Institutional Holders of Bitcoin ETF Surpass 2000 as US Launch Marks Two Years of Expansion

In the first quarter of 2026, approximately 2000 institutional investors reported holding Bitcoin in 13F filings, up from 1975 in the prior quarter. The US Bitcoin spot ETFs, launched in January 2024, have lowered institutional investment barriers by enabling portfolio managers, asset managers, funds, and financial advisors to invest in Bitcoin through existing securities accounts without separate digital asset custody infrastructure. Key changes included reduced custody burdens, as institutions no longer needed to manage private keys directly or adjust accounting standards, custody requirements, and compliance policies for crypto holdings. Spot ETFs mitigate these issues by using qualified custodians to hold Bitcoin in offline cold wallets, although custody services remain concentrated among a few providers. Coinbase Custody, for example, manages assets for 9 of 12 US Bitcoin spot ETFs, overseeing about 84% of Bitcoin holdings in these funds. Survey data also shows that two-thirds of institutional decision-makers already hold crypto through spot ETFs.