Farallon Capital discloses $85 million in GBTC, Cetera discloses $22 million in GBTC Farallon Capital discloses $85 million in GBTC, Cetera discloses $22 million in GBTC
BigSur Wealth Management also disclosed a $3.3 million IBIT investment.
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Updated: May. 25, 2024 at 2:21 am UTC
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Farallon Capital Management, Cetera Investment Advisers, and BigSur Wealth Management have reported multi-million dollar investments in spot Bitcoin ETFs in the first quarter.
Farallon Capital, a San Francisco-based hedge fund manager, disclosed an $85.2 million investment in Grayscale’s GBTC on May 24.
Based on Fintel data, the company is among the 10 firms with the largest GBTC positions.
Independent wealth hub Cetera Investment Advisers disclosed a $22.6 million investment in GBTC on May 24, placing it among the 25 firms with the largest GBTC positions.
BigSur Wealth Management disclosed a $3.3 million investment in BlackRock’s IBIT on May 22, placing it among the 80 firms with the largest IBIT investments.
None of the companies disclosed positions in other spot Bitcoin ETFs. However, Cetera Investment Advisers disclosed an 83% increase in its position in ProShares Bitcoin Strategy ETF (BITO) from the previous quarter.
First quarter of spot BTC ETFs
The latest filings describe investments during the first quarter despite their late filing date and add to overall industry totals for the first quarter.
Shortly before the May 15 filing deadline, Bitwise CIO Matt Hougan estimated that 563 professional investment firms had disclosed $3.5 billion in spot Bitcoin ETF holdings. On May 15, pseudonymous analyst Trader T reported that 929 institutions had invested in at least one spot Bitcoin ETF.
Major global banks, including JP Morgan Chase, Wells Fargo, BNP Paribas, Morgan Stanley, and BNY Mellon, have all invested in spot Bitcoin ETFs.
Susquehanna, Horizon Kinetics, and Morgan Stanley remain the firms with the largest GBTC positions, while Millennium and Schonfeld Strategic Advisors remain the firms with the largest IBIT positions.
The crypto sector now anticipates the launch of spot Ethereum ETFs following the approval of 19-b4 filings on May 23. JP Morgan believes the funds will launch before November.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
Editor Editor 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
