The first part of the year saw 52% of US hedge funds gaining exposure to Bitcoin following the approval of spot ETFs.
According to a report from River, 13 out of the top 25 hedge funds in the United States disclosed ownership of spot Bitcoin ETFs by the end of the first quarter of 2024. Among them, Millennium Management leads the ranking with holdings of 27,263 BTC, valued at approximately $1.69 billion, representing about 2.5% of its $67.7 billion in assets under management.
In addition to Millennium Management, other financial institutions have disclosed their exposure to Bitcoin. Schonfeld Strategic Advisors holds 6,734 BTC, while Point72 Asset Management holds 1,089 BTC.
Bitcoin purchases in MicroStrategy style
Exposure to Bitcoin ETFs coincides with an increase in direct purchases by large companies. In recent months, several companies, including Reddit, Semler Scientific, and Metaplanet, have decided to allocate part of their corporate liquidity to Bitcoin as a hedge against inflation and systemic risks in the traditional market.
