Millennial Management, a leading international hedge fund, has revealed its substantial investment in spot Bitcoin exchange-traded funds (ETFs), amounting to nearly $2 billion. According to its 13F filing with the United States Securities and Exchange Commission (SEC), the company held $1.94 billion across five major Bitcoin ETFs as of the first quarter of this year.
Millennium's Various Bitcoin ETF Holdings
As of March 31, Millennium Management's portfolio included significant investments in the ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT), and the Fidelity Wise Origin Bitcoin ETF (FBTC). ). The hedge fund's largest allocation was to BlackRock's Bitcoin fund, with more than $844 million invested. Fidelity's Bitcoin ETF followed closely with $806 million in FBTC shares.
Bloomberg ETF analyst Eric Balchunas highlighted Millennium's dominance in the Bitcoin ETF market, describing the company as the “king” of Bitcoin ETF holders. Millennium's exposure was 200 times that of the average new ETF holder among the top 500 investors.
Institutional Interest Fuels Bitcoin ETF Market
Detailed disclosures from recent 13F filings have provided valuable insight into institutional buyers of spot Bitcoin ETFs. Bitwise Chief Investment Officer Matt Hougan expressed growing optimism about the future of Bitcoin, citing the scale of institutional interest as a positive indicator.
Hougan highlighted the notable presence of professional investors in the Bitcoin ETF market, including firms such as Hightower Advisors, Bracebridge Capital, and Cambridge Investment Research. In a note to investors on May 13, Hougan said: “The big news is this: many professional investors own Bitcoin ETFs. » He projects that by the May 15 filing deadline, the total number of professional firms involved could exceed 700, with assets under management (AUM) approaching $5 billion.
Broader implications for the crypto market
Growing institutional investment in Bitcoin ETFs highlights the cryptocurrency's growing acceptance and legitimacy within traditional finance. On May 14, the state of Wisconsin unveiled its own substantial investments, totaling $164 million through funds offered by Grayscale and BlackRock. This trend toward institutional adoption will likely have significant implications on the future trajectory of the cryptocurrency market.
In summary, Millennium Management's substantial investment in Bitcoin ETFs highlights the growing institutional interest and confidence in the cryptocurrency. As more professional firms and hedge funds increase their exposure to Bitcoin, the market is poised for further growth and mainstream acceptance.
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