Four Distinct Responses to Q2 Drawdown Emerge in Bitcoin ETF Holdings

The $16.3 billion in Bitcoin ETF positions that CryptoSlate recently tracked ahead of the Q2 filing deadline resolved into four disclosed position patterns.

Two Abu Dhabi filers, Mubadala and Abu Dhabi Investment Council, held their ordinary ETF share counts steady, while JPMorgan increased its ordinary spot-ETF units. UBS shifted its disclosed long-options mix, and Morgan Stanley reduced external ETF units as a new branded wrapper appeared in its filing.

The result answers CryptoSlate's pre-deadline Bitcoin ETF stress test within strict limits. The five filings arrived from August 12 through August 14, but each freezes reportable positions at June 30.

Mubadala held 14,721,917 shares of BlackRock's iShares Bitcoin Trust at both March 31 and June 30, while ADIC held 8,218,712 shares at both snapshots. Their reported market values fell anyway: Mubadala's position declined from $565.6 million to $490.1 million, and ADIC's moved from $315.8 million to $273.6 million.

JPMorgan's filing supplied the clearest ordinary-share increase. Its spot Bitcoin ETF holdings rose from 8,462,883 shares in the amended Q1 restatement to 10,623,591 in Q2. IBIT drove most of the move, increasing from 8,302,691 to 10,407,635 shares.

Morgan Stanley's external spot-ETF holdings moved the other way, falling by 775,301 units to 18,636,055. IBIT alone declined by 783,343 shares. The Q2 filing also reported 2,570,627 shares of Morgan Stanley Bitcoin Trust, a row absent from Q1.