ETFs
Two Large Hedge Funds Reveal $2.4 Billion Exposure to Spot Bitcoin ETFs
Millennium Management and Schonfeld Strategic Advisors have disclosed some of the largest spot Bitcoin ETF investments among traditional financial firms to date, according to their 13F filings for the first quarter.
Millennium has invested a total of $1.9 billion in spot Bitcoin ETFs, including $844.2 million in BlackRock’s ETF. I BITE$806.7 million in Fidelity stock FBTC$202 million in grayscale GBTC$45.0 million in Ark’s ARKBand $44.7 million in Bitwise BITB.
Schonfeld Strategic Advisors disclosed a $248.0 million investment in IBIT and a $231.8 million investment in FBTC, totaling $479 million.
Largest holders of IBIT
According to Fintel data, the two funds hold the largest IBIT and FBTC investments, with Millenium first in each category and Schonfeld second. Millenium also ranks among the 10 largest holders of each of the other Bitcoin ETF spot investments.
In addition to the significant size of each company’s investments, the disclosure represents the entry of a major hedge fund manager into Bitcoin ETFs.
Millenium had $69 billion in assets under management (AUM) at the end of 2023, while Schonfeld had $13 billion in assets under management.
Filing deadline ends
Each company’s disclosure comes at the last minute, with May 15 marking the quarterly deadline for 13F filings. Many other companies, including Aristeia Capital, Boothbay Fund Management and Pine Ridgedisclosed significant investments in IBIT and other funds earlier today.
Meanwhile, Morgan Stanley disclosed an investment in GBTC, revealing itself as one of several global systemically important banks (G-SIBs) with spot holdings in Bitcoin ETFs.
A few days earlier, Matt Hougan, CIO of Bitwise estimated that more than 700 professional companies would invest nearly $5 billion in total by the May 15 deadline. However, he pointed out that retail investing is responsible for a large portion of Bitcoin ETF spot assets.
The 10 available spot Bitcoin ETFs total assets under management of $53 billion and cumulative inflows of $12 billion.
Mentioned in this article
Published in: WE, ETFs, Featured