Gulf Sovereign Funds · Bitcoin and Ether ETF Holdings

## What this measures

The market value of spot bitcoin and ether ETFs (such as the iShares Bitcoin Trust) held by Gulf state investors at each quarter end, in US dollars millions, from their own Form 13F filings. The filers are the same as the all-filers total: Saudi Arabia's Public Investment Fund and Savvy Games, the Saudi Central Bank, Mubadala and the Abu Dhabi Investment Council.

## Why it matters

Sovereign investors holding crypto through regulated US funds is one of the clearest filed signs of institutional adoption. The series shows when they started, and whether they add or trim.

## How to read it

Higher means a larger dollar position. The value moves with the price of bitcoin and ether even when the share count does not, so compare it with the bitcoin price before reading it as buying or selling. Zero before the fourth quarter of 2024 means no such ETF appeared in these filings.

## What it does not say

It covers only US-listed ETFs in 13F filings. It does not see bitcoin held directly, through non-US funds, through outside managers or by investors that do not file 13F reports.

## Source

US Securities and Exchange Commission, Form 13F-HR filings (EDGAR), public domain. Palanor sums each filing's information table: common stock and ETF shares only (no options, no bonds), the latest original or restated report plus any new-holdings amendments, values in dollars (filings before 3 January 2023 were reported in thousands and are scaled). A quarter is published once its 45-day filing deadline has passed. Holdings are identified by issuer name (bitcoin or ether funds).