3 hours ago
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Key Takeaways
- Millennium and Mubadala both added IBIT in Q4.
- Their paths parted only in early 2026.
- Millennium’s stake fell about 72% from December.
- Mubadala’s share count was flat in Q2.
Galaxy set out the argument in its November 6 research brief, which draws on an October report comparing 13F filings at September 30, 2025, and June 30, 2026.
Galaxy’s endpoints have a logic. September 30, 2025, was the last quarter-end before Bitcoin’s October peak, and the cycle low came on June 30, 2026. Across that span, Galaxy says, ETF holdings reported by 13F filers fell 14%. It names Millennium Management among nine multi-strategy, macro and bank trading desks that cut 68,000 BTC of exposure between them, and Mubadala Investment Company among the wealth platforms and sovereign funds that bought.
On those two d...
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