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

San Francisco-based hedge fund manager Farallon Capital revealed an $85.2 million investment in Grayscale’s GBTC on May 24, making it one of the top 10 firms holding GBTC, according to Fintel data.

Independent wealth management firm Cetera Investment Advisers announced a $22.6 million investment in GBTC on May 24, ranking it among the top 25 GBTC holders.

BigSur Wealth Management disclosed a $3.3 million investment in BlackRock’s IBIT on May 22, placing it among the top 80 IBIT holders.

None of these companies reported positions in other spot Bitcoin ETFs. However, Cetera Investment Advisers reported an 83% increase in its holdings in the ProShares Bitcoin Strategy ETF (BITO) from the previous quarter.

The first quarter filings, despite being reported late, contribute to the overall industry totals for that period.

Before the May 15 filing deadline, Bitwise CIO Matt Hougan estimated that 563 professional investment firms held $3.5 billion in spot Bitcoin ETFs. On May 15, pseudonymous analyst Trader T reported that 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 all invested in spot Bitcoin ETFs.

Susquehanna, Horizon Kinetics, and Morgan Stanley hold the largest GBTC positions, while Millennium and Schonfeld Strategic Advisors have the largest IBIT positions.

The crypto sector now looks forward to the launch of spot Ethereum ETFs following the approval of 19-b4 filings on May 23, with JP Morgan anticipating their launch before November.