The curtain fell Wednesday on first-quarter 13F filings with the U.S. Securities and Exchange Commission (SEC), and the reports revealed a seismic shift in institutional investment models toward exchange-traded funds (ETFs). ) Bitcoin spot, with Millennium Management emerging as a leader in this new asset class.
Millennium becomes the king of Bitcoin ETFs
Millennium Management, led by billionaire Izzy Englander and overseeing assets worth more than $64 billion, announced an unprecedented $2 billion investment. distributed among several Bitcoin ETFs. This mammoth investment has not only positioned Millennium at the zenith of Bitcoin ETF ownership, but also signals broader acceptance and validation within traditional investment frameworks.
The detailed disclosure shows that Millennium’s investments are spread across five major funds: $844,181,820 in BlackRock’s iShares BTC Trust (IBIT), which represents 20,859,447 shares, $806,640,303 in the Wise Origin BTC Fund (FBTC). ) of Fidelity comprising 12,997,749 shares, $202,029,915 in Grayscale’s BTC Trust (GBTC) holding company. 3,198,194 shares, $45,001,320 in ARK’s BTC ETF (ARKB) for 634,000 shares and $44,737,805 in Bitwise‘s BTC ETF (BITB) with 1,155,717 shares.
Renowned crypto analyst MacroScope remarked via X: “Major filing after market close today. After Wisconsin yesterday, this is certainly one of the most important BTC disclosures to date and will attract a lot of attention from asset managers. Tuesday, the State of Wisconsin disclosed an allocation of $161 million in BlackRock IBIT and Grayscale’s GBTC.
According to Bloomberg ETF analyst Eric Balchunas, this level of diversified investment across all Bitcoin ETFs is unprecedented. But “Millennium is the king of Bitcoin ETF holders with approximately $2 billion spread across four ETFs, across more than 500 holders. That’s about 200 times the average for new ETFs,” Balchunas explained.
He further highlighted that the majority of these investments came from investment advisors (60%) and a significant portion came from hedge funds (25%). Balchunas also highlighted the rapid accumulation of liquidity and a diversified institutional footprint in IBIT, which is atypical for a newly launched ETF.
Millennium is the king of Bitcoin ETF holders with around $2 billion spread across four ETFs. This concerns more than 500 holders (around 200 times the average for new ETFs). The majority are investment advisors (60%) but a strong dose of HF (25%). I can never be completely sure what the HFs are doing, but they were definitely big buyers. pic.twitter.com/iVtVXjhId0
– Eric Balchunas (@EricBalchunas) May 15, 2024
“You normally don’t see such a diverse range of holder types until years after an ETF launches,” he added, indicating the market’s strong confidence in Bitcoin’s potential as an asset. ‘investment.
The sector’s growth was further highlighted by additional information from other major financial entities. Paul Singer’s Elliott Capital disclosed a nearly $12 million investment in BlackRock’s IBIT at the end of the quarter, while Apollo Management Holdings announced a $53.2 million stake in ARK’s ARKB /21.
The investment wave has not stopped at hedge funds and asset managers. Other notable entities such as Aristeia Capital and Hudson Bay Capital have also revealed significant stakes in Bitcoin ETFs, contributing to the combined assets under management of the 10 available spot Bitcoin ETFs, which now represent cumulative inflows of 12.1 billion of dollars.
As the deadline approached, the documents painted a picture of a maturing market where Bitcoin is no longer seen as simply an alternative or speculative asset, but as a viable part of diversified investment portfolios, attracting the interest of all financial institutions.
At press time, BTC was trading at $65,771.
Featured image created with DALL·E, chart from TradingView.com
