ETFs
According to Crypto Intelligence Firm, Over 900 Professional Firms Bought Spot Bitcoin ETFs in Q1
A senior analyst at crypto intelligence platform K33 Research says investments in the Bitcoin spot (BTC) exchange-traded funds (ETFs) are booming.
In an article on the social media platform X, Vetle Lunde said that the number of professional companies that invested in Bitcoin ETFs in the first quarter exceeded the number of companies that invested in gold ETFs in the first quarter.
“According to the 13F report, 937 professional firms were invested in US spot ETFs as of March 31. In comparison, gold ETFs had 95 professional firms invested in their first quarter (Bitwise).”
13F filings are the quarterly reports that institutional investment managers with more than $100 million in assets under management (AUM) submit to the U.S. Securities and Exchange Commission (SEC).
Lunde notes that retail investors make up the lion’s share of those holding spot Bitcoin ETFs, with $47.96 billion in investments, or 81.3% of assets under management in spot BTC ETFs.
“Retail holds the majority of the float. Professional investors held $11.06 billion in exposure at the end of the first quarter, representing 18.7% of the BTC ETF’s assets under management.
Lunde says the largest ETFs, including ARK 21Shares Bitcoin ETF (ARKB) and VanEck Bitcoin Trust (HODL), have attracted the most institutional capital.
“ARKB and HODL have seen greater institutional dominance, aided by ARK and VanEck’s allocation to these ETFs.”
Financial giants have bought up Bitcoin ETF shares: Morgan Stanley has bought 4.27 million shares of the Grayscale Bitcoin Trust (GBTC) worth $269.8 million, and JPMorgan holds approximately $760,000 worth of BTC ETFs in cash on behalf of its clients. Likewise, Wells Fargo disclosed that she held 2,245 shares of GBTC worth $121,000 for her clients.
The state of Wisconsin also recently revealed that it has significant stakes in two Bitcoin trusts. New 13F filings to show that the Wisconsin State Investment Board holds nearly $163 million in Bitcoin ETF assets with iShares Bitcoin Trust (IBIT) and BlackRock’s GBTC.
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