CoinShares' analysis of 13F filings shows that professional investors significantly reduced their Bitcoin holdings in the first quarter of 2026. The reported holdings decreased from 313,000 coins to 261,000 coins, a 17% drop quarter-over-quarter.
Hedge funds and brokers sold the most shares.
Hedge funds and brokers together accounted for approximately 95% of the reduction in holdings. Their Bitcoin holdings decreased by 39% and 53% respectively, indicating a significant contraction in trading-oriented funds this quarter.
Banks continue to increase their exposure
Conversely, banks' Bitcoin exposure rose to 15,200 coins. JPMorgan Chase and Wells Fargo both increased their holdings, while Citigroup disclosed its Bitcoin holdings for the first time.
Institutional differentiation is increasing
This data suggests that trading-oriented institutions are reducing their risk exposure, while some traditional financial institutions are still expanding their allocation to this asset.












