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16/05/24
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Global Hedge Fund Millennium Management Holds Investments in Bitcoin ETFs
Millennium Management’s 13F filing with the U.S. Securities and Exchange Commission has shown holdings of about $2 billion in spot BTC exchange-traded-funds (ETFs) as of Q1 2024.
The global hedge fund held an aggregate of $1.94 billion across five spot BTC ETFs as of March 31. The five ETFs include the ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, the Grayscale Bitcoin Trust, the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin ETF.
Millennium Management had the largest investment in BlackRock’s Bitcoin fund, valued at more than $844 million, followed by Fidelity’s fund with an investment worth more than $806 million.
Bloomberg ETF analyst Eric Balchunas described the firm as the “king” of BTC ETF holders, noting that the company held two hundred times the exposure of the average new ETF holders in the top 500.
Furthermore, according to Blachunas, almost 60 percent of new spot BTC ETF buyers consist of investment advisory companies, and about 25 percent are hedge funds. It is now mandatory for firms to submit 13F filings, so they have been revealing those investing in spot BTC ETFs.
A few days ago, Bitwise chief investment officer Matt Hougan said the revelations have increased his bullish stance in terms of BTC’s future. Hougan’s memo to investors noted that quarterly 13F filings have provided critical information about those buying the funds and that increasing institutional interest in the products is good for BTC.
“The big news is: a lot of professional investors own Bitcoin ETFs. By the time the May 15 filing deadline arrives, I suspect we may end up with 700+ professional firms and a total AUM approaching $5 billion,” said Hougan.
Two days ago, Wisconsin state in the U.S. revealed its investments in Grayscale’s and BlackRock’s ETFs valued at an aggregate of $164 million.
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