Millennium Management announced $2B in Bitcoin ETF holdings
International hedge fund Millennium Management In the first quarter of 2024, it held nearly $2 billion in Bitcoin exchange-traded-funds (ETFs).
Millennium held a total of $1.94 billion in Five Spot Bitcoin (BTC) ETFs as of March 31, according to a 13F filing with the United States Securities and Exchange Commission.
The hedge fund distributed its spot Bitcoin ETF holdings across ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin ETF.
BlackRock's Bitcoin Fund is Millennium's largest allocation, with more than $844 million invested. Fidelity's fund is a close second in hedge fund holdings, with more than $806 million worth of shares.
Bloomberg ETF analyst Eric Balchunas describes Millennials as the “king” of Bitcoin ETF owners, noting that the company has 200 times the average number of new ETF owners in the 500.
In addition, the majority — roughly 60% — of new spot Bitcoin ETF buyers consist of investment advisory firms, while about 25% are hedge funds, Blachunas shared.
The recent mandatory 13F filings have shed light on who is buying Bitcoin ETFs, something Bitwise Chief Investment Officer Matt Hogan says has made him “bullish on Bitcoin's future.”
Related: Vanguard's new boss says Bitcoin ETF is off the table: Report
In a May 13 note to investors, Hugan wrote that the quarterly 13F filings revealed important details about who is buying the currency, saying the overwhelming institutional interest in the product is a good sign for Bitcoin moving forward.
“The big news is: many professional investors own Bitcoin ETFs,” Haugan wrote, drawing particular attention to the presence of owners of Bitcoin products such as Hightower Advisors, Bracebridge Capital and Cambridge Investment Research.
“By the May 15 filing deadline, I estimate we will have over 700 professional firms and total AUM of nearly $5 billion,” added Hugan.
On May 14, the state of Wisconsin announced that it had secured a total of $164 million in investments in two funds offered by Grayscale and BlackRock.
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