Steven Cohen, the owner of Point72 Ventures has joined the bandwagon of other hedge funds to acquire shares in spot Bitcoin ETF products.
Bitcoin ETFs: Hedge Funds Go All-In
Since the approval of the spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) four months ago, a majority of the nation’s largest hedge funds, around 52% of them, have placed their bets on Bitcoin.
As at the end of the first quarter, Point72, the hedge fund managed by billionaire Steven Cohen, who also owns the New York Mets, reported holding $77.5 million of the Fidelity Wise Origin Bitcoin Fund (FBTC) in a filing.
The data from Bitcoin brokerage River showed that about 13 out of the 25 largest hedge funds based in the United States held spot Bitcoin ETFs at the end of March.
Paul Singer’s Elliott Capital and Izzy Englander’s Millennium Management are among the prominent players who have embraced the opportunities offered by this popular investment.
Additionally, Fortress Investment Group and Schonfeld Strategic Advisors were among the hedge funds that bought into the ETFs.
Millennium Management stands out as a notable player in these new funds, currently holding the largest institutional stake of around $2 billion as of March 31.
It is an exciting development on the horizon as the Australian market gears up for the arrival of Spot Bitcoin ETFs. The ASX Exchange has set its sights on listing approved offerings by the end of this year.
Institutional investors ride the Spot Bitcoin ETF wave
The introduction of Bitcoin ETFs seems to have provided institutions with fewer reasons to reject the concept of sound money.
This growing interest from hedge funds indicates a significant shift in the perception of Bitcoin as a viable investment option.
Market investors and crypto enthusiasts were thrilled as Bank of Montreal, the fourth largest bank in Canada made an announcement about its investment in spot Bitcoin ETFs.
It is a noteworthy experience as giant financial institutions like the Bank of Montreal, JPMorgan Chase, BNP Paribas, join the ranks of traditional finance firms that are venturing into the acquisition of Bitcoin ETFs.
Crypto-Vanguard media recently shared an update that unveiled a comprehensive list of the top five corporate holders of Spot Bitcoin ETFs, along with insights into their respective strategies.
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