Four times a year, institutional investment managers with more than $100 million in assets under management file a 13F report with the Securities and Exchange Commission. The report, which must be filed within 45 days of the end of each quarter, shows the manager’s stock holdings but does not disclose short positions.
13Fs can be a way to get a glimpse into how the biggest portfolios and most influential fund managers are operating in the market. In May, Bitwise CIO Matt Hougan said that the spot Bitcoin ETF allocations disclosed in 13Fs (the first quarter in which the ETFs are eligible) were merely “upfront.”
“After about six months from the initial allocation, many firms begin allocating to their entire client base in the range of 1-5% of their portfolios,” Hougan wrote in a note to clients at the time. “The biggest promise of a Bitcoin ETF is that it opens the door for professional investors to buy Bitcoin in bulk, dramatically increasing the pool of capital invested in the asset.”
Among the multinational banking giants, Goldman Sachs holds about 7 million shares. Branch of Bitcoin Bitcoin
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Morgan Stanley, which holds ETFs worth $418 million, As of the end of the second quarter, it was 5.5 million shares (190 million dollars). Also, High Frequency Trading Company DRW Holdings Revealed The company currently holds at least $195 million worth of shares across six cryptocurrency exchange-traded funds (ETFs).
Overall, investment managers held $4.7 billion worth of spot Bitcoin ETFs in Q2. Let’s take a look at how some of the most prominent hedge funds bought, sold, or held these funds.
Bitcoin ETF and Hedge Fund Analysis
In the first quarter, Millennium Management held a combined $1.94 billion in five physical Bitcoin ETFs. As of June 30, that number had fallen to $1.1 billion. The firm owns 371,321 shares of BlackRock’s iShares Bitcoin Trust (ticker: IBIT), worth $371 million, making it the fund’s largest single stakeholder. However, its largest position is 11.22 million shares of Fidelity Wise Origin Bitcoin Fund (ticker: FBTC), worth $588 million.
Capula, one of Europe’s top hedge funds, owned 7,419,208 shares of IBIT, worth $253 million, and 4,022,346 shares of FBTC, worth $211,012. Steve Cohen’s Point72 added 1,668,578 shares of IBIT, worth $57 million, and reduced its FBTC holdings to 57,192 shares, worth $3 million. Apollo bought 750,000 shares of the Ark 21Shares Bitcoin ETF (ticker: AKRB) in Q2, worth $45 million.
Ken Griffin’s Citadel tripled its stake in the ProShares Bitcoin Strategy ETF (ticker: BITO) from Q1 to Q2, increasing its holding to 860,727 shares, now worth $19 million. It also held $67 million in call options and $52 million in put options on the fund. Citadel also held smaller positions in the remaining BTC ETFs, totaling less than $10 million.
Jane Street held significant positions in four spot Bitcoin ETFs: 2,953,768 shares of ARKB worth $177 million, 14,239,526 shares of BITO worth $320 million, 233,843 shares of FBTC worth $233 million, and 6,474,742 shares of IBIT worth $221 million (newly added in Q2).
Fortress, recently acquired by Abu Dhabi state investment company Mubadala Capital, maintained its 1.325 million shares (currently valued at $45.2 million) held since the first quarter.
Hogan expressed one of his main points earlier this week: “If you thought institutional investors would panic at the first sign of volatility, the data shows otherwise. They are quite stable.”
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