Bitcoin (BTC) is experiencing a “surge” in volumes among its new institutional investment products, as more firms dip into the Bitcoin exchange-traded funds (ETFs) market.
Bitcoin ETFs have attracted 884% more unique owners than gold ETFs in their first quarter, according to recent data. These unique owners include professional funds such as state pension funds, banks, insurance companies, family offices, and hedge funds.
As of March 31, 937 professional firms invested in U.S. spot Bitcoin ETFs, compared to 95 in gold ETFs during their first quarter, according to 13F reports. Retail investors retain a lion’s share, with professional investors holding $11.06bn, or 18.7% of Bitcoin ETF assets under management by the end of Q1.
Moreover, data from research firm Santiment, shared on May 16, revealed that daily spot Bitcoin volumes have surpassed $5 billion, the highest day since March 24th.
Let’s go over some of the recent major players that have joined the BTC ETF arena, beginning with the largest holding.
Millennium Management
Bitcoin ETFs holding: $2bn
Millennium Management, a multistrategy hedge fund, was one of the world’s largest alternative asset management firms in 2023, managing over $61.1 billion as of January 2024. The firm operates in America, Europe, and Asia.
The latest SEC filing shows Millenium’s Bitcoin ETF holdings with BlackRock, ARK21, Bitwise, Fidelity, and Grayscale. Millenium Management leads with over $844M in BlackRock ETF shares, followed closely by Fidelity’s Bitcoin ETF, where they’ve invested over $800M.
Susquehanna
Bitcoin ETF holding: $1.3bn
Susquehanna International Group provides institutional brokerage services, including trading, quantitative research, technology, and fundamental research.
The company holds a combined investment of $1.1bn in Grayscale’s GBTC along with Fidelity’s FBTC ($83.7m), BlackRock’s IBIT ($23.6m), Bitwise’s BITB ($21.7m), and Ark 21Shares’s ARKB ($36.1m). They also acquired VanEck’s HODL ($20.6m), WisdomTree’s BTCW ($19.3m), Invesco’s BTCO ($11.8m), and Valkyrie’s BRRR ($3.9m).
Horizon Kinetics
Bitcoin ETF holding: $989m
Founded in 1994, Horizon Kinetics is an independent investment advisory firm that focuses on long-term, contrarian, and fundamental value investment strategies. They manage assets across various investment vehicles, including mutual funds, leveraging in-depth proprietary research.
Schonfeld Strategic Advisors
Bitcoin ETF holding: $479m
Schonfeld Strategic Advisors, a New York City-based hedge fund, was established in 2015, continuing the business founded by Steve Schonfeld in 1988. The firm specializes in short-term, systematic, and algorithmic trading. The firm disclosed investments of $248.0m in IBIT and $231.8m in FBTC, totaling $479m.
Bracebridge
Bitcoin ETF holding: $404m
Bracebridge Capital, a Boston-based hedge fund, manages assets for a diverse and sophisticated global investor base, including endowments, foundations, pensions, and high-net-worth individuals.
Their holdings show a significant stake in Ark Invest’s ARKB, comprising 4,327,380 shares, along with 2,486,750 shares in BlackRock’s IBIT and 419,910 shares in Grayscale’s GBTC. These holdings are valued at $307.2m, $100.6m, and $26.5m, respectively.
Boothbay
Bitcoin ETF holding: $377m
Boothbay Fund Management (Boothbay) is a New York-based hedge fund manager founded in April 2012 by Ari Glass. The holdings include over $149.8m of BlackRock IBIT, $105.5m of Fidelity FBTC, $69.487m of Grayscale GBTC, and $52.2585m of Bitwise BITB shares.
Morgan Stanley
Bitcoin ETF holding: $272.2m
Morgan Stanley, an American multinational investment bank and financial services company, has its headquarters located at 1585 Broadway in Midtown Manhattan, New York City. The company revealed ownership of $269.9m worth of Grayscale’s GBTC and $2.3m of Ark Invest’s ARKB.
Other smaller holdings include:
The State of Wisconsin Investment Board: $163m in BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).
Fortress Investment Group: $54m in BlackRock’s IBIT.
JP Morgan: $731,246 across BlackRock’s IBIT, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC.
Wells Fargo: $141,817 in Grayscale’s GBTC during the first quarter.
BNP Paribas: $41,684 in BlackRock’s iShares Bitcoin Trust (IBIT).
UBS, Switzerland’s largest bank, holds a modest amount of IBIT.
