Wall Street’s crypto footprint has never been larger. BlackRock alone reported nearly $150 billion in digital asset-linked AUM in its 2026 chairman’s letter. Public companies hold over 1.1 million $BTC on their balance sheets. Institutions disclose more than 513,000 $BTC through ETF wrappers.

Yet aggregate numbers obscure the question that matters most. Who actually holds what, through which infrastructure, and why?

This article maps Wall Street’s crypto ownership across five layers.

It starts with SEC 13F filings, moves through corporate balance sheets, follows the money into tokenized fund rails, traces the custodial chokepoints where keys concentrate, and ends where…