Hedge fund Brevan Howard has ramped up its exposure to bitcoin, almost doubling its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) in Q2 amid a wider buying spree by institutional investors, according a report by Fidelity citing the latest 13F filings.

The macro-focused manager held 37.9m shares worth $2.6bn at the end of June, up from 21.5m in March, cementing its position as one of IBIT’s largest institutional holders. The move underscores Brevan Howard’s growing digital asset footprint, anchored by its dedicated BH Digital division, which manages billions across crypto infrastructure and DeFi investments.

Other firms also ramped up allocations with Jane Street disclosing a $1.46bn IBIT position, its single biggest holding after Tesla, and Cantor Fitzgerald boosting exposure to over $250m, alongside stakes in crypto-linked equities such as MicroStrategy, Coinbase and Robinhood.

Goldman Sachs Asset Management meanwhile, reported $3.3bn across IBIT and Fidelity’s Wise Origin Bitcoin Trust, while endowments like Harvard and sovereign wealth investors including Abu Dhabi’s Mubadala and Norway’s NBIM also revealed sizeable holdings.