cresset Asset Management

One of the largest independent RIAs in the U.S., Cresset has steadily increased its Bitcoin allocation:

This trajectory mirrors rising client demand and advisor acceptance.

Why Some Big Names Are Missing

You may notice absentees like Millennium ($2.6B in $IBIT), Jane Street ($2.4B), and Citadel ($446M). These are primarily quantitative trading firms and market makers whose strategies focus on arbitrage and liquidity provision—not long-term conviction.

Their holdings often reflect market-neutral positions, where ETF exposure is offset by short positions elsewhere (e.g., futures or spot). Similarly, banks like Goldman Sachs ($2.3B) and Morgan Stanley ($259M) hold ETF shares due to their roles as authorized participants (APs) and liquidity providers.

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Regulatory constraints still limit direct balance sheet ownership—especially under Fed rules like SAB 121—but changes are underway. Morgan Stanley made headlines in 2023 by becoming the first major bank to allow advisors to recommend Bitcoin ETFs to clients.

The Big Picture: Early Days of Institutional Adoption

Despite these developments, institutional adoption remains nascent:

This gap suggests massive room for growth. As new regulated products emerge and custody solutions mature, more institutions will gain access to efficient Bitcoin exposure.

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Frequently Asked Questions

Q: Do 13F filings show direct Bitcoin ownership?
A: No. 13F filings only disclose U.S.-listed securities like Bitcoin ETFs (e.g., $IBIT). They do not capture direct spot holdings or offshore exposures.

Q: Why are some large funds not showing significant Bitcoin positions?
A: Many large quant funds and banks hold Bitcoin ETFs for market-making or arbitrage purposes, often maintaining market-neutral strategies rather than directional bets.

Q: Can pension funds and endowments invest heavily in Bitcoin today?
A: Yes—but most remain cautious due to fiduciary responsibilities and volatility concerns. The Wisconsin and Michigan pension increases signal growing comfort levels.

Q: Is a 0.13% median allocation meaningful?
A: Yes. Given that many institutions are restricted from holding digital assets directly, even small allocations via ETFs represent foundational steps toward broader integration.

Q: How might regulatory changes impact future filings?
A: If SAB 121 is fully rescinded or clarified, banks could hold spot Bitcoin on their balance sheets—potentially triggering a new wave of institutional inflows.

Q: What does “HODL” mean in this context?
A: A community term meaning “hold long-term.” Institutions like Emory University chose not to rebalance despite price gains—demonstrating true conviction holding strategies.