Morgan Stanley Data Shows BlackRock Bitcoin ETF Holdings Up 23% in Q2

Morgan Stanley’s latest US SEC 13F filing shows the bank increased its crypto-linked exposure in the second quarter, with the biggest lift coming from additional shares of BlackRock’s Bitcoin exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT). The update comes as the value of those holdings shifted with underlying market moves during the quarter.

According to Morgan Stanley’s Q2 13F filing, its reported IBIT share count rose to around 16.5 million shares from 13.4 million—an increase of roughly 23%. At the same time, the dollar value of the position fell, reflecting declines in Bitcoin over the period covered by the filing.

Key takeaways

• Morgan Stanley increased its IBIT holdings by more than 3 million shares, but the reported value of the position dropped about 18% to $549 million.
• The bank also reported new exposure to its own spot Bitcoin product, the Morgan Stanley Bitcoin Trust (MSBT), which began trading in April.
• Ether-related ETF exposure expanded as well, including a roughly 202% increase in iShares Ethereum Trust (ETHA) shares to 4.6 million.
• Not all crypto positions rose: Morgan Stanley reduced several holdings tied to exchanges, mining, and infrastructure.
• Stablecoin issuer Circle also gained from the bank’s broader Q2 reallocation, with USDC-related holdings jumping significantly.

IBIT share growth, but lower reported value

Morgan Stanley’s filing points to a clear volume increase in BlackRock’s Bitcoin ETF. The bank reported IBIT holdings rising by about 3.04 million shares to approximately 16.5 million. However, the reported value declined to about $549 million from roughly $667 million, a drop of around 18%—consistent with the broader move in Bitcoin prices during the second quarter.

The filing described increases across several other Bitcoin ETF positions as well. Morgan Stanley added to smaller spot Bitcoin ETF exposures including the Grayscale Bitcoin Mini Trust ETF (BTC) and Bitwise Bitcoin ETF (BITB), while its Fidelity Wise Origin Bitcoin Fund (FBTC) holding rose nearly 38%.

Ether exposure expands alongside Bitcoin

Beyond Bitcoin, Morgan Stanley also increased its Ether-related ETF positions. The bank reported expanding its iShares Ethereum Trust (ETHA) stake by about 202% to 4.6 million shares. It also raised its Grayscale Ethereum Staking Mini ETF (ETH) position by roughly 26% to about 5.1 million shares.

In addition, Morgan Stanley initiated exposure to Solana-related products. The filing showed new positions in the Grayscale Solana Staking ETF (GSOL) and Fidelity Solana Fund (FSOL), reported at about $4.25 million and $2.26 million, respectively. That combination of more traditional large-cap exposures and smaller add-ons suggests a continued effort to broaden multi-asset crypto exposure rather than concentrating exclusively on Bitcoin.

New MSBT position and Circle’s USDC-linked holdings

Morgan Stanley’s own crypto product also entered the picture more clearly in the second quarter. The filing reported about 2.57 million shares of Morgan Stanley Bitcoin Trust (MSBT), a fund that began trading in April. While the filing’s share increase reflects new participation, it also underscores how quickly large financial institutions are building internal product lines around spot crypto access.

Separately, Morgan Stanley increased its reported stake in Circle Internet Group (CRCL)—the company behind the USDC stablecoin. According to the filing, Circle holdings rose from approximately 1.46 million shares to about 8.32 million shares. That is a substantial shift and stands out because it targets the stablecoin ecosystem rather than only spot-crypto ETF wrappers.

Mining and infrastructure gains—while some equity exposure falls

While Morgan Stanley grew several crypto-adjacent positions, the filing also showed reductions in some prominent holdings. The bank reported additions to multiple Bitcoin mining and infrastructure companies, including Cipher Digital (CIFR), Core Scientific (CORZ), Hut 8 (HUT), and Bitdeer Technologies (BTDR). These increases suggest the institution was willing to add risk to parts of the sector that often move with both network economics and equity sentiment.

At the same time, not every position improved. Morgan Stanley reported cutting its Coinbase (COIN) shares by roughly 550,000. It also reduced its CleanSpark (CLSK) position by more than 3.1 million shares and fully exited a roughly 8 million-share position in Bitfarms (BITF). In other words, the second quarter did not follow a single-direction strategy across the crypto equity complex—adjustments appear to have been more selective.

Overall, the mix of increases in major ETF exposure, expanded Ether allocations, a new MSBT position, and a large rise in Circle shares—paired with declines in specific exchange and mining names—indicates Morgan Stanley used the quarter to rebalance across the crypto value chain rather than simply adding net exposure everywhere.

Investors watching this data should focus on whether the pattern continues in subsequent 13F updates: specifically, whether Morgan Stanley sustains its share accumulation in spot Bitcoin and Ether ETFs while keeping selective pressure on certain crypto equities, or whether new reallocations emerge as Bitcoin and Ether prices move and as the ETF and stablecoin ecosystem evolves.