Q2 13F filings from five institutional holders of Bitcoin ETFs reveal four distinct responses to the quarter's drawdown: sovereign funds held steady, JPMorgan added shares, UBS shifted its options mix, and Morgan Stanley cut external ETF units while a new branded trust appeared.
Mubadala and the Abu Dhabi Investment Council (ADIC) held every share of BlackRock's iShares Bitcoin Trust (IBIT) through the second quarter, even as their reported position values fell about 13.35% between March 31 and June 30. JPMorgan moved the other way, and UBS and Morgan Stanley each took a third and fourth path.
Sovereign holders absorb the markdown without selling
Mubadala held 14,721,917 IBIT shares at both quarter-end snapshots, while ADIC held 8,218,712 shares at both dates. Mubadala's reported market value still fell from $565.6 million to $490.1 million. ADIC's value dropped from $315.8 million to $273.6 million.
Because share counts stayed identical between snapshots, price revaluation explains the lower marks rather than any net selling. Two snapshots, however, cannot rule out intra-quarter trading between the dates.
JPMorgan adds shares as UBS and Morgan Stanley diverge
JPMorgan's ordinary spot Bitcoin ETF holdings rose from 8,462,883 shares to 10,623,591 shares, a 25.53% increase, with IBIT accounting for most of the gain. UBS's ordinary spot-ETF shares climbed 13.20% to 414,191. Its IBIT call underlying equivalents jumped from 80,000 to 1,950,000 shares as put equivalents fell 52.75%.
Morgan Stanley's external spot-ETF holdings fell by 775,301 units to 18,636,055. Its filing also reported 2,570,627 shares of Morgan Stanley Bitcoin Trust — a row absent from the prior quarter. The two snapshots do not establish whether the same accounts moved between the external funds and the new branded trust.
No named filer discloses a forced sale
None of the five filers reported a margin call, client withdrawal, mandate breach, or forced liquidation. The broader Bitcoin ETF complex still recorded about $4.89 billion of net outflows during the quarter, based on Farside Investors' daily data. Roughly $2.06 billion of that came in the final five trading sessions of June. Form 13F excludes short positions and written options, so the filings cannot establish any of the five managers' complete Bitcoin exposure.
Source: CryptoSlate
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