Barclays Increased Its Stake in BlackRock Bitcoin ETF by 48%

The British banking group Barclays increased its holdings of BlackRock's iShares Bitcoin Trust ETF (IBIT) by 48.3% in the third quarter of 2026. According to a 13F filing submitted to the U.S. Securities and Exchange Commission (SEC) on November 6, the organization held 3.94 million shares of the fund valued at approximately $186.7 million as of September 30. At the end of the previous quarter, its position was 2.66 million shares worth $88.5 million.

Thus, over three months, the number of IBIT shares reported by Barclays increased by approximately 1.28 million. Meanwhile, the dollar value of the package rose by 110.9%, significantly exceeding the change in the number of shares. The difference is partly explained by the increase in the market price of the ETF, which also boosts the valuation of assets already in the portfolio.

Citigroup disclosed a new position in the Fidelity fund

The American financial group Citigroup also reported an increased presence in spot bitcoin ETFs. According to the third-quarter report, the company disclosed a position in the Fidelity Wise Origin Bitcoin Fund (FBTC) valued at $118.9 million, including more than 1.63 million shares. Compared to the previous quarter, this position is new in the published report.

Simultaneously, Citigroup increased its holdings in BlackRock's IBIT fund by approximately 50%. The number of shares rose from 347,000 to 521,144, with their value at the end of September amounting to about $24.7 million. Thus, the combined value of Citigroup's positions in IBIT and FBTC reached approximately $143.5 million.

Changes in the reports of Barclays and Citigroup indicate an increase in the number of regulated bitcoin fund shares under the management of large financial organizations. However, the 13F form does not allow determining which portion of these shares were acquired by the banks for their own investment strategies and which were held in portfolios managed on behalf of clients. It also does not disclose all transactions made between the two reporting dates.

Investment advisors maintain leadership among ETF holders

The analytical company Bitwise studied the reports of 1,389 institutional managers who managed to disclose positions for the third quarter by November 6. According to its data, the total value of spot bitcoin ETFs in the comparable sample increased from $3.35 billion in the second quarter to $5.25 billion in the third. Investment advisors remained the largest category of holders, accounting for about $3.5 billion, or 66.6% of the total value of positions in the group under consideration.

Bitwise analyst Kamran Kosravi noted in a comment to Cointelegraph that preliminary data indicates an increase in the share of investors with a longer-term horizon for holding bitcoin ETFs. In his assessment, financial advisors at large banks and wealth management platforms are gaining more opportunities to recommend such products to clients. However, final conclusions about the structure of institutional ownership can only be made after the publication of other quarterly reports.

Among the major market participants whose documents were still awaited at the time of the initial publication were JPMorgan, Wells Fargo, and investment firms Millennium and Schonfeld. Therefore, the statistics of early reports reflect only part of the institutional market. Moreover, an increase in position for a single quarter does not necessarily indicate long-term asset accumulation.

Growth in package value does not equal new investment inflow

Senior market analyst at PrimeXBT Jonathan Randin warned that when assessing institutional demand, it is necessary to consider not only the dollar value of portfolios but also the change in the number of shares. "It’s important to look at the holdings in shares and not just the increase in dollar amount," he told Cointelegraph. In translation: "It is important to look at the number of shares in portfolios, not just the increase in their dollar value."

According to Randin's assessment, the price of the IBIT fund rose by approximately 41% in the third quarter, significantly affecting the valuation of its holders' positions. Therefore, an increase in asset value in the quarterly report does not mean that the entire difference was formed due to new purchases. Similarly, a decrease in the fund's price can reduce the portfolio's value even with an unchanged number of shares.

What is happening with bitcoin ETFs after the third quarter

The growth in banking positions occurred during a period of positive dynamics for U.S. spot bitcoin ETFs. According to SoSoValue, funds attracted about $6.34 billion in net investments during the third quarter of 2026. However, the situation changed in the fourth quarter: as of November 10, the total net outflow reached approximately $2.1 billion.

Particularly noticeable pressure was on the BlackRock fund. Over seven trading sessions from October 30 to November 9, approximately $1.66 billion was withdrawn from IBIT, according to Farside Investors data. Meanwhile, the reports from Barclays and Citigroup record positions as of September 30 and do not show how the banks adjusted their portfolios during the subsequent market decline.

Thus, the third-quarter reports confirm an increase in the number of bitcoin ETF shares in the portfolios of Barclays and Citigroup. However, assessing current institutional demand requires considering subsequent fund outflows, bitcoin price dynamics, and new disclosures from major financial organizations. Changes in individual quarterly reports alone do not allow conclusions about the direction of the entire market.