Welcome to HODL FM. Although we don’t fry insights, we are like Kentucky Fried Chicken when it comes to the fast delivery of crypto tidbits.
Our subject today is Millennium Management, an international investment firm that has emerged as the largest investor in Bitcoin ETFs.
Global investment management company Millenium disclosed an investment of approximately $2 billion in spot Bitcoin ETFs during the first quarter of the year.
It is Now Mandatory to File Bitcoin ETF Holdings with the SEC
According to their latest 13F filing with the United States Securities and Exchange Commission, Millennium is now the proud custodian of $1.94 billion in Bitcoin ETFs as of March 31.
This investment is spread out across five spot Bitcoin ETFs, which includes ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, the Grayscale Bitcoin Trust, the iShares Bitcoin Trust, and the Fidelity Wise Origin Bitcoin ETF.
Related: How a Single Whale Impacted Bitcoin’s Price
BlackRock’s Bitcoin fund takes the crown as Millennium’s favorite, boasting a whopping $844 million investment. Not far behind, Fidelity’s fund makes a strong showing with over $806 million in shares under the hedge fund’s belt.
Bloomberg ETF analyst Eric Balchunas crowned Millennium the “king” of Bitcoin ETF holders, pointing out that the firm holds a jaw-dropping 200 times more exposure than your average top 500 ETF investor.
Additionally, the lion’s share — about 60% — of new spot Bitcoin ETF buyers turned out to be investment advisory firms, while roughly 25% were hedge funds, Blachunas revealed.
Disclosing ETF Investment Details Could Make Bitcoin More Bullish
The latest round of obligatory 13F filings has pulled back the curtain on the mystery shoppers of spot Bitcoin ETFs. Bitwise’s chief investment officer, Matt Hougan, confessed these revelations have made him even more “bullish on Bitcoin’s future,” more like a kid discovering chocolate has no calories.
Hougan wrote Bitcoin ETFs have attracted a whole lot of professional investors, and give a nod to the cool kids on the block like Hightower Advisors, Bracebridge Capital, and Cambridge Investment Research for jumping on the Bitcoin bandwagon.
By the time the May 15 filing deadline hits, Hougan is optimistic to see over 700 professional firms aboard crypto ETF products and a combined AUM nearing $5 billion. As per the Bitwise CIO, the massive scale of interest towards crypto ETF products among institutional-grade investors is a positive sign for Bitcoin.
As of this writing, Millennium Management leads among the largest Bitcoin ETF investors with $1.9 billion. Following closely is Schonfeld Strategic Advisors with $479 million, Boothbay Fund Management with $377 million, Pine Ridge Advisers $205.8 million and Morgan Stanley with $269.9 million. Not far from the top five Bitcoin ETF investors is Graham Capital Management and Fotress Investment Group which hold $98.8 million and $53.6 million, respectively.
Meanwhile, on May 14, the State of Wisconsin revealed it was also dabbling in the crypto craze, with a cool $164 million invested in funds offered by Grayscale and BlackRock. Because, clearly, Wisconsin knows how to HODL.
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