A global hedge fund known as Millennium Management has disclosed holdings of $1.94 billion in five separate Bitcoin exchange-traded fund (ETF) products.
Millennium Management, an international hedge fund, said in the first quarter of 2024 that it had around $2 billion worth of spot Bitcoin ETFs.
As of March 31, Millennium had a grand total of $1.94 billion in five different spot Bitcoin ETFs, as stated in its 13F filing with the US Securities and Exchange Commission.
The 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF were among the spot Bitcoin ETF products held by the hedge fund.
Over $844 million of Millenium’s capital is invested in BlackRock’s Bitcoin fund. Second place went to Fidelity’s fund, which had a little over $806 million worth of shares.
Analyst Eric Balchunas of Bloomberg ETFs dubbed Millennium the “king” of Bitcoin ETF holders, pointing out that the company has 200 times the exposure of the typical top 500 new ETF investors.
Furthermore, according to Blachunas, financial advice companies made up the bulk of the new spot Bitcoin ETF purchases, accounting for around 60%, while hedge funds accounted for approximately 25%.
The latest wave of mandatory 13F filings has revealed the identities of those purchasing spot Bitcoin ETFs, which, according to Bitwise’s CIO Matt Hougan, has made him “bullish on Bitcoin’s future.”
The massive amount of institutional interest in the products is a positive indicator for Bitcoin going forward, according to Hougan, who stated in a message to investors on May 13 that the quarterly 13F filings have disclosed key facts about who is purchasing the funds.
“A large number of institutional investors own Bitcoin exchange-traded funds,” Hougan noted, highlighting the fact that companies like Hightower Advisors, Bracebridge Capital, and Cambridge Investment Research are among those that own Bitcoin products.
Hougan speculated that there may be 700+ professional businesses and a total AUM close to $5 billion by the May 15 registration date.
The state of Wisconsin revealed its holdings of $164 million in two funds from BlackRock and Grayscale on May 14.
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