As a researcher with a background in finance and experience in following market trends, I find Susquehanna International Group’s significant investment in Bitcoin ETFs intriguing. The firm’s purchase of over $1.2 billion worth of shares in GBTC, FBTC, and BITO is a clear indication of their confidence in the digital asset class.
Based on a 13F-HR filing disclosed on May 7, Susquehanna International Group acquired over a billion dollars’ worth of Bitcoin (BTC) exchange-traded fund (ETF) shares during the first quarter of 2024.
On March 31, 2024, the company revealed to the Securities and Exchange Commission its holdings: a total of 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), worth around $1.09 billion; and 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), estimated to be worth about $83.74 million.
Additionally, Susquehanna boosted its holdings in the ProShares Bitcoin Strategy ETF (BITO), allowing investors access to Bitcoin futures contracts. As of March 31st, Fintel reported that Susquehanna held 7,907,827 shares of BITO, worth around $255.42 million – a significant increase from the 5,021,149 shares mentioned in their February filing.
Microstrategy’s Bitcoin holdings, amounting to 214,400 coins, gave the company an indirect connection to Bitcoin’s current value. Yet, Susquehanna decreased its ownership of Microstrategy shares by approximately 15%, going from 287,180 to 244,863 shares between February and March 31st.
In total, the value of Susquehanna’s cryptocurrency holdings makes up a minuscule proportion of its overall portfolio, which was worth over $575.8 billion at the end of the first quarter.
As an analyst, I’ve examined the company’s recent investment portfolio, and I noticed that among the top investments are NVIDIA Corporation and the SPDR S&P 500 ETF Trust. Furthermore, we have added new holdings to our portfolio in the last quarter, such as shares of Convertible Zero, bonds from NRG Energy Inc., and preferred stocks in Albemarle Corporation. Additionally, we have invested in Bitcoin funds.
Trading firms and financial consultants are progressively employing Bitcoin funds to incorporate digital assets into their portfolios. In April, two conventional financial advisers, Legacy Wealth Management and United Capital Management of Kansas, collectively invested $40 million in Fidelity’s Bitcoin ETF (FBTC). Their investments of $20 million each made them significant shareholders within the fund.
Among a large segment of baby boomers, who collectively hold a substantial portion of the nation’s wealth, the advisers are highly regarded. Legacy Wealth Management handles over $359 million in assets, while United Capital Management of Kansas manages more than $436 million.
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2024-05-08 00:36