Did Barclays buy 48% more of the Bitcoin ETF? The value did more than double, but the original 13F filings reveal an even bigger piece of the picture.
I went through the two original 13F filings Barclays PLC submitted to the SEC and looked only at BlackRock’s spot Bitcoin ETF (IBIT):
1. Shares: About 2.658 million shares in total on 6/30 → about 3.943 million on 9/30, up 48%.
2. Value: About $88 million → about $187 million, up 111%. The increase in value was more than twice the increase in shares. The difference came from the share price rising (based on the reported value, about $33.3 → $47.3 per share), not from buying more shares.
3. Options: In the same filing, IBIT call options represented about 8.48 million shares, and put options about 8.17 million shares. Together, that’s more than four times the number of spot shares, and the two sides are almost evenly split.
What does this tell us? 13F filings report long positions and options, but not short positions or hedges. When a major bank holds spot shares, calls, and puts at the same time, it may well be doing so for market-making, hedging, or on behalf of clients. Just seeing “shares up 48%” doesn’t tell us it’s betting on prices going up.
How to check for yourself (three steps):
① Search for the institution on SEC EDGAR and filter for 13F-HR filings;
② Open the Information Table and search for IBIT’s CUSIP: 46438F101;
③ Compare the share count (sshPrnamt) with the previous quarter, and check whether there are Put/Call entries.
Two things to watch out for: A 13F is a snapshot as of 9/30, so it won’t show whether the shares were sold afterward. This quarter’s filing deadline is 11/16 (Monday), so headlines claiming that “an institution increased its holdings” will be everywhere over the next few days. Check the share count using the three steps above first.
Follow me for one practical fact-checking method every day—no trading tips.
I went through the two original 13F filings Barclays PLC submitted to the SEC and looked only at BlackRock’s spot Bitcoin ETF (IBIT):
1. Shares: About 2.658 million shares in total on 6/30 → about 3.943 million on 9/30, up 48%.
2. Value: About $88 million → about $187 million, up 111%. The increase in value was more than twice the increase in shares. The difference came from the share price rising (based on the reported value, about $33.3 → $47.3 per share), not from buying more shares.
3. Options: In the same filing, IBIT call options represented about 8.48 million shares, and put options about 8.17 million shares. Together, that’s more than four times the number of spot shares, and the two sides are almost evenly split.
What does this tell us? 13F filings report long positions and options, but not short positions or hedges. When a major bank holds spot shares, calls, and puts at the same time, it may well be doing so for market-making, hedging, or on behalf of clients. Just seeing “shares up 48%” doesn’t tell us it’s betting on prices going up.
How to check for yourself (three steps):
① Search for the institution on SEC EDGAR and filter for 13F-HR filings;
② Open the Information Table and search for IBIT’s CUSIP: 46438F101;
③ Compare the share count (sshPrnamt) with the previous quarter, and check whether there are Put/Call entries.
Two things to watch out for: A 13F is a snapshot as of 9/30, so it won’t show whether the shares were sold afterward. This quarter’s filing deadline is 11/16 (Monday), so headlines claiming that “an institution increased its holdings” will be everywhere over the next few days. Check the share count using the three steps above first.
Follow me for one practical fact-checking method every day—no trading tips.
