Bitcoin institutional holdings fell in the last quarter, while many of the same companies increased their holdings in Ethereum-based products, according to SEC filings.

The number of Bitcoin Trust shares by major institutions dropped 2.6% in the third quarter, while the number of Ethereum Trust shares rose 19% compared to the last quarter.

In total, large institutional investment managers reported $546.8 million on GBTC and $74.6 million on ETHE, using the current share prices of the two funds.

The growing interest in having indirect exposure to Ethereum through the trust may come from all the institutional enthusiasm around DeFi, a term used to describe financial products that allow its users to borrow, lend or trade cryptographic assets without an intermediary.

Among companies investing in Bitcoin and Ethereum-based investment products, Cathie Wood's ARK Invest is still by far the company with the largest single stake. Its holdings represent 82% of all GBTC shares and 42.6% of all ETHE shares.