On a quarter-over-quarter basis, the dollar amount of bitcoin ETFs held by professional investors declined to $21.2 billion from $27.4 billion. That may be appear to be an ominous signal. But the opposite may be accurate. In a recent report, Matthew Kimmell of CoinShares noted that hedge funds, which have a tendency to frequently move in and out of trades, accounted for the bulk of the bitcoin ETF ownership drop. Conversely, adoption of those products increased among registered investment advisors (RIAs) in the first three months of 2025.

That’s pertinent because RIAs bought funds like BRRR on behalf of clients. And their holdings periods are likely to be significantly longer than those hedge funds and other short-term-minded market participants. First-quarter 13Fs revealed that half of filers were indeed wealth management firms.

In what could be a positive for ETFs like BRRR and the CoinShares Valkyrie Bitcoin Miners ETF (WGMI A-), the latter of which is highly crypto-correlated, bitcoin’s corporate adoption story remains strong.

“The bitcoin adoption story this past quarter has mainly been about corporations and less about financial professionals, with many companies pivoting to the Microstrategy model, the supply held by corporates has grown from 1.68m BTC at the beginning of 2025, to 1.87m at the end of Q1 and 1.98m at the time of writing 18th May. That’s an increase of 18.67% year-to-date,” noted Kimmell.

Importantly, the corporate bitcoin adoption story beyond Michael Saylor’s Strategy (MSTR) has ample room to grow. That’s because shareholders at some well-known mega-cap growth companies recently voted against those firms allocating a portion of cash/cash equivalents to the largest digital currency. Such rebukes could prove temporary, particularly if bitcoin continues appreciating and/or the dollar continues weakening.

Broadly speaking, the first-quarter 13F filing season as it relates to bitcoin ETFs is more positive than it appears on the surface. If more companies stoke corporate adoption over the near term, BRRR and WGMI could trend higher.

“We interpret these Q1 filings as a healthy market adjustment within an otherwise positive long-term adoption trajectory,” added Kimmell. “This quarter’s data is not indicative of diminished institutional commitment but rather strategic repositioning, setting the stage for future growth and more substantial, sustained allocations.”

For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.