Who’s Really Holding Wall Street’s Crypto?

Wall Street’s involvement in crypto has grown significantly, with BlackRock reporting nearly $150 billion in digital asset-linked AUM and public companies holding over 1.1 million BTC. However, understanding *who* actually holds this crypto, and *why*, requires a deeper dive beyond aggregate numbers. This analysis maps Wall Street’s crypto ownership across five layers: SEC filings, corporate balance sheets, tokenized fund rails, custodial arrangements, and on-chain OTC flows. While ETFs hold over 513,000 BTC, institutional strategies like the basis trade and cohort rotation are at play. Corporate treasuries, particularly MicroStrategy, hold significant amounts of Bitcoin directly. Furthermore, firms like BlackRock are building exposure through tokenized funds like BUIDL, representing billions in on-chain US Treasury debt. Custody is highly concentrated with Coinbase holding over 80% of US Bitcoin and Ethereum ETF assets, creating a potential single point of failure. Finally, on-chain data reveals 'shadow holders' – family offices and sovereign vehicles – operating through OTC desks like Cumberland DRW, whose holdings aren’t captured in public filings, suggesting deeper structural support for crypto than currently reported.

(Source：BeInCrypto)