Barclays and Citi Expand Spot Bitcoin ETF Holdings in Q3 13F Filings
Barclays and Citigroup disclosed larger spot Bitcoin ETF positions in third-quarter 13F filings, with bank holdings rising to $258 million among early filers. Sources differ on the scope of the increase, and the figures predate a recent wave of ETF withdrawals.
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What the Filings Show
Barclays raised its holdings in BlackRock's iShares Bitcoin Trust (IBIT) to 3,942,900 shares worth about $187 million as of September 30, up from roughly 2.66 million shares, or $88.5 million, at the end of June. Citigroup opened a position of about 1,636,387 shares in Fidelity's Wise Origin Bitcoin Fund (FBTC), valued at roughly $119 million, and increased its IBIT holdings by about 50% to 521,144 shares, according to the bank's disclosures.
The combined quarter-end value of those three holdings was $330.19 million, excluding separately reported options. Barclays also reported IBIT call options covering 8,479,800 shares and put options covering 8,169,700 shares. Citi reported calls on 400,000 shares and puts on 505,000 shares, both smaller than its June options exposure.
Share Count Versus Dollar Value
Sources differ on how to describe Barclays' growth. Crypto Briefing reports that Barclays raised its IBIT stake by 48%, a figure that tracks share count. Crypto.news makes the same point and notes that the reported dollar value more than doubled over the quarter. The gap is largely price: IBIT rose about 41% during the third quarter, so part of the dollar increase reflects market appreciation rather than new buying. PrimeXBT senior market analyst Jonatan Randin told Crypto.news that investors should look at share counts rather than dollar amounts for this reason.
The bank-level picture also varies by source. Crypto Briefing cites $258 million in collective bank holdings among early filers, up from $107 million, lifting banks to 4.9% of institutional spot Bitcoin ETF holdings from 3.2%. Total institutional holdings reached $5.25 billion, up from $3.35 billion, with investment advisers holding $3.5 billion, or 66.6%.
Limits of the Data
The 13F disclosures show long positions as of September 30 and do not explain motive. They do not indicate whether a position supports client activity, market making or proprietary strategy, and under SEC reporting rules, managers report long positions without netting out shorts. Written options are excluded from the main holdings figures. A comparable quarter-end disclosure from Jane Street, which reported roughly $828 million in IBIT, illustrates the same ambiguity.
Bank totals are also provisional. Crypto Briefing notes that the figures cover only early filers, and the Q3 deadline is November 16 or 17 depending on the source, so the totals could change once the remaining reports are filed.
Post-Quarter Outflows
The quarter-end positions predate recent weakness in U.S. spot Bitcoin ETFs. Crypto.news reports that bitcoin ETFs lost $1.28 billion during November 2 through 6, with IBIT accounting for $1.21 billion of that total. Fidelity's FBTC recorded $93.1 million in net inflows for the same week despite a $199.9 million loss on one day. Ether ETFs shed $365.2 million over the period.
Taken together, the filings point to growing bank participation in regulated Bitcoin products, with BlackRock and Fidelity both winning institutional business. The next data points will be the remaining Q3 filings and the Q4 disclosures, which cover holdings as of December 31 and are due February 16, 2027.
Why It Matters
For Traders
Recent multi-day outflows from IBIT suggest the quarter-end bank accumulation may not reflect current institutional demand, so check fresh flow data before reading these filings as a signal.
For Investors
Growing bank participation in spot Bitcoin ETFs, from 3.2% to 4.9% of institutional holdings, signals gradual mainstreaming of regulated crypto exposure through traditional channels.
For Builders
Issuer competition between BlackRock and Fidelity is visible in these filings, so product differentiation on fees, custody and options liquidity may matter more as banks allocate.
This article is for information only and is not financial advice. Read the full disclaimer.
