Citigroup disclosed a new position of approximately $119 million in the Fidelity Wise Origin Bitcoin Fund (FBTC). Its holdings in IBIT also increased by 50% from 347,000 shares at the end of June to approximately 521,000 shares.

These documents provide early insights into institutional Bitcoin ETF position changes, but many large banks and hedge funds have yet to disclose their third-quarter holdings. Institutional investment managers must submit their third-quarter position reports no later than Monday.

The percentage of Bitcoin ETF holders represented by banks is increasing.

According to data shared by Bitwise and Cointelegraph, among institutions that filed their third-quarter reports early, banks held $258 million in spot Bitcoin ETF positions, accounting for 4.9% of disclosed holdings, up from $107 million and 3.2% in the second quarter.

The investment advisor remains the largest holder, accounting for 66.6% of disclosed positions, or $3.5 billion, up from $2.2 billion in the previous quarter. Bitwise compared holdings across 1,389 institutions that filed their third-quarter reports as of Friday, finding that their combined holdings of spot Bitcoin ETFs rose to $5.25 billion from $3.35 billion.

U.S. spot Bitcoin exchange-traded products (ETPs) held by 13F filers as of early Q3 2026. Source: Bitwise

These figures are still preliminary, as major holders such as JPMorgan Chase, Wells Fargo, and hedge funds Millennium and Schonfeld have not yet disclosed their positions ahead of the upcoming deadline.

The rise in Bitcoin's price has increased the value of ETF holdings.

PrimeXBT Senior Market Analyst Jonatan Randin said that the rising valuation of Bitcoin ETFs does not necessarily mean institutions are making new purchases.

Randin noted that these filings reflect holdings as of September 30, prior to Bitcoin’s subsequent price decline and the outflows from spot ETFs. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded approximately $6.34 billion in net inflows during the third quarter, followed by approximately $2.1 billion in net outflows through Tuesday of the fourth quarter.

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