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 prominent investors have revealed their allocations to Bitcoin spot ETFs.
The documents submitted to the SEC show that 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), approximately $844 million.
Led by billionaire Izzy Englander, this hedge fund also holds over $800 million of Fidelity’s Wise Origin Bitcoin Fund (FBTC) and $202 million of Grayscale’s Bitcoin Trust Fund (GBTC), as well as ARKB and Bitwise, issued in collaboration between Ark Invest and 21Shares.
Another large hedge fund that disclosed holdings in Bitcoin spot ETFs is Elliott Capital, founded by billionaire Paul Singer. As of the end of the last quarter, the fund held nearly $12 million worth of IBIT shares. Apollo Management Holdings, an asset management giant, also disclosed holdings of approximately $53.2 million in ARKB.
Other notable companies that have allocated to Bitcoin spot ETFs include Aristeia Capital and Hudson Bay Capital, as well as previously announced SWIB, JPMorgan, 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 (approximately 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 said, “We can’t be sure of hedge funds’ intentions, but they are indeed big buyers.”
Balchunas also shared the breakdown of institutional types holding IBIT and noted that the only type missing, in his opinion, is charitable foundations. He wrote:
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Related reports: “Wisconsin State Investment Board Holds $163 Million Bitcoin Spot ETF” and “JPMorgan, Wells Fargo, and Other Financial Giants Disclose Bitcoin ETF Holdings! But Don’t Get Too Excited.”
