Brevan Howard Goes Big on Bitcoin: $2.3B Bet via BlackRock’s IBIT ETF Makes Them #2 Holder

Wall Street's crypto pivot just got louder. Brevan Howard—once a traditional finance purist—now holds a staggering $2.3 billion Bitcoin position through BlackRock’s IBIT ETF, vaulting them to second-largest holder status.

The institutional floodgates are open

When macro hedge funds start parking nine-figure sums in spot Bitcoin ETFs, the 'digital gold' narrative stops being theoretical. BlackRock’s IBIT now looks less like an experiment and more like a billion-dollar on-ramp for old-money players late to the party.

A cynical take?

Nothing accelerates institutional adoption like FOMO—especially when your competitors are posting ETF gains while your Treasury bonds gather dust. The irony? These same firms dismissed Bitcoin as a ‘fraud’ back when it was 90% cheaper.

One thing’s clear: When whales move, markets notice. And $2.3 billion buys a lot of clout—even in crypto’s volatile waters.

Crypto dive

Brevan Howard formed BH Digital in September 2021 to provide digital asset exposure across investing and business operations in public and private markets. 

The dedicated crypto division has delivered strong performance, with BH Digital returning 34.5% in the first quarter of 2024 while managing around $1.7 billion in assets.

Brevan Howard raised more than $1 billion for its flagship crypto vehicle, representing the largest crypto hedge fund launch ever. 

The firm’s dual approach combines direct crypto investments through BH Digital with exchange-traded funds (ETFs) holdings in traditional portfolios.

IBIT has attracted substantial institutional interest since launching in January 2024, with over $91 billion in assets under management, according to Bold Report.

Furthermore, Farside Investors’ data revealed that IBIT accumulated $58.5 billion in positive net flows since launch, dwarfing the second-largest spot Bitcoin ETF by nearly five times.

Brevan Howard’s Bitcoin ETF accumulation reflects broader institutional adoption of crypto through regulated investment products. 

The firm’s substantial IBIT position demonstrates how traditional asset managers are incorporating digital assets into institutional portfolios while maintaining operational efficiency through ETF structures.