Barclays and Citigroup are adding to their spot Bitcoin ETF holdings, according to their third-quarter filings.
Barclays increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 48%, bringing its position to $187 million. Citi began a new position worth about $119 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC). For two banks that once kept Bitcoin at a distance, this marks a notable shift in stance.
What the filings show
The figures are drawn from 13F filings, quarterly reports that large institutional managers submit to disclose their holdings at the end of each quarter.
In the second quarter, Barclays held 2.66 million IBIT shares, valued at about $88.5 million. By September 30, it held 3.94 million shares worth $187 million.
The 48% figure refers to the increase in shares. The dollar value rose much more sharply, largely because of the price.
IBIT’s price gained 41% in the third quarter. Barclays did purchase additional shares, but market gains also contributed substantially.
Citi made two moves. In addition to starting an FBTC position of about $119 million, the bank increased its IBIT holdings by roughly 50%, to 521,000 shares.
Banks are growing, advisers still rule
In a broader view, the bank figures reflect a wider trend. Combined holdings in spot Bitcoin ETFs among banks that filed early reached $258 million, up from $107 million in the prior quarter.
Banks’ share of institutional holdings consequently rose to 4.9%, from 3.2% the quarter before.
Institutional holdings in spot Bitcoin ETFs overall increased to $5.25 billion from $3.35 billion in the second quarter. Investment advisers hold by far the largest portion.
Advisers held $3.5 billion, representing 66.6% of the institutional total.
The deadline for the remaining third-quarter filings is November 17. The figures available so far cover only early filers, and could change when the other reports are submitted.
What this means for investors
The clearest takeaway is that traditional finance is becoming more receptive to regulated crypto products, one filing at a time. Bank holdings rose from $107 million to $258 million in one quarter, signaling momentum, although the starting base was small.
The data come with an important caveat: the filings show positions as of September 30 and do not reflect market volatility afterward, including later declines in Bitcoin’s price.
The filings do not say why the banks hold these positions. They could reflect a bank’s own strategy, client activity or other business needs; the reports alone do not clarify which.
Issuer competition is another factor to monitor. Citi’s addition of FBTC alongside an increase in its IBIT stake indicates that both BlackRock and Fidelity are attracting institutional business.
The next milestone is the November 17 filing deadline. When the remaining third-quarter reports are published, the picture of spot Bitcoin ETF ownership—and how quickly banks are catching up with advisers—should become clearer.
Source: cryptobriefing.com. Adapted by NBTC.
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