Edelman Surpasses Amazon Stake with $34M Bitcoin ETF Bet
Edelman Financial Engines, a registered investment advisor managing $326 billion in client assets, has disclosed a $34 million position in spot Bitcoin exchange-traded funds (ETFs). This stake surpasses the firm's holding in Amazon, valued at $25 million. The allocation is split between Blackrock's iShares Bitcoin Trust (IBIT) and Grayscale's flagship Grayscale Bitcoin Trust (GBTC).
The firm's position is a relatively small portion of its total portfolio, amounting to 0.012%. However, it marks a notable comparison with Edelman's holding in Amazon, one of the world's largest publicly traded companies.
Edelman's decision to split its allocation across two competing Bitcoin ETFs is a common institutional approach, allowing advisors to diversify custody and counterparty exposure.
JPMorgan has also grown its IBIT stake to $356 million, while UBS more than quadrupled its position to nearly $90 million. Banco Santander filed its first-ever spot Bitcoin ETF disclosure, reporting 129,615 IBIT shares worth $4.31 million.