Farallon Capital Management, Cetera Investment Advisers, and BigSur Wealth Management disclosed substantial investments in spot Bitcoin ETFs during the first quarter.

Farallon Capital, based in San Francisco, announced an $85.2 million investment in Grayscale’s GBTC on May 24, positioning itself among the top 10 firms holding GBTC.

Cetera Investment Advisers, an independent wealth hub, revealed a $22.6 million investment in GBTC on the same date, ranking among the top 25 holders of GBTC. Additionally, Cetera reported an 83% increase in its holdings of ProShares Bitcoin Strategy ETF (BITO) from the previous quarter.

BigSur Wealth Management disclosed a $3.3 million investment in BlackRock’s IBIT on May 22, placing among the top 80 holders of IBIT. None of these firms disclosed investments in other spot Bitcoin ETFs.

These filings, despite being late, contribute to the total industry investments for the first quarter. According to Bitwise CIO Matt Hougan, approximately 563 professional investment firms reported $3.5 billion in spot Bitcoin ETF holdings before the May 15 filing deadline. Trader T, a pseudonymous analyst, reported that by May 15, 929 institutions had invested in at least one spot Bitcoin ETF.

Major global banks such as JP Morgan Chase, Wells Fargo, BNP Paribas, Morgan Stanley, and BNY Mellon have also invested in spot Bitcoin ETFs. Among them, Susquehanna, Horizon Kinetics, and Morgan Stanley hold the largest positions in GBTC, while Millennium and Schonfeld Strategic Advisors hold the largest positions in IBIT.

With the approval of 19-b4 filings on May 23, the crypto industry now anticipates the launch of spot Ethereum ETFs. JP Morgan anticipates these funds will be launched before the November timeframe.