Hedge Fund Millennium Management has poured nearly $2 billion into Bitcoin ETFs as of its first fiscal quarter.
Millennium Management held $1.94 billion worth of spot Bitcoin ETF shares as of March 31, including ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), and iShares Bitcoin Trust. (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC). But the fair market value of those stocks represents just 3% of the hedge fund’s $64 billion in assets under management, according to its quarterly 13Fs. filing With U.S. securities regulators.
Founded and run by Wall Street legend Israel Englander, the fund invested approximately $844 million in BlackRock’s iShares Bitcoin Trust (IBIT) in the three months through March, IBIT’s largest physical Bitcoin deposit. ETF allocation). It also holds more than $800 million in stake and approximately $202 million worth of stock in the Fidelity Wise Origin Bitcoin Fund (FBTC). Grayscale’s Bitcoin Trust (GBTC) and ARK 21Shares Bitcoin ETF (ARKB) It owns about $45 million worth of shares in ARKB and Bitwise Bitcoin ETF Trust (BITB).
Millennium Management is one of several investment firms embracing spot Bitcoin ETFs as institutional investors flock to cryptocurrency-based funds. Other notable investors in the fund include Apollo Management and Elliott Capital.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, cryptocurrency, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.