US Bitcoin Spot ETF Holdings Under Scrutiny

The claim that US Bitcoin Spot ETFs collectively hold 1.23 million BTC, about 6.2% of the total supply, is unverified as of June 2025.

The claim has stirred interest and prompted discussions as it could significantly influence Bitcoin’s market dynamics, misleading investors and stakeholders in the cryptocurrency sector.

ProShares, a key player in the ETF market, lists nearly all Bitcoin exposure through CME futures contracts , challenging the 1.23 million BTC claim. Leaders like ProShares’ CEO, Michael L. Sapir, emphasize futures-based offerings. Companies like BlackRock and Fidelity have not confirmed such numbers. Official statements from these industry giants reveal ETF structures focusing on futures, not direct Bitcoin holdings.

The latest official ProShares BITO ETF portfolio shows nearly all exposure via CME Bitcoin futures contracts, not spot Bitcoin. — Michael L. Sapir, CEO, ProShares

The alleged holdings would impact Bitcoin’s market value and investor decisions, but official data does not support this scale of influence. The SEC, responsible for regulating these financial products, has made no mention of spot holdings to that extent. Any confirmed shift in ETF holdings could trigger market fluctuations and regulatory scrutiny.

Potential outcomes could involve more transparency demands from regulators and increased volatility in Bitcoin trading. Historical context shows ETF approvals in 2024 led to inflows, but not to the scale of 1.23 million BTC. Accurate reports from entities like ProShares reflect futures use, lacking spot confirmation, guiding investor expectations and strategies in the crypto market.