Edelman, Tudor Investment Disclose Fresh Bitcoin ETF Positions

Two of Wall Street’s more established names disclosed fresh Bitcoin exposure this week. Edelman Financial Engines, which manages $326 billion in assets, revealed a $34 million position in spot Bitcoin ETFs split between BlackRock’s iShares Bitcoin Trust and Grayscale’s flagship product — a stake that now exceeds the firm’s $25 million holding in Amazon stock.

Separately, Tudor Investment Corporation, the $106 billion macro fund run by Paul Tudor Jones, reported in a filing dated August 14 that it held 688,529 shares of IBIT as of June 30, worth roughly $22.9 million and up from 579,083 shares the prior quarter.

Edelman’s move is less a change of heart than a public confirmation of a long-standing position. Founder Ric Edelman began advocating for a Bitcoin ETF as far back as 2019, five years before the SEC approved the first spot products in January 2024, and later founded the Digital Assets Council of Financial Professionals to train financial advisors on crypto and blockchain. The firm’s $34 million allocation is modest relative to its total book, but it signals that Bitcoin has moved from a niche talking point to a line item alongside blue-chip equities in mainstream wealth-management portfolios.

Part of a Broader Institutional Build-Up

The two disclosures land in the middle of a quarter that has seen institutional Bitcoin ETF ownership climb broadly. Aggregated 13F data reviewed by digital-asset research firm K33 shows institutional holders added 64,983 BTC in Q2, pushing total institutional Bitcoin ETF holdings to a record $33.6 billion — with advisors alone now holding $17.4 billion in positions, nearly double the $9 billion held by hedge fund managers as a group. JPMorgan and Morgan Stanley both expanded their IBIT stakes over the same period, JPMorgan’s rising to roughly $356 million from about $162 million in the prior quarter.

Related: Strategy CEO Says Bitcoin Buying Resumes Later This Year

Not Every Fund Is Adding

The build-up is not universal. Some of the largest nominal holders of Bitcoin ETFs, including market makers such as Goldman Sachs, Millennium and Jane Street, are believed to hold positions primarily for liquidity provision and hedging rather than long-term conviction, meaning headline 13F totals can overstate genuine buy-and-hold demand. Filing data compiled by WhaleWisdom shows Tudor’s own IBIT position fluctuating quarter to quarter alongside a mix of call and put options, a pattern more consistent with active macro trading than a fixed strategic allocation.

Still, the combination of a wealth manager with $326 billion under advisement and a veteran macro fund both publicly disclosing Bitcoin ETF stakes in the same week adds to evidence that spot Bitcoin products have become a standard building block for institutional portfolios two and a half years after their launch, rather than a speculative side bet. That institutional embrace has not been unanimous, however — index provider MSCI has revived a proposal to drop Strategy from its global indexes, a reminder that Wall Street’s comfort with Bitcoin exposure still varies sharply depending on the wrapper it comes in.