Spot Bitcoin ETFs and digital asset trusts now hold 12.2% of Bitcoin's total supply, according to new research from ARK Invest. The firm says institutional demand is replacing retail trading as the primary driver of Bitcoin markets, with its own crypto-linked assets topping $2.15 billion.
Spot Bitcoin ETFs and digital asset trusts control 12.2% of Bitcoin's total supply, ARK Invest's latest research shows. Cathie Wood's firm frames the figure as evidence that institutional demand is now driving Bitcoin markets, replacing retail activity as the primary force behind price moves.
ARK's own crypto exposure tops $2 billion
ARK's crypto-linked assets across its suite of exchange-traded funds have surpassed $2.15 billion as of November 2025. Its flagship fintech fund, ARKF, has allocated approximately 29% of its portfolio to digital assets, spanning crypto-adjacent companies such as Coinbase and Circle alongside ARK's own ARKB Bitcoin ETF.
That layered structure gives ARKF investors multiple points of exposure to digital assets within a single fund. The firm has also kept buying crypto-related equities during market dips throughout 2025 and into 2026.
New index funds target the broader market
ARK has also filed for two crypto index ETFs tied to the CoinDesk 20 in December 2025. One fund would include Bitcoin exposure, while the other would exclude it via futures, letting investors choose whether the flagship asset sits in their broader crypto basket. The CoinDesk 20 index covers the largest digital assets by market capitalization, so the products would give traditional investors diversified crypto exposure through a single ticker.
That research points to a transition from retail to institutional demand for Bitcoin through regulated vehicles like spot Bitcoin ETFs. The firm isn't limiting itself to Bitcoin exposure, where BlackRock's iShares Bitcoin Trust has dominated flows; by moving into broader index products, ARK is carving out territory where fewer incumbents have established themselves.
Source: Crypto Briefing
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