Two major hedge funds reveal $2.4 billion exposure to spot Bitcoin ETFs Two major hedge funds reveal $2.4 billion exposure to spot Bitcoin ETFs
Millenium and Schonfeld Strategic Advisors are now the largest IBIT and FBTC holders.
1 min read
Updated: May. 16, 2024 at 1:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Millennium Management and Schonfeld Strategic Advisors disclosed some of the largest spot Bitcoin ETF investments among traditional financial firms to date, according to their 13F filings for the first quarter.
Millennium invested a total of $1.9 billion in spot Bitcoin ETFs, comprised of $844.2 million in BlackRock’s IBIT, $806.7 million in Fidelity’s FBTC, $202 million in Grayscale’s GBTC, $45.0 million in Ark’s ARKB, and $44.7 million in Bitwise’s BITB.
Schonfeld Strategic Advisors disclosed a $248.0 million investment in IBIT and a $231.8 million investment in FBTC, totaling $479 million.
Largest IBIT holders
According to Fintel data, the two funds hold the largest IBIT and FBTC investments, with Millenium first in each category and Schonfeld second. Millenium also ranks among the 10 largest holders for each of the other spot Bitcoin ETF investments.
In addition to the significant size of each company’s investments, the disclosure represents a major hedge fund manager’s entry into Bitcoin ETFs.
Millenium had $69 billion in assets under management (AUM) at the end of 2023, while Schonfeld had $13 billion in AUM.
Filing deadline closes
Each company’s disclosure comes at the last minute, as May 15 marks the quarterly deadline for 13F filings. Numerous other firms, including Aristeia Capital, Boothbay Fund Management, and Pine Ridge, disclosed large investments in IBIT and other funds earlier today.
Meanwhile, Morgan Stanley disclosed an investment in GBTC, revealing itself as one of several Global Systemically Important Banks (G-SIBs) with spot Bitcoin ETF holdings.
Days earlier, Bitwise CIO Matt Hougan estimated that over 700 professional companies would invest nearly $5 billion in total by the May 15 deadline. However, he emphasized that retail investment is responsible for a large portion of spot Bitcoin ETF assets.
All 10 available spot Bitcoin ETFs have combined assets under management of $53 billion and cumulative inflows of $12 billion.
Mentioned in this article
Bitcoin 
iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 
Grayscale Bitcoin Trust 
ARK 21Shares Bitcoin ETF 
Bitwise Bitcoin ETF Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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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.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).
The Bitwise Bitcoin ETF (BITB) is a newly launched exchange-traded fund that provides investors with exposure to Bitcoin.