Brevan Howard Cuts Bitcoin ETF Holding, Expands Options Position

Brevan Howard Capital Management has overhauled its position in BlackRock’s iShares Bitcoin Trust, becoming the largest seller of the spot ETF in the fourth quarter as Bitcoin’s rally unraveled.

US regulatory filings through Feb. 17 show the hedge fund cut its IBIT holdings by 31.2 million shares from the previous quarter. Its stake fell about 86% to 5.5 million shares from 36.7 million, reducing the value of its spot position to roughly $275 million from about $2.4 billion, according to data compiled by Bloomberg.