Hedge Fund Millennium Management Reveals $2 Billion Holdings in Five Bitcoin Spot ETFs

International hedge fund Millennium Management revealed that it owns just under $2 billion in spot bitcoin ETFs (exchange-traded funds), underscoring growing interest in the cryptocurrency king from institutional investors.

The alternative investment firm, which manages more than $64 billion in assets, had a total of $1.94 billion in shares in five btc spot ETFs as of March 31, a 13F. presentation with the United States Securities and Exchange Commission (SEC).

BlackRock's Largest IBIT Millennium Spot bitcoin ETF Position

Millennium invested $844 million in BlackRock's IBIT, making it the company's largest spot bitcoin ETF holding. Fidelity's btc ETF is its second largest holding at just over $806 million.

The filing showed that Millennium also had shares in the ARK 21Shares bitcoin ETF, the Bitwise bitcoin ETF and the Grayscale bitcoin Trust.

The hedge fund has exposure to btc spot ETFs to the tune of about 200 times more than the average of the top 500 new holders, according to Bloomberg ETF analyst Eric Balchunas. That led him to call the hedge fund the “king” of bitcoin ETF holders.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.8057142857143″>

Millennium is the king of bitcoin ETF holders with around $2 billion in four ETFs. This is among more than 500 holders (about 200 times the average for a new ETF). Most are investment advisors (60%), but a large dose of HF (25%). I can never be totally sure what the HFs were doing, but they were definitely big buyers. pic.twitter.com/iVtVXjhId0

– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1790885903084216627?ref_src=twsrc%5Etfw”>May 15, 2024

Balchunas also revealed that approximately 60% of new btc spot ETF buyers were advisory firms. Meanwhile, about 25% of new btc ETF holders are hedge funds, he said.

Vanguard remains true to its anti-crypto philosophy

While companies and advisory institutions diversify their portfolios through cash sales bitcoin ETFInvestment giant Vanguard has said it will not reverse its decision not to launch its own btc spot ETF.

This comes after the former head of BlackRock's global ETF business, Salim Ramji, was named Vanguard's new CEO. Initial speculation that this would lead to Vanguard launching a spot bitcoin ETF subsided after Ramji said the company will stay true to its anti-crypto “investment philosophy.”

“I think it's important for companies to be consistent in terms of what they stand for and the products and services they offer,” Ramji said in a interview with Barron's which was published on May 15.

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