As a researcher with a background in financial markets and experience following institutional investors’ Bitcoin holdings, I find Millennium Management’s recent disclosure of holding nearly $2 billion worth of spot Bitcoin ETFs an intriguing development. The hedge fund’s substantial allocation to these products underscores the growing institutional adoption of Bitcoin as a legitimate investment asset class.
According to disclosures made by global hedge fund Millennium Management, they owned approximately $1.9 billion in value of Bitcoin ETFs during the initial quarter of the current year.
As an analyst, I’ve reviewed Millennium’s latest 13F filing with the SEC, and I can confirm that they held a total of $1.94 billion in five main Bitcoin spot ETFs as of March 31st.
The hedge fund spread its investments in Bitcoin exchange-traded funds (ETFs) among various options, including the ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT), and Fidelity Wise Origin Bitcoin ETF (FBTC).
At Millennium, the largest investment in Bitcoin through BlackRock’s fund amounted to over $844 million. Fidelity’s Bitcoin fund followed closely behind, with approximately $806 million in FBTC shares held by their hedge fund.
As an analyst at Bloomberg, I’ve observed Millennium as a notable leader among Bitcoin ETF investors. With a holding that is 200 times greater than the typical new entrant within the top 500, Millennium sets itself apart from the pack in this space.
Approximately 60% of the new investors in the Bitcoin spot ETF were represented by investment advisory firms, while approximately 25% were hedge funds, according to Blachunas’ disclosure.
Lately, there have been numerous required 13F filings revealing the identities of those purchasing Bitcoin spot ETFs. According to Bitwise CIO Matt Hougan, this transparency has heightened his optimism regarding Bitcoin’s prospects.
In a memo to investors on May 13, Hougan revealed that the quarterly 13F filings provide valuable insights into who is purchasing these funds. He further noted that the significant institutional investment in these products was a promising indicator for Bitcoin’s future growth.
“Hougan revealed that numerous institutional investors have bought into Bitcoin ETFs, specifically mentioning Hightower Advisors, Bracebridge Capital, and Cambridge Investment Research as some of these investors.”
As a crypto investor, I anticipate that by the May 15th filing deadline, we’ll likely see over 700 professional firms registering with the SEC. The combined assets under management (AUM) of these firms are expected to surpass $5 billion.
On May 14, Wisconsin revealed that it had invested a combined total of $164 million in two funds provided by Grayscale and BlackRock.
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2024-05-16 08:38