Following the landmark approval of spot Bitcoin exchange-traded funds (ETFs), the cryptocurrency industry has watched closely for the next wave of institutional adoption. That moment has arrived with the launch of ETFs based on Ethereum (ETH), the market’s second-largest digital asset, and early data shows significant interest from investment firms.

Initial reports indicate that spot Ethereum ETFs have already attracted total inflows of $7.09 billion as of July 18, 2025. This figure, which accounts for outflows from Grayscale’s converted fund, signals a strong start and validates the demand for regulated ETH investment products.

A New Window into Institutional Holdings

Crucial insights into this growing trend come from 13F filings, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for institutional managers overseeing at least $100 million in assets. These documents provide a transparent look at the long positions held by hedge funds, family offices, and other major financial players, revealing their strategies and allocations toward Ethereum.

While many firms have yet to submit their reports for the most recent quarter, the filings made through July 11, 2025, already paint a clear picture of diverse and substantial investment. The list of early holders includes a wide range of financial entities, from wealth management advisors to large asset managers.

Who Are the Early Adopters?

The preliminary filings show that institutional appetite for Ethereum is widespread. Among the largest initial investors are Voya Prime Rate Trust, which reported a holding of $13.5 million, and wealth management firm Sloy Dahl & Holst, LLC, with a position valued at $12.8 million.

Other significant holders include LifePro Asset Management with a $3.1 million allocation and Requisite Capital Management with a $1.8 million stake. These investments, alongside dozens of smaller allocations from firms across the country, underscore a broadening acceptance of Ethereum as a core portfolio asset. It’s important to note that the full scale of institutional investment won’t be known until all 13F filings for the period are made public.