The international hedge fund Millennium Management reveals investments of $1.94 billion in Bitcoin ETFs. “Investments have just begun,” says the CIO of Bitwise.
Through the 13F document filed with the U.S. SEC, the investment fund Millennium Management disclosed holding $1.94 billion in five different spot Bitcoin ETFs. Among the products chosen by the fund are ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT), and Fidelity Wise Origin Bitcoin ETF (FBTC).
The most significant investment is in BlackRock’s ETF, with over $844 million invested. This is followed by Fidelity’s product, with over $806 million in FBTC shares.
Regarding the fund’s exposure, Bloomberg analyst Eric Balchunas stated:
“Millennium is king of the bitcoin ETF holders w/ about $2b across five ETFs. This is out of over 500 holders (about 200x the avg for new ETF). Majority are inv advisors (60%) but a big dose of HFs (25%). Never can be totally sure what HFs up to but they were def big buyers.”
On May 15, in a note to investors, Matt Hougan, Chief Investment Officer of Bitwise, commented on the recent revelations from the 13F reports. Hougan emphasized that the investments in Bitcoin by institutional investors revealed recently represent only the beginning of a broader process.
According to Hougan, professional investors dedicate an extended period, which can range from six months to a year, to carefully evaluate Bitcoin as an investment asset. This process involves several phases, including in-depth analysis, personal allocation of funds, isolated investments for individual clients, and finally, large-scale implementation within their investment platforms. Therefore, the Bitcoin allocations revealed so far can be considered a starting point, with more institutional investments expected in the near future.
