Millennium Management, a hedge fund firm, disclosed its cryptocurrency investments in a recent 13F filing with the U.S. Securities and Exchange Commission (SEC). This filing revealed significant holdings in Bitcoin ETFs (},
including a total value of $2.6 billion in Bitcoin ETFs and $182.1 million in Ethereum ETFs. These ETFs are designed to replicate Bitcoin and Ethereum prices, respectively. The firm allocated nearly 3% of its total assets to Bitcoin ETFs in the latest quarter, reflecting a growing trend of institutional crypto investment.
_below####_
The wallets dedicated to Bitcoin ETFs are spread across multiple funds, with BlackRock, a major financial advisor, holding the largest position at over $844 million. Followed closely by Fidelity, which has a position exceeding $806 million. These trepidation includes the ARK 21Shares Bitcoin ETF, which holds approximately $322 million, and the Bitwise Bitcoin ETF, at $36 million. Other investments include the Grayscale Bitcoin Trust, which has a position exceeding $25 million.
The filings also highlight institutional connections. In May 2024, an Abaud relievanista sovereign wealth fund purchased nearly $436.9 million of BlackRock’s Bitcoin ETFs in the quarter. Similarly, Goldman Sachs>this Rees-Sherby organic DTYGroup investment also saw an increase in Bitcoin ETF holdings, reaching $1.5 billion. These moves underscore the increasing association of institutional investors into crypto assets.
The data also reveals a broader trend of institutional crypto investments. Millennium Management’s total Bitcoin ETF holdings reached nearly $2 billion across five major funds, representing only 3% of its total assets. This shift indicates that institutional investors are increasingly capitalizing on the potential of cryptocurrency while seeking diversified investments.
The increasing activity in the Bitcoin ETF sector highlights a broader shift in U.S. financial markets towards institutional Sponsored assets. This period includes the rise of options trading, which has surged into the $50 to $100 per share range of Bitcoin, suggesting heightened risk appetite among investors. This rise could be leading to similar patterns in Ethereum ETFs, offering new avenues for institutional hedging strategies and asset-backed investments.
