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ETHW

Bitwise Ethereum ETF
ETHW

87 hedge funds and large institutions have $123M invested in Bitwise Ethereum ETF in 2025 Q3 according to their latest regulatory filings, with 36 funds opening new positions, 33 increasing their positions, 7 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

874% more call options, than puts

Call options by funds: $16M | Put options by funds: $1.65M

371% more repeat investments, than reductions

Existing positions increased: 33 | Existing positions reduced: 7

300% more first-time investments, than exits

New positions opened: 36 | Existing positions closed: 9

45% more funds holding

Funds holding: 60 → 87 (+27)

37% more capital invested

Capital invested by funds: $90.2M → $123M (+$33.2M)

36.95% less ownership

Funds ownership: 36.95% → 0% (-37%)

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
87
Holders Change
+27
Holders Change %
+45%
% of All Funds
1.14%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
36
Increased
33
Reduced
7
Closed
9
Calls
$16M
Puts
$1.65M
Net Calls
+$14.4M
Net Calls Change
+$13.7M

Top Buyers

Rank Fund Capital Flow
1
HI
HBK Investments
Texas
+$8.87M
2
HHGC
Hunting Hill Global Capital
New York
+$6.92M
3
SSA
Schonfeld Strategic Advisors
New York
+$5.98M
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$3.34M
5
IMC Chicago
IMC Chicago
Illinois
+$2.59M

Top Sellers

Rank Fund Capital Flow
1
PC
ParaFi Capital
New York
-$32.9M
2
EC
Elequin Capital
New York
-$8.34M
3
PAG
Private Advisor Group
New Jersey
-$1.88M
4
OMC
Old Mission Capital
Illinois
-$1.62M
5
QC
Quadrature Capital
United Kingdom
-$561K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCI
26
Brinker Capital Investments
Pennsylvania
$806K +$162K +5,773 +27%
AWA
27
Arete Wealth Advisors
Illinois
$774K +$421K +14,973 +136%
CPRC
28
Consolidated Portfolio Review Corp
New York
$741K +$45.4K +1,614 +7%
KP
29
Keel Point
Alabama
$740K +$351K +12,481 +101%
AI
30
Atria Investments
North Carolina
$710K -$182K -6,469 -21%
PWM
31
Perigon Wealth Management
California
$705K +$212K +7,540 +47%
APM
32
a16z Perennial Management
California
$662K – – –
SA
33
Sanctuary Advisors
Indiana
$654K +$115K +4,081 +23%
BAM
34
Belpointe Asset Management
Nevada
$635K +$51.1K +1,818 +9%
FCG
35
Fielder Capital Group
Tennessee
$555K -$534 -19 -0.1%
EWA
36
Exit Wealth Advisors
Georgia
$549K +$517K +18,398 New
Envestnet Asset Management
37
Envestnet Asset Management
Illinois
$488K +$114K +4,056 +33%
MML Investors Services
38
MML Investors Services
Massachusetts
$472K +$162K +5,747 +57%
OC
39
OxenFree Capital
Florida
$457K – – –
Wealth Enhancement Advisory Services
40
Wealth Enhancement Advisory Services
Minnesota
$444K +$389K +13,842 New
CCA
41
Clearwater Capital Advisors
Illinois
$434K +$92.1K +3,277 +29%
OC
42
Optima Capital
Oregon
$429K +$405K +14,390 New
MAC
43
Mason & Associates (California)
California
$398K +$375K +13,345 New
BCM
44
Brookstone Capital Management
Illinois
$389K +$39.7K +1,412 +12%
CW
45
CreativeOne Wealth
Kansas
$371K +$43.5K +1,549 +14%
MGIA
46
Moneta Group Investment Advisors
Missouri
$363K +$3.99K +142 +1%
Cambridge Investment Research Advisors
47
Cambridge Investment Research Advisors
Iowa
$359K +$338K +12,034 New
SPAS
48
Spectrum Planning & Advisory Services
California
$339K +$320K +11,367 New
VWA
49
Visionary Wealth Advisors
Illinois
$329K +$310K +11,027 New
Wolverine Trading
50
Wolverine Trading
Illinois
$319K +$299K +10,624 New
1
2
3 4

ETHW Hedge Fund Activity: Q3 2025 in Review

87 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in Bitwise Ethereum ETF (ETHW) for Q3 2025, worth a combined $123M — up 37% from $90.2M a quarter earlier.

Buyers outnumbered sellers: 36 funds opened new ETHW positions and 9 closed out — a net gain of 27 holders — while 33 added to existing stakes and 7 trimmed.

The largest buyer was HBK Investments, adding an estimated $8.87M. The largest seller was ParaFi Capital, exiting entirely with an estimated $32.9M sold.

  • 87 institutional investors held Bitwise Ethereum ETF (ETHW) as of Q3 2025, up from 60 in Q2 2025.
  • Funds reported $123M of Bitwise Ethereum ETF stock for Q3 2025, up 37% quarter-over-quarter.
  • 36 funds opened new Bitwise Ethereum ETF positions in Q3 2025 and 9 closed out, a net change of +27 holders.
  • The largest Bitwise Ethereum ETF buyer in Q3 2025 was HBK Investments, an estimated $8.87M added.
  • The largest Bitwise Ethereum ETF seller in Q3 2025 was ParaFi Capital, an estimated $32.9M sold.

Based on aggregated 13F filings for Q3 2025.