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ETHA

iShares Ethereum Trust ETF
ETHA

506 hedge funds and large institutions have $6.5B invested in iShares Ethereum Trust ETF in 2025 Q3 according to their latest regulatory filings, with 301 funds opening new positions, 134 increasing their positions, 42 reducing their positions, and 30 closing their positions.

New
Increased
Maintained
Reduced
Closed

903% more first-time investments, than exits

New positions opened: 301 | Existing positions closed: 30

338% more capital invested

Capital invested by funds: $1.48B → $6.5B (+$5.01B)

233% more funds holding in top 10

Funds holding in top 10: 9 → 30 (+21)

219% more repeat investments, than reductions

Existing positions increased: 134 | Existing positions reduced: 42

167.9% more ownership

Funds ownership: 101.19% → 269.09% (+168%)

114% more funds holding

Funds holding: 237 → 506 (+269)

8% more call options, than puts

Call options by funds: $1.79B | Put options by funds: $1.65B

Holders
506
Holders Change
+269
Holders Change %
+113.5%
% of All Funds
6.64%
Holding in Top 10
30
Holding in Top 10 Change
+21
Holding in Top 10 Change %
+233.33%
% of All Funds
0.39%
New
301
Increased
134
Reduced
42
Closed
30
Calls
$1.79B
Puts
$1.65B
Net Calls
+$133M
Net Calls Change
+$10.9M

Top Buyers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
+$834M
2
Goldman Sachs
Goldman Sachs
New York
+$515M
3
Jane Street
Jane Street
New York
+$443M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$260M
5
FCM
Farallon Capital Management
California
+$221M

Top Sellers

Rank Fund Capital Flow
1
BCM
BlueCrest Capital Management
Jersey
-$42.3M
2
Citadel Advisors
Citadel Advisors
Florida
-$28.5M
3
LSC
Logan Stone Capital
Illinois
-$23.2M
4
EC
Elequin Capital
New York
-$20.7M
5
WAM
Wolverine Asset Management
Illinois
-$8.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
KCP
176
Kera Capital Partners
California
$1.11M +$1.04M +35,128 New
TS
177
Tamar Securities
California
$1.09M +$14.4K +484 +1%
ACM
178
Andina Capital Management
Utah
$1.09M -$124K -4,164 -11%
PTP
179
Platform Technology Partners
New York
$1.09M +$101K +3,395 +11%
JSSH
180
J. Safra Sarasin Holding
$1.06M +$435K +14,650 +77%
PAP
181
Persistent Asset Partners
Hong Kong
$1.05M -$1.56M -52,679 -61%
EF
182
Empowered Funds
Pennsylvania
$1M +$944K +31,827 New
TCBWMS
183
Texas Capital Bank Wealth Management Services
Texas
$995K +$381K +12,845 +69%
AWA
184
Arkadios Wealth Advisors
Georgia
$961K +$905K +30,498 New
IC
185
Inscription Capital
Texas
$952K +$896K +30,198 New
WMG
186
WESCAP Management Group
California
$951K – – –
LSA
187
Lansing Street Advisors
Pennsylvania
$945K +$120K +4,035 +16%
DCM
188
Deuterium Capital Management
Florida
$945K – – –
SC
189
Scotia Capital
Ontario, Canada
$943K +$887K +29,912 New
SPIA
190
Steward Partners Investment Advisory
New York
$937K +$814K +27,448 +1,193%
ICM
191
Ionic Capital Management
New York
$927K +$131K +4,422 +18%
AIP
192
Almanack Investment Partners
Pennsylvania
$926K +$338K +11,388 +63%
AF
193
Abound Financial
California
$925K +$871K +29,353 New
ATPW
194
Ashton Thomas Private Wealth
Arizona
$924K +$92.1K +3,104 +12%
PWM
195
Palumbo Wealth Management
New York
$923K +$869K +29,280 New
UBP
196
Union Bancaire Privee
Switzerland
$886K +$1.08M +36,490 New
RA
197
RoundAngle Advisors
New Jersey
$867K +$816K +27,504 New
CIBC World Market
198
CIBC World Market
Ontario, Canada
$863K +$812K +27,384 New
QCM
199
Quantinno Capital Management
New York
$861K +$811K +27,319 New
DP
200
DDD Partners
Washington
$822K -$6.65K -224 -0.9%
6 7
8
9 10

ETHA Hedge Fund Activity: Q3 2025 in Review

506 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in iShares Ethereum Trust ETF (ETHA) for Q3 2025, worth a combined $6.5B — up 338% from $1.48B a quarter earlier.

Buyers outnumbered sellers: 301 funds opened new ETHA positions and 30 closed out — a net gain of 271 holders — while 134 added to existing stakes and 42 trimmed.

The largest buyer was Millennium Management, adding an estimated $834M. The largest seller was BlueCrest Capital Management, cutting an estimated $42.3M.

  • 506 institutional investors held iShares Ethereum Trust ETF (ETHA) as of Q3 2025, up from 237 in Q2 2025.
  • Funds reported $6.5B of iShares Ethereum Trust ETF stock for Q3 2025, up 338% quarter-over-quarter.
  • 301 funds opened new iShares Ethereum Trust ETF positions in Q3 2025 and 30 closed out, a net change of +271 holders.
  • The largest iShares Ethereum Trust ETF buyer in Q3 2025 was Millennium Management, an estimated $834M added.
  • The largest iShares Ethereum Trust ETF seller in Q3 2025 was BlueCrest Capital Management, an estimated $42.3M sold.

Based on aggregated 13F filings for Q3 2025.