In the third quarter, hedge fund founders Philippe Laffont and Steven Schonfeld shifted capital from large-cap equities into the iShares Bitcoin Trust ETF (IBIT). Laffont’s fund raised its IBIT position by 35%, while Schonfeld’s fund increased its allocation by 28%. Combined, their holdings now represent roughly 4.2% of IBIT’s total outstanding shares, highlighting growing institutional conviction in direct Bitcoin exposure through a regulated vehicle.

IBIT offers unlevered, physically backed Bitcoin exposure at an expense ratio of 0.25%, making it one of the lowest-cost crypto ETFs on the market. As of quarter-end, the ETF held $70.1 billion in net assets under management, up 18% year-to-date. Its custodian vaults store over 565,000 BTC, and daily average trading volumes have exceeded $1.2 billion, underscoring robust liquidity and investor demand.

Wall Street strategists covering IBIT project upside potential ranging from 5,000% to 13,500% over the next decade, based on target Bitcoin market caps of $3 trillion to $10 trillion. At the midpoint, a $5 trillion crypto market would imply Bitcoin prices five times higher than current levels. Analysts cite growing institutional adoption, declining miner supply, and expected ETF inflows as key drivers behind forecasts that could underpin significant gains for IBIT holders.