Two years after their approval by the United States Securities and Exchange Commission, spot Bitcoin exchange-traded funds (ETFs) remain a defining feature of the cryptocurrency market. As of September 9, 2026, these funds collectively hold approximately 1.25 million BTC worth an estimated $97.44 billion, with BlackRock’s iShares Bitcoin Trust alone holding 785,635 BTC and accounting for nearly 63% of all Bitcoin held by U.S. spot Bitcoin ETFs. This makes IBIT the clear market leader and one of the largest Bitcoin-owning entities in the world.
Using quarterly on-chain data and official AUM (Assets Under Management) figures, our team at BestBrokers analysed how Bitcoin and Ethereum ETFs have evolved since 2024, highlighting the shifting flow dynamics and the structural implications for institutional crypto exposure.
BlackRock Leads the U.S. Bitcoin ETF Market
BlackRock, the world’s largest asset manager, has steadily increased its Bitcoin holdings through its iShares Bitcoin Trust (IBIT), one of 11 spot Bitcoin ETFs originally approved by the United States Securities and Exchange Commission (SEC). 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 strategically over time.
Since its launch, IBIT’s Bitcoin holdings have more than doubled from 306,979 BTC in Q2 2024 to 785,635 BTC in Q3 2026, a 156% increase in just over two years.
Over the same period, Grayscale, the main competitor to IBIT at launch, saw its holdings fall from 275,291 BTC to 128,977 BTC, a decline of more than 53%, despite being the second-largest BTC ETF at launch alongside BlackRock. Fidelity, meanwhile, increased its holdings from 167,463 BTC to 176,296 BTC, a gain of roughly 5.3%, but failed to keep pace with BlackRock’s expansion. While most ETF issuers saw modest growth or outright declines, BlackRock added more than 478,000 BTC in just over two years, cementing its position as the dominant force in the global Bitcoin ETF market.
‘BlackRock’s dominance of the Bitcoin ETF market has continued to grow despite the broader pullback in total ETF BTC holdings. IBIT now holds more than 785,000 Bitcoin, roughly 62.6% of the entire holdings of the original 11 spot Bitcoin ETFs. Grayscale’s position, meanwhile, has fallen by more than half since Q2 2024. With total ETF holdings rebounding in the most recent quarter, IBIT continues to lead that recovery as well as the broader market’
– Alan Goldberg, Analyst at BestBrokers
IBIT’s BTC Holdings Exceed Those of all World Governments Combined
BlackRock’s iShares Bitcoin Trust doesn’t just dominate the ETF market; it now rivals sovereign nations. By early September 2026, IBIT held 785,635 BTC worth approximately $61.01 billion, surpassing the publicly known Bitcoin reserves of the United States (329,693 BTC), China (190,000 BTC), and the United Kingdom (61,245 BTC), the three largest government holders of the cryptocurrency.
Collectively, governments around the world control roughly 619,400 BTC worth $48.10 billion, meaning BlackRock’s ETF alone holds around 166,600 more Bitcoin and nearly $13 billion more in value than all sovereign governments combined. BlackRock’s current holdings represent approximately 3.8% of all Bitcoin currently in circulation, meaning that nearly one in every 26 Bitcoins in existence is now held by this particular investment fund. In just over two years since its launch, a single regulated investment vehicle has assembled one of the largest Bitcoin stockpiles on the planet.
Total BTC Owned by ETFs
Spot Bitcoin ETFs were approved by the U.S. Securities and Exchange Commission (SEC) in January 2024, allowing investors to gain exposure to Bitcoin through regulated investment funds without directly purchasing, storing, or securing the cryptocurrency themselves. Since then, these products have become one of the primary channels through which institutional capital enters the Bitcoin market.
The growth has been substantial. Total Bitcoin holdings across all U.S.-approved spot ETFs increased from 851,499 BTC in Q2 2024 to a peak of 1.31 million BTC in Q4 2025. By June 2026, ETF holdings stand at 1.2 million BTC worth more than $75 billion, representing approximately 6.2% of all Bitcoin currently in circulation. This means that today, these funds collectively hold more Bitcoin than Satoshi Nakamoto, Bitcoin’s mysterious creator, whose wallets hold roughly 1 million BTC. This massive amount has remained untouched for more than 16 years.
However, the data suggests that the rapid accumulation phase that defined the first two years of spot ETFs may be slowing. After reaching record levels at the end of 2025, total ETF holdings declined for two consecutive quarters, falling by 81,000 BTC between Q4 2025 and Q2 2026. This marks the first sustained contraction in Bitcoin ETFs since SEC approval.
Ethereum ETFs: BlackRock Extends Its Dominance Beyond Bitcoin
BlackRock is not only the largest Bitcoin ETF, but it also leads the Ethereum ETF market. As of early September 2026, U.S. spot Ethereum ETFs collectively held 5.92 million ETH worth approximately $14.9 billion. BlackRock alone holds 3.53 million ETH, worth nearly $8.9 billion and representing roughly 60% of all Ethereum held across U.S.-approved ETFs and reinforcing its position as the dominant institutional player in digital asset markets. The firm’s Ethereum ETF holds more ETH than the next three largest competitors, Grayscale Mini, Grayscale, and Fidelity, combined.
Raw Data
| Quarter | Company | Ticker | BTC AUM | USD AUM |
|---|---|---|---|---|
| Q2 2024 | BlackRock | IBIT | 306,978.53 | $18,691,308,734.64 |
| Q2 2024 | Grayscale | GBTC | 275,290.78 | $16,761,905,012.64 |
| Q2 2024 | Fidelity | FBTC | 167,462.81 | $10,196,475,575.28 |
| Q2 2024 | 21Shares | ARKB | 46,025.79 | $2,802,418,301.52 |
| Q2 2024 | Bitwise | BITB | 38,178.29 | $2,324,599,721.52 |
| Q2 2024 | VanEck | HODL | 9,927.02 | $604,436,393.76 |
| Q2 2024 | CoinShares (Valkyrie) | BRRR | 8,371.76 | $509,739,722.88 |
| Q2 2024 | Invesco | BTCO | 6,945.00 | $422,867,160.00 |
| Q2 2024 | Franklin Templeton | EZBC | 5,916.00 | $360,213,408.00 |
| Q2 2024 | WisdomTree | BTCW | 1,290.47 | $78,574,137.36 |
| Q2 2024 | Grayscale Mini | BTC | 0.00 | $0.00 |
| Q3 2024 | BlackRock | IBIT | 366,448.20 | $24,051,461,158.80 |
| Q3 2024 | Grayscale | GBTC | 221,191.32 | $14,517,671,096.88 |
| Q3 2024 | Fidelity | FBTC | 180,344.62 | $11,836,738,789.08 |
| Q3 2024 | 21Shares | ARKB | 50,534.67 | $3,316,792,530.78 |
| Q3 2024 | Bitwise | BITB | 39,429.68 | $2,587,927,617.12 |
| Q3 2024 | Grayscale Mini | BTC | 33,752.36 | $2,215,302,396.24 |
| Q3 2024 | VanEck | HODL | 11,991.61 | $787,057,330.74 |
| Q3 2024 | CoinShares (Valkyrie) | BRRR | 8,982.46 | $589,554,779.64 |
| Q3 2024 | Invesco | BTCO | 8,142.00 | $534,392,028.00 |
| Q3 2024 | Franklin Templeton | EZBC | 7,103.85 | $466,254,090.90 |
| Q3 2024 | WisdomTree | BTCW | 3,705.48 | $243,205,474.32 |
| Q4 2024 | BlackRock | IBIT | 551,917.90 | $51,113,363,400.60 |
| Q4 2024 | Grayscale | GBTC | 205,398.85 | $19,022,911,380.90 |
| Q4 2024 | Fidelity | FBTC | 201,162.98 | $18,631,630,371.32 |
| Q4 2024 | 21Shares | ARKB | 46,607.10 | $4,315,963,013.40 |
| Q4 2024 | Bitwise | BITB | 40,281.83 | $3,730,063,534.62 |
| Q4 2024 | Grayscale Mini | BTC | 38,012.91 | $3,520,807,939.74 |
| Q4 2024 | VanEck | HODL | 13,716.82 | $1,270,523,117.88 |
| Q4 2024 | CoinShares (Valkyrie) | BRRR | 8,846.70 | $819,404,467.80 |
| Q4 2024 | Invesco | BTCO | 7,793.00 | $721,699,962.00 |
| Q4 2024 | Franklin Templeton | EZBC | 7,624.52 | $706,245,725.68 |
| Q4 2024 | WisdomTree | BTCW | 3,862.00 | $357,689,508.00 |
| Q1 2025 | BlackRock | IBIT | 576,037.86 | $47,553,077,418.72 |
| Q1 2025 | Grayscale | GBTC | 193,442.23 | $15,969,042,970.96 |
| Q1 2025 | Fidelity | FBTC | 196,932.78 | $16,257,194,854.56 |
| Q1 2025 | 21Shares | ARKB | 47,780.40 | $3,944,367,580.80 |
| Q1 2025 | Grayscale Mini | BTC | 40,595.02 | $3,351,200,091.04 |
| Q1 2025 | Bitwise | BITB | 37,997.07 | $3,136,734,122.64 |
| Q1 2025 | VanEck | HODL | 14,275.40 | $1,178,462,820.80 |
| Q1 2025 | CoinShares (Valkyrie) | BRRR | 5,783.83 | $477,466,734.16 |
| Q1 2025 | Invesco | BTCO | 5,292.00 | $436,865,184.00 |
| Q1 2025 | Franklin Templeton | EZBC | 4,956.35 | $409,156,605.20 |
| Q1 2025 | WisdomTree | BTCW | 1,840.00 | $151,895,680.00 |
| Q2 2025 | BlackRock | IBIT | 696,874.71 | $75,529,371,693.93 |
| Q2 2025 | Fidelity | FBTC | 201,347.80 | $21,822,678,607.40 |
| Q2 2025 | Grayscale | GBTC | 185,098.71 | $20,061,553,485.93 |
| Q2 2025 | 21Shares | ARKB | 46,722.83 | $5,063,960,483.89 |
| Q2 2025 | Grayscale Mini | BTC | 44,025.35 | $4,771,599,509.05 |
| Q2 2025 | Bitwise | BITB | 39,512.73 | $4,282,508,215.59 |
| Q2 2025 | VanEck | HODL | 15,661.22 | $1,697,410,007.26 |
| Q2 2025 | CoinShares (Valkyrie) | BRRR | 5,852.30 | $634,289,830.90 |
| Q2 2025 | Invesco | BTCO | 5,292.00 | $573,562,836.00 |
| Q2 2025 | Franklin Templeton | EZBC | 5,155.37 | $558,754,466.71 |
| Q2 2025 | WisdomTree | BTCW | 1,547.32 | $167,703,183.56 |
| Q3 2025 | BlackRock | IBIT | 768,262.51 | $87,886,926,356.47 |
| Q3 2025 | Fidelity | FBTC | 203,314.84 | $23,258,607,751.48 |
| Q3 2025 | Grayscale | GBTC | 176,336.23 | $20,172,335,703.31 |
| Q3 2025 | Grayscale Mini | BTC | 47,324.72 | $5,413,805,993.84 |
| Q3 2025 | 21Shares | ARKB | 43,601.29 | $4,987,856,772.13 |
| Q3 2025 | Bitwise | BITB | 40,472.37 | $4,629,917,710.89 |
| Q3 2025 | VanEck | HODL | 17,584.40 | $2,011,602,606.80 |
| Q3 2025 | Invesco | BTCO | 5,189.00 | $593,606,033.00 |
| Q3 2025 | Franklin Templeton | EZBC | 5,789.96 | $662,354,054.12 |
| Q3 2025 | CoinShares (Valkyrie) | BRRR | 5,645.28 | $645,803,096.16 |
| Q3 2025 | WisdomTree | BTCW | 1,594.00 | $182,348,818.00 |
| Q4 2025 | BlackRock | IBIT | 770,791.54 | $68,161,095,882.20 |
| Q4 2025 | Fidelity | FBTC | 202,446.83 | $17,902,373,176.90 |
| Q4 2025 | Grayscale | GBTC | 165,591.49 | $14,643,255,460.70 |
| Q4 2025 | 21Shares | ARKB | 37,769.33 | $3,339,941,851.90 |
| Q4 2025 | Bitwise | BITB | 38,461.21 | $3,401,124,800.30 |
| Q4 2025 | Grayscale Mini | BTC | 48,474.93 | $4,286,638,059.90 |
| Q4 2025 | VanEck | HODL | 15,887.48 | $1,404,929,856.40 |
| Q4 2025 | Invesco | BTCO | 6,108.00 | $540,130,440.00 |
| Q4 2025 | Franklin Templeton | EZBC | 5,727.65 | $506,496,089.50 |
| Q4 2025 | CoinShares (Valkyrie) | BRRR | 5,765.85 | $509,874,115.50 |
| Q4 2025 | WisdomTree | BTCW | 1,598 | $141,311,140.00 |
| Q1 2026 | BlackRock | IBIT | 782,293.41 | $52,175,841,273.36 |
| Q1 2026 | Fidelity | FBTC | 187,904.75 | $12,532,495,206.00 |
| Q1 2026 | Grayscale | GBTC | 154,710.20 | $10,318,551,499.20 |
| Q1 2026 | 21Shares | ARKB | 35,229.99 | $2,349,699,413.04 |
| Q1 2026 | Bitwise | BITB | 37,573.55 | $2,506,005,490.80 |
| Q1 2026 | Grayscale Mini | BTC | 51,673.24 | $3,446,398,415.04 |
| Q1 2026 | VanEck | HODL | 17,004.62 | $1,134,140,135.52 |
| Q1 2026 | Invesco | BTCO | 6,108.00 | $407,379,168.00 |
| Q1 2026 | Franklin Templeton | EZBC | 6,302.83 | $420,373,549.68 |
| Q1 2026 | CoinShares (Valkyrie) | BRRR | 6,301.23 | $420,266,836.08 |
| Q1 2026 | WisdomTree | BTCW | 2,163 | $144,263,448.00 |
| Q2 2026 | BlackRock | IBIT | 734,261.02 | $44,155,520,698.72 |
| Q2 2026 | Fidelity | FBTC | 174,383.03 | $10,486,697,892.08 |
| Q2 2026 | Grayscale | GBTC | 138,500.06 | $8,328,839,608.16 |
| Q2 2026 | 21Shares | ARKB | 31,514.89 | $1,895,179,425.04 |
| Q2 2026 | Bitwise | BITB | 36,201.24 | $2,176,997,768.64 |
| Q2 2026 | Grayscale Mini | BTC | 54,280.17 | $3,264,192,303.12 |
| Q2 2026 | VanEck | HODL | 16,241.00 | $976,668,776.00 |
| Q2 2026 | Invesco | BTCO | 5,344.00 | $321,366,784.00 |
| Q2 2026 | Franklin Templeton | EZBC | 5,721.80 | $344,086,164.80 |
| Q2 2026 | CoinShares (Valkyrie) | BRRR | 5,863.06 | $352,581,176.16 |
| Q2 2026 | WisdomTree | BTCW | 2,310 | $138,914,160.00 |
| Q3 2026 | BlackRock | IBIT | 785,635.32 | $61,626,020,136.12 |
| Q3 2026 | Fidelity | FBTC | 176,295.52 | $13,828,796,884.32 |
| Q3 2026 | Grayscale | GBTC | 128,976.79 | $10,117,068,384.39 |
| Q3 2026 | 21Shares | ARKB | 34,755.90 | $2,726,287,551.90 |
| Q3 2026 | Bitwise | BITB | 38,354.79 | $3,008,588,082.39 |
| Q3 2026 | Grayscale Mini | BTC | 62,876.17 | $4,932,069,650.97 |
| Q3 2026 | VanEck | HODL | 14,937.02 | $1,171,674,785.82 |
| Q3 2026 | Invesco | BTCO | 5,102.33 | $400,231,867.53 |
| Q3 2026 | Franklin Templeton | EZBC | 5,488.88 | $430,553,236.08 |
| Q3 2026 | CoinShares (Valkyrie) | BRRR | 5,705.30 | $447,529,437.30 |
| Q3 2026 | WisdomTree | BTCW | 2,102 | $164,882,982.00 |
Methodology
This report reviews the total amount of Bitcoin and Ethereum held on-chain by all SEC-approved BTC and ETH ETFs, starting from Q2 2024, the quarter following the 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 and Ethereum held in ETFs. Figures were sourced from Dune Analytics and official ETF filings as of September 9, 2026. National BTC holdings were aggregated using Coingecko’s Government Bitcoin Treasuries database.