More Banks, Asset Managers Disclose Bitcoin ETF Holdings to the Tune of Billions of Dollars

More Banks, Asset Managers Disclose Bitcoin ETF Holdings to the Tune of Billions of Dollars
  • The buying of Bitcoin ETFs by financial institutions since January is now visible through SEC-required 13F filings
  • Bracebridge Capital emerges as the largest holder of Ark Invest and BlackRock’s Bitcoin ETFs with over US$434 million invested.
  • Meanwhile, Susquehanna International Group has US$1 Billion in Grayscale, plus more money in other ETFs.

What a week it has been – filing after filing reveals how asset managers, banks, pension funds and all sorts of financial institutions have – mostly under the radar – been buying Spot Bitcoin exchange-traded funds (ETFs) that have been trading since January.

But only now, with 13F filings required to be made to the US Securities and Exchange Commission (SEC) 45 days post quarter end, can we see the full extent of the ETF buying.

Related: Wisconsin State Investment Board Allocates $141 Million in Bitcoin Amid Michael Saylor’s Call for $27 Trillion in US Pensions to Access Crypto

The most recent filing also reveals one of the largest reported holders to date: Boothbay Fund Management.

Boothbay revealed in its SEC filing that the New York City-based asset manager now holds a significant US$377 million (AU$564.4 million) investment in top Bitcoin ETFs.

Notably, they are the largest investor in BlackRock’s IBIT with US$149.80 million (AU$224.3 million) and have substantial holdings in Fidelity’s FBTC (US$105.50 million or approx. AU$157.9 million) and Bitwise’s BITB (US$52.25 million or approx. AU$78.3 million).

They also acquired 1,100,000 shares of Grayscale’s GBTC, worth approximately US$69.48 million (AU$104 million), making them the fifth largest holder. Additionally, Boothbay has invested in major firms like Coinbase, MicroStrategy, and Robinhood Markets.

Hedge Fund Holds Large Allocation in ARKB, IBIT

Bracebridge Capital reported owning shares in Ark Invest, BlackRock, and Grayscale ETFs, valued at over US$434 million (AU$648.5 million) combined, in a recent SEC filing.

According to Bloomberg, this makes Bracebridge Capital the largest holder of Bitcoin ETFs offered by Ark Invest and BlackRock.

The new high water mark (ex APs/market makers) for bitcoin ETF holdings has arrived. Boston-based Bracebridge Capital has reported owning $262m of $ARKB. It’s also the biggest owner of $IBIT too with $81m in that ETF. They also own $20m of $GBTC. They went wild basically.

— Eric Balchunas (@EricBalchunas) May 13, 2024

The filing adds to a long list of institutions which have heavily (more or less) invested in these funds. Morgan Stanley, the Wisconsin State Investment Board and Canada’s Bank of Montreal are among the larger holders, while BNP Paribas and crypto sceptic Swiss banking giant UBS Group hold smaller amounts.

Nevertheless, these investments show that even sceptics are increasingly being drawn toward the digital asset class.

Susquehanna International Group Holds Well Over US$1 Billion in Bitcoin ETFs

One of the largest members of the Bitcoin ETF club is Susquehanna International Group (SIG), a privately held market maker headquartered in Pennsylvania.

SIG operates a diverse set of business entities focused on trading and investments across various sectors including equities, fixed income, commodities, derivatives, private equity, and venture capital.

According to its filing SIG currently holds significant amounts of Bitcoin via ETFs. They are also exposed to BITI, ProShares Short Bitcoin ETF, which bets on a drop in BTC price – and has performed abysmally since its inception in 2022.

Month-End Total Returns for BITI, source: ProShares

One of the largest Bitcoin holdings is Grayscale’s Bitcoin Trust – SIG holds over 17 million shares valued at over US$1 billion (AU$1.5 billion). Susquehanna International Group holds almost every single Spot Bitcoin ETF available in the US, worth several hundred million Dollars.

Susquehanna International Group also has indirect exposure to Bitcoin through MicroStrategy’s holdings of 214,400 BTC.

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