Creative Translation: “Hedge Funds Millennium Management, Elliott, and Other Institutions Disclose Holding Bitcoin Spot ETF”

Creative Translation: "Hedge Funds Millennium Management, Elliott, and Other Institutions Disclose Holding Bitcoin Spot ETF"

Creative Translation: "Hedge Funds Millennium Management, Elliott, and Other Institutions Disclose Holding Bitcoin Spot ETF"

This Wednesday (15th) is the deadline for institutional investors to submit their quarterly 13F reports to the U.S. Securities and Exchange Commission (SEC), disclosing their holdings as of March 31, 2024. More well-known investors have revealed their allocations to Bitcoin spot ETFs.

According to the documents submitted to the SEC, Millennium Management, a hedge fund with assets under management exceeding $64 billion, holds nearly $2 billion worth of Bitcoin spot ETFs, with the largest allocation being to BlackRock’s iShares Bitcoin Trust (IBIT) at approximately $844 million.

Led by billionaire Izzy Englander, this hedge fund also holds over $800 million of Fidelity’s Wise Origin Bitcoin Fund (FBTC), $202 million of Grayscale’s Bitcoin Trust (GBTC), as well as ARKB and BITW issued by ARK Invest in partnership with 21Shares.

Another large hedge fund that disclosed holdings of Bitcoin spot ETFs is Elliott Capital, founded by billionaire Paul Singer. As of the end of last quarter, the fund held almost $12 million worth of IBIT shares. Apollo Management Holdings, an asset management giant, also disclosed holdings of approximately $53.2 million in ARKB shares.

Other notable companies that have allocated to Bitcoin spot ETFs include Aristeia Capital, Hudson Bay Capital, as well as previously announced positions by the State of Wisconsin Investment Board, JPMorgan Chase, Wells Fargo, and BNP Paribas.

Institutional types holding Bitcoin ETFs
Eric Balchunas, a senior ETF analyst at Bloomberg, shared a list of institutions holding Bitcoin spot ETFs on the X platform, noting that Millennium Management is the largest allocator among more than 500 institutions holding such funds (about 200 times the average number of new ETF holders). Among these institutions, the majority are investment advisors (60%), but there are also a significant number of hedge funds (25%). Balchunas stated, “We can’t say for certain what hedge funds’ intentions are, but they are definitely big buyers.”

Balchunas also shared the breakdown of institutional types holding IBIT and noted that the only type of institution missing from the list is donor-advised funds. He wrote:

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Related reports: “Retirement funds enter the market! State of Wisconsin Investment Board holds $163 million worth of Bitcoin spot ETF” and “JPMorgan Chase, Wells Fargo, and other financial giants disclose holdings of Bitcoin ETFs! But don’t get too excited.”