Investment Giant Susquehanna Allocates $1 Billion to Bitcoin ETFs
Susquehanna International Group, a prominent quantitative trading firm, made significant investments in Bitcoin ETFs during the first quarter of 2024, surpassing $1 billion.
This revelation comes from a recent 13F-HR filing submitted to the Securities and Exchange Commission.
The filing disclosed Susquehanna’s ownership of 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.09 billion as of March 31, 2024. Additionally, the firm reported holding 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), valued at around $83.74 million on the same date.
Furthermore, Susquehanna increased its position in the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to Bitcoin futures contracts. Data from investment research firm Fintel revealed that Susquehanna now holds 7,907,827 shares of BITO as of March 31, with a value of approximately $255.42 million.
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While Susquehanna had indirect exposure to Bitcoin’s spot price through its holdings in MicroStrategy stock (MSTR), holding 214,400 BTC on its balance sheet, the company reduced its stake in MicroStrategy by almost 15% during the quarter.
Despite its significant investment in cryptocurrency, Susquehanna’s overall portfolio, valued at over $575.8 billion by the end of the first quarter, demonstrates a diverse range of investments. Apart from Bitcoin funds, the firm’s new holdings for the quarter encompass shares in Convertible Zero, bonds from NRG Energy Inc., and preferred stocks in Albemarle Corporation.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
