Vault-13

BITWISE ETHEREUM ETF ETHW

SHS · ETP · CUSIP 091955104

91 institutional holders +4 vs Q3 2025
3,630,0383.6m shares reported held*
$77.2mreported value*
19 new 36 added 13 reduced 20 sold out net sold ≈ $11.2m (-531.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $21.28. Options: 6 managers hold calls ($15.2m notional), 4 hold puts ($963.5k).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 24: 28Q4 24: 46Q1 25: 47Q2 25: 61Q3 25: 87Q4 25: 9191Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 202428
Q4 202446
Q1 202547
Q2 202561
Q3 202587
Q4 202591

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 24: 32 bought or addedQ4 24: 11 cut or sold outQ4 24Q1 25: 27 bought or addedQ1 25: 17 cut or sold outQ1 25Q2 25: 39 bought or addedQ2 25: 10 cut or sold outQ2 25Q3 25: 67 bought or addedQ3 25: 16 cut or sold outQ3 25Q4 25: 55 bought or addedQ4 25: 33 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 20243211
Q1 20252717
Q2 20253910
Q3 20256716
Q4 20255533

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15m$20mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $1.4mQ2 25 puts: $774.2kQ2 25P/C 0.54Q3 25 calls: $16.0mQ3 25 puts: $1.6mQ3 25P/C 0.10Q4 25 calls: $15.2mQ4 25 puts: $963.5kQ4 25P/C 0.06
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$1.4m$774.2k0.54
Q3 2025$16.0m$1.6m0.10
Q4 2025$15.2m$963.5k0.06

Biggest buyers

Quadrature Capital Ltd New +318,127+318.1k
WELLS FARGO & COMPANY/MN Added +186,763+186.8k
Focus Partners Wealth New +145,485+145.5k
RENAISSANCE TECHNOLOGIES LLC New +87,100+87.1k
CWA Asset Management Group, LLC New +56,763+56.8k
Clear Creek Financial Management, LLC Added +34,338+34.3k
IEQ CAPITAL, LLC Added +21,365+21.4k
Brown Miller Wealth Management, LLC New +21,069+21.1k
Concentrum Wealth Management New +20,440+20.4k
UNIQUE WEALTH, LLC Added +16,830+16.8k

Biggest sellers

Schonfeld Strategic Advisors LLC Sold out -712,700-712.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -289,362-289.4k
Hunting Hill Global Capital, LLC Sold out -246,156-246.2k
IMC-Chicago, LLC Sold out -92,196-92.2k
Virtu Financial LLC Sold out -49,502-49.5k
SIMPLEX TRADING, LLC Reduced -45,385-45.4k
RPO LLC Sold out -42,600-42.6k
Consolidated Portfolio Review Corp Sold out -24,846-24.8k
Exit Wealth Advisors, LLC. Sold out -18,398-18.4k
Steward Partners Investment Advisory, LLC Reduced -16,926-16.9k

Biggest calls

JANE STREET GROUP, LLC Reduced $4.6m216.6k shares
SIMPLEX TRADING, LLC Added $4.5m210.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.9m91.3k shares
CITADEL ADVISORS LLC Reduced $1.8m85.5k shares
IMC-Chicago, LLC New $1.5m69.9k shares
GROUP ONE TRADING LLC Reduced $833.8k39.2k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $380.7k17.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $323.3k15.2k shares
SIMPLEX TRADING, LLC Added $255.2k12.0k shares
GROUP ONE TRADING LLC Reduced $4.3k200 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK INVESTMENTS L P 0.19% of their portfolio DALLAS, TX 833,682833.7k $17.7m $17.7m 0.19% Unchanged
2 Quadrature Capital Ltd 0.07% of their portfolio LONDON, X0 318,127318.1k $6.8m $6.8m 0.07% New
3 BEAM WEALTH ADVISORS, INC. 1.14% of their portfolio COVINGTON, LA 195,417195.4k $4.2m $4.2m 1.14% Added +12.2k +12,227
4 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 186,813186.8k $4.0m $4.0m 0.00% Added +186.8k +186,763
5 Clear Creek Financial Management, LLC 0.26% of their portfolio SILVERDALE, WA 148,540148.5k $3.2m $3.2m 0.26% Added +34.3k +34,338
6 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 145,485145.5k $3.1m $3.1m 0.00% New
7 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 143,949143.9k $3.1m $3.1m 0.00% Unchanged
8 Betterment LLC 0.01% of their portfolio NEW YORK, NY 124,386124.4k $2.6m $2.6m 0.01% Added +747 +747
9 IEQ CAPITAL, LLC 0.01% of their portfolio Foster City, CA 105,927105.9k $2.3m $2.3m 0.01% Added +21.4k +21,365
10 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 87,10087.1k $1.9m $1.9m 0.00% New
11 U.S. Capital Wealth Advisors, LLC 0.04% of their portfolio AUSTIN, TX 78,26478.3k $1.7m $1.7m 0.04% Added +7.0k +7,000
12 Soltis Investment Advisors LLC 0.11% of their portfolio ST. GEORGE, UT 77,23677.2k $1.6m $1.6m 0.11% Added +16.8k +16,796
13 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 65,37465.4k $1.4m $1.4m 0.00% Added +4.9k +4,894
14 Claro Advisors Inc. 0.18% of their portfolio BOSTON, MA 62,64862.6k $1.3m $1.3m 0.18% Added +118 +118
15 Wiser Wealth Management, Inc 0.29% of their portfolio MARIETTA, GA 60,41360.4k $1.3m $1.3m 0.29% Added +11.2k +11,185
16 CWA Asset Management Group, LLC 0.04% of their portfolio NAPLES, FL 56,76356.8k $1.2m $1.2m 0.04% New
17 UNIQUE WEALTH, LLC 0.15% of their portfolio TAMPA, FL 51,89751.9k $1.1m $1.1m 0.15% Added +16.8k +16,830
18 MEITAV INVESTMENT HOUSE LTD 0.01% of their portfolio BENE-BERAQ, L3 50,49050.5k $1.1m $1.1m 0.01% Added +5.4k +5,427
19 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 49,82749.8k $1.1m $1.1m 0.01% Reduced -16.9k -16,926
20 HIGHLINE WEALTH PARTNERS LLC 0.23% of their portfolio SHERMAN OAKS, CA 38,08338.1k $810.0k $810.0k 0.23% Added +2.1k +2,132
21 Q Fund Management (Hong Kong) Ltd 0.70% of their portfolio HONG KONG, K3 35,00035.0k $744.5k $744.5k 0.70% Unchanged
22 MAGNOLIA CAPITAL ADVISORS LLC 0.15% of their portfolio RIDGELAND, MS 33,34933.3k $709.3k $709.3k 0.15% Added +2.1k +2,133
23 Atria Investments, Inc 0.01% of their portfolio Charlotte, NC 32,45332.5k $690.3k $690.3k 0.01% Added +8.6k +8,627
24 OPTIMA CAPITAL LLC 0.25% of their portfolio PORTLAND, OR 27,38327.4k $582.4k $582.4k 0.25% Added +13.0k +12,993
25 BRANDYWINE OAK PRIVATE WEALTH LLC 0.05% of their portfolio Kennett Square, PA 27,22327.2k $579.0k $579.0k 0.05% Reduced -1.1k -1,147
26 Orion Porfolio Solutions, LLC 0.00% of their portfolio OMAHA, NE 25,51725.5k $542.7k $542.7k 0.00% Reduced -1.5k -1,507
27 Arete Wealth Advisors, LLC 0.04% of their portfolio CHICAGO, IL 24,02324.0k $511.0k $511.0k 0.04% Reduced -1.9k -1,920
28 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 23,79723.8k $506.2k $506.2k 0.00% Reduced -8.6k -8,611
29 Perigon Wealth Management, LLC 0.01% of their portfolio SAN FRANCISCO, CA 23,65623.7k $503.2k $503.2k 0.01% Unchanged
30 a16z Perennial Management, L.P. 0.04% of their portfolio MENLO PARK, CA 22,19722.2k $472.1k $472.1k 0.04% Unchanged
31 MONETA GROUP INVESTMENT ADVISORS LLC 0.00% of their portfolio ST LOUIS, MO 21,61221.6k $459.7k $459.7k 0.00% Added +9.4k +9,447
32 Belpointe Asset Management LLC 0.02% of their portfolio RENO, NV 21,26621.3k $452.3k $452.3k 0.02% Reduced -23 -23
33 Brown Miller Wealth Management, LLC 0.12% of their portfolio MCLEAN, VA 21,06921.1k $448.1k $448.1k 0.12% New
34 Keel Point, LLC 0.03% of their portfolio HUNTSVILLE, AL 20,61820.6k $438.5k $438.5k 0.03% Reduced -4.2k -4,190
35 Concentrum Wealth Management 0.12% of their portfolio SAN JOSE, CA 20,44020.4k $434.8k $434.8k 0.12% New
36 SIMPLEX TRADING, LLC 0.01% of their portfolio CHICAGO, IL 19,68319.7k $418.7k $418.7k 0.01% Reduced -45.4k -45,385
37 Clearwater Capital Advisors, LLC 0.03% of their portfolio HOFFMAN ESTATES, IL 19,40619.4k $412.8k $412.8k 0.03% Added +4.9k +4,852
38 Fielder Capital Group LLC 0.08% of their portfolio NASHVILLE, TN 18,61718.6k $396.0k $396.0k 0.08% Unchanged
39 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 18,30918.3k $425.1k $425.1k 0.00% Added +4.5k +4,467
40 Twelve Points Wealth Management LLC 0.09% of their portfolio CONCORD, MA 17,42017.4k $382.9k $382.9k 0.09% Added +10.5k +10,520
41 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 17,31317.3k $368.2k $368.2k 0.00% Added +958 +958
42 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 16,62216.6k $353.6k $353.6k 0.00% Added +785 +785
43 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 16,28416.3k $346.4k $346.4k 0.00% Added +6.5k +6,525
44 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 15,88615.9k $337.9k $337.9k 0.01% Added +3.4k +3,442
45 Brookstone Capital Management 0.00% of their portfolio WHEATON, IL 15,55015.6k $330.7k $330.7k 0.00% Added +2.5k +2,518
46 OxenFree Capital LLC 0.16% of their portfolio MELBOURNE, FL 14,14814.1k $300.9k $300.9k 0.16% Added +22 +22
47 ROMAN BUTLER FULLERTON & CO 0.08% of their portfolio ST LOUIS, MO 13,81313.8k $290.2k $290.2k 0.08% Added +3.8k +3,847
48 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 13,71213.7k $292.0k $292.0k 0.00% Added +1.7k +1,678
49 Daviman Financial, LLC 0.16% of their portfolio FISHERS, IN 13,00113.0k $276.5k $276.5k 0.16% First filing
50 Institute for Wealth Management, LLC. 0.03% of their portfolio DENVER, CO 12,72412.7k $270.6k $270.6k 0.03% New
51 Arax Advisory Partners 0.01% of their portfolio NEW YORK, NY 12,60712.6k $268.2k $268.2k 0.01% Added +12.2k +12,152
52 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 12,15812.2k $258.6k $258.6k 0.00% Added +2.9k +2,909
53 Spectrum Planning & Advisory Services Inc. 0.12% of their portfolio SAN DIEGO, CA 11,36711.4k $241.8k $241.8k 0.12% Unchanged
54 COLUMBIA ADVISORY PARTNERS LLC 0.16% of their portfolio SPOKANE, WA 11,06711.1k $235.4k $235.4k 0.16% New
55 Visionary Wealth Advisors 0.01% of their portfolio O'FALLON, IL 10,53510.5k $224.1k $224.1k 0.01% Reduced -492 -492
56 CAPITAL ADVISORS INC/OK 0.00% of their portfolio TULSA, OK 10,37510.4k $220.7k $220.7k 0.00% Unchanged
57 Ankerstar Wealth, LLC 0.19% of their portfolio LEANDER, TX 9,1619.2k $194.9k $194.9k 0.19% First filing
58 ROTHSCHILD INVESTMENT LLC 0.01% of their portfolio CHICAGO, IL 9,0009.0k $191.4k $191.4k 0.01% Unchanged
59 MRP Capital Investments, LLC 0.11% of their portfolio ALPHARETTA, GA 6,1456.1k $130.7k $130.7k 0.11% New
60 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 5,3745.4k $114.3k $114.3k 0.00% New
61 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,2723.3k $69.6k $69.6k 0.00% Reduced -395 -395
62 CWM, LLC 0.00% of their portfolio OMAHA, NE 2,8062.8k $60.0k $60.0k 0.00% Added +1.8k +1,754
63 Sankala Group LLC 0.03% of their portfolio LYONS, CO 2,5992.6k $35.8k $35.8k 0.03% First filing
64 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 2,1332.1k $45.4k $45.4k 0.00% Unchanged
65 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,9421.9k $41.3k $41.3k 0.00% New
66 Lodestone Wealth Management LLC 0.02% of their portfolio SPOKANE, WA 1,7381.7k $37.0k $37.0k 0.02% New
67 Private Wealth Asset Management, LLC 0.00% of their portfolio OMAHA, NE 1,5001.5k $31.9k $31.9k 0.00% Unchanged
68 ROSS\JOHNSON & Associates LLC 0.59% of their portfolio PLYMOUTH, MN 1,5001.5k $31.9k $31.9k 0.59% Unchanged
69 Sound Income Strategies, LLC 0.00% of their portfolio FT LAUDERDALE, FL 1,3581.4k $32.0k $32.0k 0.00% New
70 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 1,1941.2k $25.4k $25.4k 0.00% Added +1.0k +1,008
71 Beaird Harris Wealth Management, LLC 0.00% of their portfolio DALLAS, TX 1,0671.1k $22.7k $22.7k 0.00% Unchanged
72 Quaker Wealth Management, LLC 0.01% of their portfolio MOORESTOWN, NJ 925925 $19.7k $19.7k 0.01% Reduced -9.5k -9,466
73 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 876876 $18.6k $18.6k 0.00% Unchanged
74 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 778778 $16.6k $16.6k 0.00% New
75 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 578578 $12.3k $12.3k 0.00% Added +468 +468
76 DV Trading LLC 0.00% of their portfolio CHICAGO, IL 554554 $11.8k $11.8k 0.00% First filing
77 McIlrath & Eck, LLC 0.00% of their portfolio ARLINGTON, WA 510510 $10.8k $10.8k 0.00% Unchanged
78 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 508508 $10.8k $10.8k 0.00% Added +305 +305
79 Estate Planners Group, LLC 0.00% of their portfolio YARDLEY, PA 500500 $10.6k $10.6k 0.00% First filing
80 Physician Wealth Advisors, Inc. 0.00% of their portfolio MIDVALE, UT 475475 $10.1k $10.1k 0.00% Unchanged
81 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 461461 $9.8k $9.8k 0.00% New
82 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 455455 $9.7k $9.7k 0.00% Unchanged
83 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 433433 $9.2k $9.2k 0.00% Added +33 +33
84 THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. 0.00% of their portfolio INDIANAPOLIS, IN 420420 $8.9k $8.9k 0.00% New
85 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 300300 $6.4k $6.4k 0.00% Added +40 +40
86 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 260260 $5.5k $5.5k 0.00% New
87 Wealth Watch Advisors, INC 0.00% of their portfolio ENGLEWOOD, CO 232232 $4.9k $4.9k 0.00% Reduced -6.2k -6,222
88 Abound Wealth Management 0.00% of their portfolio FRANKLIN, TN 200200 $4.3k $4.3k 0.00% New
89 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 108108 $2.3k $2.3k 0.00% New
90 Beacon Capital Management, Inc. 0.00% of their portfolio DAYTON, OH 5555 $1.2k $1.2k 0.00% Reduced -218 -218
91 Vision Retirement, LLC 0.00% of their portfolio RIDGEWOOD, NJ 00 $0 $0 0.00% First filing