Gold has surged to record highs in 2025 amid safe-haven demand, while silver and copper have also rallied on supply concerns. Investors, meanwhile, are re-evaluating risk assets, with stretched valuations and uneven corporate earnings prompting a flight to perceived stability. Against this climate of caution and recalibration, Bitcoin exchange-traded funds (ETFs) stand at the crossroads of innovation and risk, testing the balance between digital speculation and mainstream credibility.
With global markets unsettled in 2025 by renewed tariffs, trade frictions, and tightening financial conditions, our team at BestBrokers turned its attention to Bitcoin ETFs – particularly BlackRock’s BTC fund, which has quickly become the bellwether for institutional crypto exposure. Our analysis examines how these funds are accumulating Bitcoin and the increasing influence they exert over traditional markets.
BlackRock: Leading the BTC ETF Market
BlackRock, the world’s biggest and most reputable hedge fund and asset manager, has steadily increased its Bitcoin holdings through its iShares Bitcoin Trust (IBIT), one of 11 SEC-approved spot Bitcoin ETFs. IBIT provides institutional and retail investors with a fully regulated vehicle to gain exposure to Bitcoin without directly holding the cryptocurrency, allowing BlackRock to build its Bitcoin position over time strategically.
Our findings show BlackRock’s consistent BTC accumulation over the past two years: its holdings more than doubled from 303,935 BTC in the second quarter of 2024 to 801,403.30 BTC as of October 22, 2025. This steady growth of roughly 164% has strengthened its market share and positioned BlackRock as the dominant institutional player in Bitcoin ETFs.
‘BlackRock’s steady accumulation of Bitcoin demonstrates how the market increasingly views the cryptocurrency as a hedge against inflation, tariffs, and broader economic turbulence. Beyond that, the firm’s consistent inflows suggest a growing belief among institutional players that digital assets are set to become a core part of the financial landscape.’
– Alan Goldberg, Analyst at BestBrokers
Total BTC Owned by ETFs
Since Q2 2024, the total assets under management (AUM) of Bitcoin ETFs have grown steadily, from 851,499 BTC to 1,351,713.61 BTC by Q4 2025, a 58.7% increase in the cryptocurrency held by the 11 Bitcoin ETFs, approved by the U.S. Securities and Exchange Commission in January 2024. This makes the spot BTC ETFs larger holders of Bitcoin than the creator of the cryptocurrency himself, Satoshi Nakаmoto, who is believed to own 1,100,000 BTC. Currently, there are more than 19.3 million Bitcoins in circulation, which means that the eleven BTC funds now control roughly 6.78% of the total Bitcoin supply.
In the fourth quarter of 2024, ETFs amassed a total of 184,592 BTC, with BlackRock alone accounting for 178,432 BTC, over 96% of the net increase. The trend has continued into 2025: in Q3, BlackRock accumulated 71,236 BTC, while all other funds combined added just 6,228 BTC. So far in Q4 2025, ETFs have collectively increased their holdings by 51,660.87 BTC, with BlackRock’s inflows slowing slightly to 49,340 BTC, and all other funds collectively adding only 2,321 BTC.
BlackRock’s Bitcoin Trust ETF is accumulating Bitcoin at an unprecedented rate
‘BlackRock’s IBIT remains the main spot Bitcoin exchange-traded fund and shows no sign of slowing down. Even when nearly all other funds reported a drop in the amount of Bitcoin they held in Q1 2025, BlackRock increased its holdings by 23,588 BTC, more than offsetting losses from other funds. This sustained growth demonstrates the fund’s dominance in the Bitcoin ETF market and consolidates its standing as the principal institutional force in digital assets, now holding 801,403.30 BTC, more than 4% of Bitcoin’s total fixed supply of 21 million.
– Alan Goldberg, Analyst at BestBrokers
Raw Data
| Quarter | Company | Ticker | BTC AUM | USD AUM |
|---|---|---|---|---|
| 2024-04 | BlackRock | IBIT | 303935.3403 | 21684965905.48 |
| 2024-04 | Grayscale | GBTC | 274465.0386 | 19582339446.96 |
| 2024-04 | Fidelity | FBTC | 158915.3123 | 11338178463.19 |
| 2024-04 | 21Shares | ARKB | 45316.37183 | 3233200776.05 |
| 2024-04 | Bitwise | BITB | 37524.2822 | 2677256219.45 |
| 2024-04 | VanEck | HODL | 9927.02372 | 708266339.45 |
| 2024-04 | Valkyrie | BRRR | 8278.947384 | 590680542.69 |
| 2024-04 | Invesco | BTCO | 6945.000066 | 495507003.17 |
| 2024-04 | Franklin Templeton | EZBC | 4900.997662 | 349672950.48 |
| 2024-04 | WisdomTree | BTCW | 1290.474944 | 92071903.00 |
| 2024-04 | Grayscale Mini | BTC | 0 | 0.00 |
| 2024-07 | BlackRock | IBIT | 363033.3922 | 22759794041.34 |
| 2024-07 | Grayscale | GBTC | 219943.7058 | 13789016526.79 |
| 2024-07 | Fidelity | FBTC | 171666.0188 | 10762324666.48 |
| 2024-07 | 21Shares | ARKB | 50684.47595 | 3177581617.45 |
| 2024-07 | Bitwise | BITB | 39582.21869 | 2481543473.37 |
| 2024-07 | Grayscale Mini | BTC | 33752.36277 | 2116050042.87 |
| 2024-07 | VanEck | HODL | 11991.61827 | 751795200.68 |
| 2024-07 | Valkyrie | BRRR | 8889.748835 | 557328490.74 |
| 2024-07 | Invesco | BTCO | 8141.972845 | 510447878.94 |
| 2024-07 | Franklin Templeton | EZBC | 5972.844342 | 374457859.72 |
| 2024-07 | WisdomTree | BTCW | 3705.487211 | 232309554.87 |
| 2024-10 | BlackRock | IBIT | 541465.5085 | 34313703475.71 |
| 2024-10 | Grayscale | GBTC | 203713.4146 | 12909708177.65 |
| 2024-10 | Fidelity | FBTC | 191384.5371 | 12128403663.28 |
| 2024-10 | 21Shares | ARKB | 46726.93785 | 2961175300.31 |
| 2024-10 | Bitwise | BITB | 40196.56968 | 2547333395.97 |
| 2024-10 | Grayscale Mini | BTC | 37512.9113 | 2377264838.72 |
| 2024-10 | VanEck | HODL | 13716.8275 | 869261558.10 |
| 2024-10 | Valkyrie | BRRR | 8770.053002 | 555775009.54 |
| 2024-10 | Invesco | BTCO | 7792.760337 | 493842106.74 |
| 2024-10 | Franklin Templeton | EZBC | 6813.512866 | 431785324.15 |
| 2024-10 | WisdomTree | BTCW | 3862.489058 | 244773308.93 |
| 2025-01 | BlackRock | IBIT | 565053.4484 | 52828010903.17 |
| 2025-01 | Grayscale | GBTC | 191859.4687 | 17937336954.79 |
| 2025-01 | Fidelity | FBTC | 189423.5331 | 17709596325.63 |
| 2025-01 | 21Shares | ARKB | 47780.46169 | 4467093791.28 |
| 2025-01 | Grayscale Mini | BTC | 40095.02889 | 3748566847.06 |
| 2025-01 | Bitwise | BITB | 38243.22293 | 3575437693.12 |
| 2025-01 | VanEck | HODL | 14275.40117 | 1334636662.49 |
| 2025-01 | Valkyrie | BRRR | 5899.382726 | 551545443.75 |
| 2025-01 | Invesco | BTCO | 5291.650092 | 494727267.90 |
| 2025-01 | Franklin Templeton | EZBC | 4956.34675 | 463379067.76 |
| 2025-01 | WisdomTree | BTCW | 1840.032448 | 172028424.06 |
| 2025-04 | BlackRock | IBIT | 680827.1932 | 56236053826.72 |
| 2025-04 | Fidelity | FBTC | 195058.3825 | 16111744367.23 |
| 2025-04 | Grayscale | GBTC | 183515.9537 | 15158344372.31 |
| 2025-04 | 21Shares | ARKB | 46817.61104 | 3867115944.54 |
| 2025-04 | Grayscale Mini | BTC | 43525.35664 | 3595177048.24 |
| 2025-04 | Bitwise | BITB | 39512.73014 | 3263735704.88 |
| 2025-04 | VanEck | HODL | 15661.22494 | 1293610915.74 |
| 2025-04 | Valkyrie | BRRR | 5778.738326 | 477321474.22 |
| 2025-04 | Invesco | BTCO | 5188.560311 | 428573006.24 |
| 2025-04 | Franklin Templeton | EZBC | 5155.366223 | 425831187.91 |
| 2025-04 | WisdomTree | BTCW | 1547.323253 | 127808281.79 |
| 2025-07 | BlackRock | IBIT | 752063.1751 | 80629783497.78 |
| 2025-07 | Fidelity | FBTC | 204591.4875 | 21934550034.56 |
| 2025-07 | Grayscale | GBTC | 174981.5339 | 18760023967.93 |
| 2025-07 | Grayscale Mini | BTC | 47236.24279 | 5064266082.18 |
| 2025-07 | 21Shares | ARKB | 43601.35165 | 4674564132.60 |
| 2025-07 | Bitwise | BITB | 40465.76271 | 4338393095.07 |
| 2025-07 | VanEck | HODL | 17853.08926 | 1914055586.77 |
| 2025-07 | Invesco | BTCO | 6107.541534 | 654798383.80 |
| 2025-07 | Franklin Templeton | EZBC | 5789.964331 | 620750471.37 |
| 2025-07 | Valkyrie | BRRR | 5768.581607 | 618457998.51 |
| 2025-07 | WisdomTree | BTCW | 1594.003465 | 170895422.79 |
| 2025-10 | BlackRock | IBIT | 801,403.2987 | 86668020194.45 |
| 2025-10 | Fidelity | FBTC | 205,888.3757 | 22265865303.92 |
| 2025-10 | Grayscale | GBTC | 173,238.0935 | 18734889924.04 |
| 2025-10 | 21Shares | ARKB | 43,928.562 | 4750668614.30 |
| 2025-10 | Bitwise | BITB | 41,362.86 | 4473199937.65 |
| 2025-10 | Grayscale Mini | BTC | 48,126.0915 | 5204611806.28 |
| 2025-10 | VanEck | HODL | 18,291.457 | 1978135562.00 |
| 2025-10 | Invesco | BTCO | 6,066.55 | 656069021.38 |
| 2025-10 | Franklin Templeton | EZBC | 5,874.32 | 635280245.56 |
| 2025-10 | Valkyrie | BRRR | 5,893 | 637300400.23 |
| 2025-10 | WisdomTree | BTCW | 1,641 | 177466478.33 |
Methodology
This report reviews the total amount of Bitcoins held on-chain by all SEC-approved Bitcoin ETFs, starting from Q2 2024, the quarter following SEC’s approval of spot Bitcoin ETFs. The analysis uses quarterly data on each fund’s holdings to track accumulation trends, compare market shares, and identify which funds are contributing most to the overall growth of Bitcoin held in ETFs. Figures were sourced from Dune Analytics and official ETF filings as of October 22, 2025.