Cryptocurrencies

International hedge fund Millennium Management revealed that it has about $2 billion 2024

International hedge fund Millennium Management revealed that it has about $2 billion 2024 hedge fund Millennium Management has revealed that it owns nearly $2 billion in bitcoin exchange-traded funds (ETFs) as of the first quarter of this year.

As of March 31, Millennium held a total of $1.94 billion in bitcoin through five bitcoin ETFs, according to its 13F filing with the U.S. Securities and Exchange Commission.

The hedge fund has diversified its bitcoin ETF product holdings into ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC). ).

BlackRock’s bitcoin fund was the largest placement in Millenium, with more than $844 million invested. Fidelity Fund is in second place with just over $806 million in FBTC shares owned by the hedge fund.

Bloomberg ETF analyst Eric Balchunas, describing Millennium as the “king” of Bitcoin ETF holdings, noted that the company is 200 times the top 500 new ETF holdings.

Additionally, the majority of new spot buyers of Bitcoin ETFs, nearly 60%, consisted of investment advisory firms, while about 25% were hedge funds, Plachunas said.

source. Eric Balchunas

The latest wave of mandatory 13F filings has put a spotlight on who is buying into Bitcoin exchange-traded funds, which Bitwise Chief Investment Officer Matt Hogan says makes him “more optimistic about the future of Bitcoin.”

Related to: Avangard’s new president says Bitcoin ETF is not on the table. report

In a May 13 note to investors, Hogan wrote that the quarterly 13F filings share important details about who is actually buying these funds, adding that the huge range of institutional interest in these products is a good sign for Bitcoin moving forward.

“The big news is that many professional investors own Bitcoin ETFs,” Hogan wrote, noting the presence of firms such as Hightower Advisors, Bracebridge Capital and Cambridge Investment Research as owners of Bitcoin products.

“By the May 15 application deadline, I suspect we could end up with over 700 professional firms and total assets under management approaching $5 billion,” Hogan added.

On May 14, the state of Wisconsin disclosed that it has a total investment of $164 million in two funds provided by Grayscale and BlackRock.

magazine. Bitcoin ETFs Make Coinbase a Trap for Hackers and Governments CEO of Trezor

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