Filings Reveal Spot Bitcoin ETFs Attracted 600 Firms with Billions in Investment
A review of 13F filings with the US Securities and Exchange Commission (SEC) reveals that over 600 firms embraced investments in the newly approved spot Bitcoin exchange-traded funds (ETFs). Millennium Management is the leading investor in the Bitcoin ETF, with an investment portfolio valued at $1.9 billion.
The filing by the firms that invested in the spot Bitcoin reveal that professional investment firms leveraged the opportunity to own Bitcoin ETFs valued at $3.5 billion. The spot Bitcoin ETFs attracted leading financial institutions, including JPMorgan, UBS, Royal Bank of Canada, and Morgan Stanley. Also, several hedge funds seized the investment led by Millennium Management, Bracebridge Capital and Schonfeld Strategic Advisors.
Millennium’s Portfolio of BTC ETF
The 13F filing with the SEC placed Millennium Management as the leading spot Bitcoin ETF with a $1.9 billion investment. Its portfolio comprises $844.2M invested in BlackRock’s iShares Bitcoin Trust (IBIT).
Another Millennium’s $806.7M investment is in Fidelity’s Wise Origin Bitcoin Fund (FBTC) and $202M in Grayscale Bitcoin Trust (GBTC). It also invested $45M in Cathy Wood’s ARK 21Shares Bitcoin ETF (ARKB), nearly matching the investment of $44.7M in the Bitwise Bitcoin ETF (BITB).
Schonfeld Strategic Advisors holds the second largest investment in the spot Bitcoin ETF. The hedge fund, whose assets under management (AUM) are estimated at $13 billion, has a $479M investment in the newly approved product split into $248M in BlackRock’s ETF and another $231.8M in Fidelity’s fund.
Bracebridge Capital Invests $434M in Spot Bitcoin ETFs
The filing with the SEC reveals surprising candidates who top the investor list. Boston-based Bracebridge Capital holds Bitcoin ETFs valued at hundreds of millions split across the products.
Established in 1994, Bracebridge Capital is among the top investors that snapped the opportunity to have substantial individual tallies in BlackRock’s IBIT and Ark Invest/21 Shares (ARKB).
The Boston-headquartered Bracebridge Capital is among the leading woman-run hedge funds managing Yale University and Princeton University’s endowments. A filing with the SEC revealed that Bracebridge Capital’s holdings of Bitcoin ETFs are estimated at $434M, excluding options.
Breaking down the investment portfolio reveals Bracebridge Capital holds $300M in Ark Invest-21Shares’ Bitcoin ETF alongside $100M in IBIT and $26.5M in GBTC.
A detailed scrutiny of the Bracebridge Capital filings shows the hedge fund holds options valued at $284M. With the exclusion of the spot Bitcoin ETFs, the fund had exposure to BlackRock’s product at 47% of its holdings. The aggregate exposure to spot Bitcoin options and ETFs was valued at $718M, accounting for 88% of the assets.
Hedge Funds and Professional Firms Top Bitcoin ETFs’ Investor List
The filing shows New York-headquartered Boothbay Fund Management is among the top investors in spot Bitcoin ETFs. The fund declared a $377 million exposure split across $149.8M in IBIT, 52.3M in BITB, $105.5M in FBTC and $69.5M in GBTC.
Pine Ridge Advisers, also headquartered in New York, announced several hundred million investment in the spot Bitcoin ETFs. The advisory firm disclosed exposure valued at $205.8M, where $93.4M in FBTC, $83.2M in IBIT, and $29.3M in BITB.
Leading banks are not left out in the Bitcoin ETFs bonanza, with Morgan Stanley revealing a $269.9M investment in GBTC. The banks are joined by alternative asset management firms such as Aristeia Capital, which disclosed a $163.4M investment in BlackRock’s IBIT.
The spot Bitcoin ETFs attracted interest across the investment firms segment. New York-based Fortress Investment devoted $53.6M in IBIT, while CRCM had $96.6M in the same product. The Connecticut-based firm illustrated $98.8M in the IBIT, besides the $3.8M in FBTC.
The disclosure of the investment in the spot Bitcoin ETFs since launching on January 11 reveals massive uptake among investment, hedge funds and banks. Nonetheless, the recent weeks have seen dwindling inflows. The slump has not deterred hundreds of financial institutions from investing billions of dollars in the spot BTC ETFs.
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