Overview
Four times a year, institutional investment managers with at least $100 million in equity assets must file 13F reports with the U.S. Securities and Exchange Commission (SEC). These filings, required within 45 days after each quarter’s end, offer insight into managers’ stock holdings but do not disclose short positions.
Insights on Bitcoin ETF Allocations
13Fs can reveal how influential money managers are playing the market. Matt Hougan, the Chief Investment Officer at Bitwise, noted that bitcoin ETF allocations in 13Fs represent just a “down payment.” He explained that, roughly six months after initial allocations, firms typically begin to allocate funds across all client portfolios, with allocations ranging from 1-5%. This can significantly increase the capital available for bitcoin investments.
Major Players in Bitcoin ETFs
As of the end of the second quarter, investment managers held $4.7 billion worth of spot Bitcoin ETFs. Here are some significant transactions by prominent hedge funds:
– Goldman Sachs: Owned around 7 million shares of spot Bitcoin ETFs valued at approximately $418 million.
– Morgan Stanley: Held over 5.5 million shares worth $190 million.
– DRW Holdings: Disclosed $195 million in shares across six cryptocurrency ETFs.
Bitcoin ETF and Hedge Fund Breakdown
In the first quarter, Millennium Management possessed $1.94 billion in five spot Bitcoin ETFs, dropping to $1.1 billion by June 30. Their holdings included:
– iShares Bitcoin Trust (IBIT): 371,321 shares valued at $371 million (largest shareholder).
– Fidelity Wise Origin Bitcoin Fund (FBTC): 11.22 million shares worth $588 million.
Other notable holdings include:
– Capula: 7.42 million IBIT shares ($253 million) and 4.02 million FBTC shares ($211 million).
– Steve Cohen’s Point72: New position in IBIT (1.67 million shares valued at $57 million) with a reduced investment in FBTC (57,192 shares worth $3 million).
– Apollo: Purchased 750,000 shares of Ark 21Shares Bitcoin ETF (AKRB) for $45 million.
– Citadel: Tripled its investment in ProShares Bitcoin Strategy ETF (BITO) to 860,727 shares worth $19 million, along with call and put options totaling $67 million and $52 million, respectively.
– Jane Street: Significant positions in four Bitcoin ETFs, including 2.95 million shares of ARKB ($177 million) and 14.24 million shares of BITO ($320 million).
– Fortress: Maintained its 1.325 million shares valued at $45.2 million from the previous quarter.
Conclusion
Hougan emphasized that recent data indicates institutional investors are not panicking amid volatility but are instead maintaining a steady approach.
Comments (0)