What smart money is saying about iShares Bitcoin Trust
IBIT
No fund has written a full thesis on iShares Bitcoin Trust in our archive, but 2 fund letters report a position in it — most recently Creek Drive Capital Management in December 2025.
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2
Reported positions
1
Bought
1
Sold
2
Letters
Position history
Between Q1 2025 and Q4 2025, 2 fund letters reported a position in iShares Bitcoin Trust — 1 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2025 | 1 | 0 | 1 | 0 |
| Q1 2025 | 1 | 1 | 0 | 0 |
Fund activity · 2 positions · 2 moves
- ExitedCreek Drive Capital ManagementDecember 2025
“the primary detractor within the book was a mistimed and mis-sized arbitrage between MicroStrategy and iShares Bitcoin Trust, where we exited before being able to benefit from subsequent erosion in mNAV.”
iShares Bitcoin Trust - March 2025
“The iShares Bitcoin Trust (NASDAQ: IBIT) is a way to gain exposure to Bitcoin via an ETF that directly custodies the underlying asset. Bitcoin – ‘digital gold’ – is a decentralized cryptocurrency with a capped supply of 21 million coins, designed to resist monetary inflation through deflationary mechanisms like scheduled halving events that reduce new supply. This scarcity positions it as a hedge against monetary debasement and central bank money creation. As we’ve highlighted in past updates, our fund documents, and several presentations, Money is one the key Pillars of Power and Bitcoin acts as a modern, more volatile version of Gold in the monetary system. We’ve had exposure to Bitcoin (as well as Ethereum) in varying sizes since launching the Fund in Q3 last year – and we recently added it back as a position in April.”
iShares Bitcoin Trust
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