Hedge fund giant Brevan Howard reported owning around 37.5 million shares of BlackRock’s Bitcoin ETF (IBIT) as of June 30, valued at roughly $2.3 billion, according to a new SEC disclosure.

The investment, which represents a sharp increase from 21,5 million shares in the first quarter, makes Brevan Howard the largest institutional holder of IBIT based on available SEC filings.

The company was previously the second-largest IBIT investor, trailing behind Goldman Sachs. The investment bank held over $1.4 billion worth of IBIT shares as of March.

Brevan Howard, known for its macro trading strategies, has been steadily expanding into digital assets in recent years. The firm operates a dedicated crypto division, BH Digital, which manages billions of dollars in assets and invests in blockchain infrastructure and related technologies.

Other major IBIT holders include Symmetry Investments, Capula Management, and Mubadala Investment, according to the latest data from Fintel. Harvard Management entered the top 20 for the first time with a reported $1.9 billion stake.

IBIT continues to dominate the Bitcoin ETF market, with over $88 billion worth of Bitcoin under management.