ETFs
SEC Filings Reveal Extent of Institutional Investing in ETFs
A positive week for Bitcoin, gaining around 8% and surpassing the significant $66,000 price mark after institutional investors submitted their quarterly 13F reports to the SEC – revealing some significant holdings in Bitcoin ETFs.
Bitcoin enjoyed a week of gains as the asset rose around 8%, surpassing the key price level of US$66,000. Wednesday of last week was the deadline for institutional investors to file their 13F quarterly report with the United States Securities and Exchange Commission. Filings revealed positions of some of America’s largest investors.
Hedge Fund Millennium Management, which has total assets of $64 billion, revealed that it held nearly $2 billion in a number of BTC spot ETFs during the filing period. The hedge fund, led by groundbreaking investor Israel Englander, holds US$844 million in BlackRock’s iShares Bitcoin Trust (IBIT). He also holds $800 million from the Fidelity Wise Origin Bitcoin Fund (FBTC).
Millennium Management’s $2 billion position is followed by Susquehanna International Group, which owns $1 billion in spot BTC ETFs. Other major holders revealed include Bracebridge Capital (US$404 million), Boothbay Fund Management (US$303 million) and Morgan Stanley (US$269.9 million). The day before, it was announced that the state of Wisconsin had invested US$161 million in Bitcoin spot ETFs.
The disclosures reveal that proven and successful institutional investors backed BTC over the past quarter, pushing Bitcoin above the US$60,000 price level.
Matt Hougan, Chief Investment Officer evaluated the historic day of 13F filings and described it in a blog post why he was so optimistic. He explained: “This scale of ownership is unusual for a new ETF. Most ETFs attract very few 13F filers during their first few months on the market. This opinion was shared by Bloomberg ETF analyst Eric Balchunas, who cited the number of large-scale investors involved in Bitcoin “crazy”.
Other bullish factors considered by Hougan include rapid due diligence for Bitcoin exposure conducted by institutions and numerous platform-wide allocations made by investors where the entire client portfolio received a BTC ETF spot allocation.