According to a report released by Coinbase on August 16, the proportion of institutional holders labeled as "investment advisors" rose by 3% in the second quarter of 2024 and now accounts for 9% of total institutional investments. Coinbase notes that this is only based on companies that manage more than $100 million in assets and are required to file a Form 13-F with the Securities Exchange Commission (SEC). The proportion of advisers holding spot bitcoin ETFs is likely to increase further as "more brokerages complete their due diligence on these funds", Coinbase said.