Bitwise Ethereum

ETHW • ARCX

Bitwise Ethereum is a publicly traded company on ARCX. As of Q3 2025, 77 institutional investors hold shares in this company, with total holdings valued at $112.3M. HBK INVESTMENTS L P is the largest holder with a position valued at $24.9M.

Overview

Overview of institutional ownership in ETHW as of Q3 2025

All Institutions

Institutions: 77
Value Held: $112.3M
Shares Held: 3.8M
Avg Position: $1.5M
Median Position: $339.0K

Hedge Funds

Hedge Funds: 6
Value Held: $60.8M
Shares Held: 2.0M
Avg Position: $10.1M
Median Position: $5.8M

Biggest Investors

Institutions with the largest positions in ETHW as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	$24.9M 0.41% of portfolio	0.00% 833.7K shares	Q3 2024 Held for 1y 2m	$6.0B
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	Ryan Andrew Tolkin CEO	$21.3M 0.15% of portfolio	0.00% 712.7K shares	Q3 2025 Held for 2 months	$14.3B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$8.6M 0.01% of portfolio	0.00% 289.4K shares	Q3 2024 Held for 1y 2m	$67.9B
Hunting Hill Global Capital, LLC Hedge Fund•Multi-Strategy	Adam Michael Guren CIO	$7.3M 2.77% of portfolio	0.00% 246.2K shares	Q3 2025 Held for 2 months	$265.2M
BEAM Asset Management, LLC RIA/Wealth	Jaime Andres Benedetti CEO	$5.5M 1.56% of portfolio	0.00% 183.2K shares	Q3 2024 Held for 1y 2m	$351.3M
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$4.3M 0.00% of portfolio	0.00% 143.9K shares	Q3 2024 Held for 1y 2m	$121.98B
Clear Creek Financial Management, LLC RIA/Wealth	Erik Lawrence Krom CEO	$3.4M 0.30% of portfolio	0.00% 114.2K shares	Q4 2024 Held for 11 months	$1.1B
IMC-Chicago, LLC RIA/Wealth	Donald Louis Michael CEO	$2.7M 0.05% of portfolio	0.00% 92.2K shares	Q3 2025 Held for 2 months	$5.6B
IEQ CAPITAL, LLC RIA/Wealth	Chad Louis Boeding Managing Partner	$2.5M 0.01% of portfolio	0.00% 84.6K shares	Q3 2024 Held for 1y 2m	$33.0B
U U.S. Capital Wealth Advisors, LLC RIA/Wealth	David Michael King President	$2.1M 0.06% of portfolio	0.00% 71.3K shares	Q1 2025 Held for 8 months	$3.7B

Net Capital Flow

Institutional buying and selling activity for ETHW in Q3 2025

Traded: +$14.4M
Buyers: 63
Sellers: 12
Total Bought: +$60.4M
Total Sold: −$46.0M
Avg Position: $1.3M

Biggest Buyers

Institution	Net Bought	Current Position
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	+$21.3M +212.7K shares	$21.3M 712.7K shares
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	+$9.4M +315.3K shares	$24.9M 833.7K shares
Hunting Hill Global Capital, LLC Hedge Fund•Multi-Strategy	+$7.3M +246.2K shares	$7.3M 246.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$3.5M +118.7K shares	$8.6M 289.4K shares
IMC-Chicago, LLC RIA/Wealth	+$2.7M +92.2K shares	$2.7M 92.2K shares
Steward Partners Investment Advisory, LLC RIA/Wealth	+$1.8M +59.0K shares	$2.0M 66.8K shares
MEITAV DASH INVESTMENTS LTD RIA/Wealth	+$1.3M +45.1K shares	$1.3M 45.1K shares
R RPO LLC Hedge Fund•Multi-Strategy	+$1.3M +42.6K shares	$1.3M 42.6K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$1.2M +41.4K shares	$1.8M 60.5K shares
U UNIQUE WEALTH, LLC RIA/Wealth	+$1.0M +35.1K shares	$1.0M 35.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
P ParaFi Capital LP Digital Asset Manager	−$32.9M −1.8M shares	Sold Off 0 shares
E ELEQUIN CAPITAL LP Hedge Fund•Multi-Strategy	−$8.3M −462.0K shares	Sold Off 0 shares
Private Advisor Group, LLC RIA/Wealth	−$1.9M −103.9K shares	Sold Off 0 shares
O OLD MISSION CAPITAL LLC Institution	−$1.6M −89.7K shares	Sold Off 0 shares
Q Quadrature Capital Ltd Institution	−$560.7K −31.1K shares	Sold Off 0 shares
M MAGNOLIA CAPITAL ADVISORS LLC Institution	−$311.4K −10.4K shares	$930.9K 31.2K shares
A ATRIA INVESTMENTS LLC Institution	−$192.9K −6.5K shares	$710.5K 23.8K shares
G GROUP ONE TRADING, L.P. Institution	−$107.7K −6.0K shares	Sold Off 0 shares
Claro Advisors LLC RIA/Wealth	−$91.3K −3.1K shares	$1.9M 62.5K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	−$2.7K −149.0 shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ETHW in Q3 2025

New Positions: 34
New Value: $40.2M
Exited Positions: 8
Exited Value: $45.4M

New Positions

Institution	Position Value
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$21.3M 712.7K shares
Hunting Hill Global Capital, LLC Hedge Fund•Multi-Strategy	$7.3M 246.2K shares
IMC-Chicago, LLC RIA/Wealth	$2.7M 92.2K shares
MEITAV DASH INVESTMENTS LTD RIA/Wealth	$1.3M 45.1K shares
R RPO LLC Hedge Fund•Multi-Strategy	$1.3M 42.6K shares
U UNIQUE WEALTH, LLC RIA/Wealth	$1.0M 35.1K shares
E Exit Wealth Advisors, LLC. RIA/Wealth	$548.6K 18.4K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$472.3K 15.8K shares
Mason & Associates Inc RIA/Wealth	$397.9K 13.3K shares
Spectrum Planning & Advisory Services Inc. RIA/Wealth	$339.0K 11.4K shares

Exited Positions

Institution	Previous Position
P ParaFi Capital LP Digital Asset Manager	$32.9M 1.8M shares
E ELEQUIN CAPITAL LP Hedge Fund•Multi-Strategy	$8.3M 462.0K shares
Private Advisor Group, LLC RIA/Wealth	$1.9M 103.9K shares
O OLD MISSION CAPITAL LLC Institution	$1.6M 89.7K shares
Q Quadrature Capital Ltd Institution	$560.7K 31.1K shares
G GROUP ONE TRADING, L.P. Institution	$107.7K 6.0K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	$2.7K 149.0 shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$1.9K 105.0 shares

Options Activity

Institutions with the largest Call and Put options positions in ETHW as of Q3 2025

Call Positions: 4
Call Value: $13.7M
Put Positions: 2
Put Value: $1.6M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$6.5M 2.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.6M 1.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.5M 852.0 contracts
W WOLVERINE TRADING, LLC Institution	$971.3K 323.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$963.2K 323.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$596.4K 200.0 contracts

Most Committed Institutions

Institutions with ETHW as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Hunting Hill Global Capital, LLC Hedge Fund•Multi-Strategy	Adam Michael Guren CIO	2.77% $7.3M	0.00% 246.2K shares	Q3 2025 Held for 2 months	$265.2M
R RPO LLC Hedge Fund•Multi-Strategy	John David Rogers Managing Partner	2.37% $1.3M	0.00% 42.6K shares	Q3 2025 Held for 2 months	$53.5M
BEAM Asset Management, LLC RIA/Wealth	Jaime Andres Benedetti CEO	1.56% $5.5M	0.00% 183.2K shares	Q3 2024 Held for 1y 2m	$351.3M
R ROSS\JOHNSON & Associates LLC Institution	-	0.88% $44.7K	0.00% 1.5K shares	Q4 2024 Held for 11 months	$5.1M
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	0.41% $24.9M	0.00% 833.7K shares	Q3 2024 Held for 1y 2m	$6.0B
E Exit Wealth Advisors, LLC. RIA/Wealth	Justin Farmer CEO	0.37% $548.6K	0.00% 18.4K shares	Q3 2025 Held for 2 months	$149.9M
Wiser Wealth Management, Inc RIA/Wealth	Casey Tyler Smith President	0.34% $1.5M	0.00% 49.2K shares	Q3 2024 Held for 1y 2m	$437.4M
Clear Creek Financial Management, LLC RIA/Wealth	Erik Lawrence Krom CEO	0.30% $3.4M	0.00% 114.2K shares	Q4 2024 Held for 11 months	$1.1B
HIGHLINE WEALTH PARTNERS LLC RIA/Wealth	Jonathan Christopher Rugg President	0.29% $1.1M	0.00% 36.0K shares	Q3 2024 Held for 1y 2m	$371.5M
Claro Advisors LLC RIA/Wealth	Ryan Scott Belanger Managing Partner	0.27% $1.9M	0.00% 62.5K shares	Q3 2024 Held for 1y 2m	$678.5M