Four months after the approval of spot Bitcoin ETF by the U.S Securities and Exchange Commission (SEC), a list of the top five corporate holders shows Millennium Management topping the charts. Millennium Management occupies the top spot with a total investment worth $1.8 billion.
Spot ETF Investment Strategies of Top Corporate Holders
An X post by top market analyst Julian Fahrer reveals that the top 2 corporate holders of spot Bitcoin ETFs in Q1 include Susquehanna International Group ($1.1 billion). Others are Horizon Kinetics ($989 million), Bracebridge Capital ($404 million), and Boothbay Fund Management ($303 million).
Top #Bitcoin ETF Holders of Q1 (updated again):
1. Millennium Management ($1.8b)
2. Susquehanna ($1.1b)
3. Horizon Kinetics ($989m)
4. Bracebridge ($404m)
5. Boothbay ($303m) pic.twitter.com/5GPnC6FlXe
— Julian Fahrer (@Julian__Fahrer) May 16, 2024
A critical breakdown of holdings reveals a diverse range of investment strategies employed by these institutional players.
Millennium Management leads the pack, with significant holdings in iShares Bitcoin Trust (IBIT) $785,775,368, Fidelity Wise Origin Bitcoin Trust (FBTC) $751,919,780 and Grayscale Bitcoin Trust (GBTC) $188,117,771. This signals a diversified approach to Bitcoin investment.
Notably, Susquehanna International Group focuses on all, but with a major stake in GBTC. In contrast, Horizon Kinetics allocates its holdings across GBTC and IBIT. While Bracebridge Capital’s highest holdings are in ARK 21Shares Bitcoin ETF (ARKB), Boothbay Fund Management, on the other hand, opted for Bitwise Bitcoin ETF (BITB) as its primary investment vehicle.
Institutional Investments in Spot Bitcoin ETF Grows
This distribution of holdings highlights the diverse investment strategies adopted by institutional players in the cryptocurrency market. While some firms opt for a diversified portfolio across multiple Bitcoin ETFs, others choose to concentrate their holdings in specific funds. Analysts say it is a reflection of their varying risk appetites and investment objectives.
The prominence of corporate players in the Bitcoin ETF space lends credence to the growing adoption of cryptocurrency as an asset class by mainstream institutions. JPMorgan recently revealed its Bitcoin ETF holding, a meager $1.2 million, with shares from top issuers including BlackRock, Fidelity, Grayscale, and Bitwise.
Similarly, the Canadian major financial institution, Bank of Montreal also unveiled its exposure to spot Bitcoin ETF products in the US. As corporate giants continue to enter the market, their investment decisions are likely to shape the trajectory of Bitcoin ETFs and influence broader market sentiment.
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