More Big Investment Managers Disclose Huge Alllocations to Bitcoin ETFs
Several prominent investment firms have recently disclosed substantial investments in Bitcoin ETFs.
Farallon Capital Management, based in San Francisco, revealed an $85.2 million stake in Grayscale’s GBTC. This large position ranks the hedge fund among the top ten holders of GBTC
Cetera Investment Advisers, an independent wealth management firm, announced a $22.6 million investment in GBTC. This puts Cetera among the top 25 investors in this particular Bitcoin ETF.
BigSur Wealth Management reported a $3.3 million investment in BlackRock’s IBIT, making it one of the top 80 holders of this fund.
Although none of these firms disclosed stakes in other spot Bitcoin ETFs, Cetera did report a significant 83% increase in its holdings of the ProShares Bitcoin Strategy ETF (BITO) from the previous quarter.
READ MORE: Standard Chartered Predicts New Bitcoin Highs for 2024
These filings, although reported in May, reflect investments made in the first quarter and add to the broader industry totals for that period.
Ahead of the May 15 deadline, Bitwise’s CIO Matt Hougan estimated that 563 professional firms had declared $3.5 billion in spot Bitcoin ETF holdings. By the deadline, pseudonymous analyst Trader T noted that 929 institutions had invested in at least one spot Bitcoin ETF.
Major global banks such as JP Morgan Chase, Wells Fargo, BNP Paribas, Morgan Stanley, and BNY Mellon have also invested in these ETFs.
Currently, Susquehanna, Horizon Kinetics, and Morgan Stanley are the largest holders of GBTC, while Millennium and Schonfeld Strategic Advisors lead in IBIT holdings.
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.
