Global Bitcoin ETF holdings exceed 1 million BTC. Who are the top holding institutions?

**[The rise of Bitcoin spot ETFs: traditional financial giants enter the crypto world]** At the beginning of 2024, the official approval of Bitcoin spot ETF has opened the door for traditional financial capital to be injected into the crypto world. As of June 1, global Bitcoin ETF holdings have exceeded the one million BTC mark. As of June 14, the total net asset value of Bitcoin spot ETFs has climbed to approximately US$57.2 billion, demonstrating the huge interest of traditional financial institutions in the field of crypto assets. This milestone marks a new stage in the development of the crypto market, and the influx of traditional financial giants is bound to accelerate the booming development of the crypto world.

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**Bitcoin ETF attracts the favor of institutions, and traditional finance accelerates its embrace of crypto assets** According to the Bitcoin ETF 13F report submitted to the U.S. Securities and Exchange Commission (SEC) as of May 15, in the first quarter of 2024, a total of 929 institutions held declared Bitcoin spot ETF positions. This number represents less than 20% of the total market share, with the remaining 80.7% of spot ETF holders whose identities have not been disclosed. Notably, the Bitcoin spot ETF has even more institutional holdings than the gold ETF. Reports show that the amount of disclosed assets has reached hundreds of billions of dollars. This shows that traditional financial institutions are gradually increasing their emphasis on crypto-assets, accelerating the institutionalization process of crypto-assets.

**Bitcoin ETF Holding Ranking** **Institutional Holdings** This article summarizes the top three holding units of Bitcoin ETFs, including hedge funds, investment advisory companies, holding companies, and well-known institutions. **[tag]** * **Organization** * **Helds (BTC)** **Top 3 Hedge Funds** 1. **Grayscale Investments** 2. **Galaxy Digital** 3. **Ark Invest** **Top 3 Investment Consulting Firms** 1. **VanEck Associates Corporation** 2. **WisdomTree** 3. **Horizons ETFs Management (Canada) Inc.** **Top 3 holding companies** 1. **MicroStrategy** 2. **Tesla** 3. **Marathon Digital Holdings** **Well-known institutions** * **Square Inc.** * **MassMutual** * **PayPal Holdings, Inc.**

1. State government investment funds and banks (over 100 million US dollars)

1) Wisconsin state government funds (100 million US dollars)

** Improve the search engine friendliness of website content ** [tag]Buy Bitcoin ETF in Wisconsin[/tag] A Wisconsin government fund took the lead in purchasing a Bitcoin spot exchange-traded fund (ETF) and filed a quarterly 13F report with the U.S. Securities and Exchange Commission (SEC). The report revealed that the fund became the first state government agency to disclose its Bitcoin purchases. In the first quarter of 2023, Wisconsin invested 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $100 million. Additionally, the investment committee purchased Grayscale Bitcoin Trust (GBTC) shares for a total value of approximately $64 million. These investments demonstrate the increasing attention of government agencies to the cryptocurrency market and further strengthen Bitcoin’s recognition as a mainstream asset.

**Leaning SEO Writing: Optimizing Textual Content for Search Engine Friendliness** Founded in 1951, the Investment Board ([tag]SWIB[/tag]) is a historic financial institution in Wisconsin. According to its official website, SWIB is currently responsible for managing more than $156 billion in assets, including the Wisconsin Retirement System ([tag]WRS[/tag]), the State Investment Fund ([tag]SIF[/tag]) and other state trusts funds. SWIB's mission is to contribute to the future financial security of the citizens of Wisconsin by developing and executing prudent investment strategies. The commission is composed of seven members who are appointed by the governor and serve with the concurrence of the state Senate. Members come from diverse backgrounds, including finance, investment and public policy. SWIB's portfolio is broadly diversified across stocks, bonds, real estate and hedge funds. The committee adopts a long-term investment strategy with a focus on risk management and asset allocation. SWIB's investment performance has consistently outperformed market benchmarks, making it a reliable steward of the state's public pension system. To further promote transparency and information availability, SWIB maintains an information-rich website that provides detailed information about its investment activities, financial performance and governance practices. The website is easy to navigate and contains concise and clear content designed to meet the needs of stakeholders and the public.

2) U.S. Bank (USD 15 million)

U.S. Bank is a U.S. bank holding company. It is the parent company of the U.S. Bank National Association and the fifth largest bank in the United States. It has three There are more than a thousand branches, mainly located in the western and midwestern United States. According to the latest 13 F filing, the company's total investments were $71.8 billion.

U.S. Bank holds over $15 million worth of spot Bitcoin ETF investments. It is reported that it purchased approximately 87,744 shares of Fidelity's FBTC shares, valued at $5.4 million, 46,011 shares of Grayscale's GBTC shares, valued at $2.9 million, and 178,567 shares of BlackRock's IBIT shares, valued at $7.2 million.

3) JP Morgan Chase Group (approximately $1 million)

**JPMorgan Chase: The Cornerstone of the Financial Industry** Founded in 2000 in New York City, J.P. Morgan Chase & Co. is the nation's premier financial institution with a rich heritage. [tag]JPMorgan Chase[/tag] has a large commercial banking business with more than 5,100 branches around the world. Since October 2011, [tag]JPMorgan Chase[/tag] has surpassed Bank of America with its strong asset size and has firmly topped the list of the largest financial services institutions in the United States. Its business footprint covers more than 50 countries and covers a wide range of areas, including investment banking, securities trading and services, investment management, commercial financial services, private banking services, etc.

JP Morgan currently holds approximately $1 million worth of ProShares BITO, BlackRock IBIT, Fidelity FBTC, Grayscale GBTC and Bitwise BITB market share.

2. Hedge Funds US$4.7 billion

The largest category among Bitcoin spot ETFs is hedge funds, accounting for 8.0% of the total spot ETF holdings, approximately US$4.7 billion.

1) Millennium Management is about US$1.9 billion

Among the many large buyers, mainly hedge funds, Millennium Management has undoubtedly attracted much attention. This is a well-known hedge fund company founded in 1989 and headquartered in New York City by Israeli-American financier Israel Englander. Today, Millennium Management ranks among the largest hedge funds in the world.

The company holds five Bitcoin ETFs with a total value of approximately $1.9 billion. The holding shares are as follows:

BlackRock’s IBIT 844.2 million US dollars;

Fidelity’s FBTC 806.7 million US dollars;

Grayscale’s GBTC 202 million US dollars;

Ark’s ARKB 45 million US dollars;

Bitwise’s BITB 4470 Ten thousand U.S. dollars.

Bloomberg ETF analyst Eric Balchunas describes Millennium as the “king” among Bitcoin ETF holders, noting that the company’s holdings are 200 times the average holding of the top 500 new ETF holders, while The market value of these Bitcoin ETF holdings represents approximately 3% of the hedge fund’s assets under management.

2) Schonfeld Strategic Advisors Approximately US$480 million

Schonfeld Strategic Advisors was founded in 1988, headquartered in New York, and founded by Steven Schonfeld. Schonfeld began as a proprietary trading firm and evolved into a multi-strategy hedge fund manager known for its diversified investment strategies and innovative investment methodologies with $13 billion in assets under management.

Schonfeld currently holds a total of US$479 million in BTC ETFs, including US$248 million in IBIT and US$231.8 million in FBTC.

3) Boothbay Fund Management $380 million

Boothbay Fund Management is a New York-based hedge fund management company founded in 2011, founded and president by Ari Glass. The company focuses on multi-strategy investments and uses diversified investment methods to achieve stable returns.

Boothbay Fund Management has $377 million invested in spot Bitcoin ETFs, including $149.8 million in IBIT, $105.5 million in FBTC, $69.5 million in GBTC and $52.3 million in BITB. In addition to its Bitcoin ETF investments, Boothbay's portfolio includes a variety of ETFs, such as the SPDR S&P 500 ETF Trust and the iShares Russell 2000 ETF.

4) Bracebridge Capital US$340 million

Bracebridge Capital is a hedge fund management company headquartered in Boston, MA, USA, founded in 1994. The investment portfolio covers global stocks, bonds, foreign exchange, futures and other asset classes. The company is known for its focus on global macro investment strategies, unique research methods and in-depth market insights. Its investment decisions are usually based on a deep understanding of the global economy and financial markets, and it is committed to providing excellent asset management services to institutional clients. .

Currently Bracebridge Capital holds $262 million in the ARK 21Shares Bitcoin ETF and holds $81 million in the BlackRock ETF.

5) Aristeia Capital Llc US$163.4 million

Aristeia Capital LLC is a well-known hedge fund and investment management company founded in 1997 and headquartered in the United States. The company focuses on diversified investment strategies, including trading in stocks, bonds, derivatives and other financial instruments. It is known for its excellent performance and strict control of risk management. It performs well in the market environment and is committed to providing efficient investment management solutions to global customers.

Currently Aristeia Capital Llc announced that it holds US$163.4 million in IBIT investment.

6) Graham Capital Management US$98.8 million

Graham Capital Management is a well-known hedge fund management company in the United States. It was founded in 1994 and is headquartered in Connecticut. It was founded by the famous investment manager Kenneth Tropin.

As a leading hedge fund management company, Graham Capital Management focuses on using quantitative and systematic investment strategies to seek absolute returns in different market environments. It manages a large amount of funds globally, and its investment portfolio covers Stocks, bonds, commodities, foreign exchange and other asset classes. In addition to excellent investment performance, Graham Capital Management is known for its rigorous risk management and strong sense of responsibility to the interests of its clients.

Graham Capital Management holds US$98.8 million in IBIT investment and US$3.8 million in FBTC investment.

7) IvyRock Asset Management (Ivy Asset Management) US$19 million

IvyRock Asset Management is a hedge fund management company headquartered in Hong Kong. It was established in 2009 and mainly focuses on the Asian market. It manages various assets through its asset management business. kind of fund.

IvyRock Asset Management holds nearly $19 million in BlackRock’s spot Bitcoin ETF IBIT.

3. Investment consulting companies US$3.8 billion

The group of investment consulting companies holds a total of US$3.8 billion in assets under management.

1) Horizon Kinetics LLC US$946 million

Among the disclosed investment advisory and management companies, Horizon Kinetics LLC holds the largest share. The company is an independent investment advisory firm founded in 1994 and headquartered in New York, USA. It manages assets across a variety of investment strategies, including mutual funds, segregated accounts and alternative investments. A distinctive feature of Horizon Kinetics is its emphasis on non-traditional and less efficient markets. The company often looks for opportunities that are undervalued or misunderstood by the market, such as small-cap stocks, international stocks and niche industries, aiming to benefit from long-term trends and market trends. Profit from shortcomings.

Horizon Kinetics LLC only holds Grayscale’s GBTC with a total of US$946 million, ranking first among investment advisory companies and the second largest holder of GBTC (the first is Susquehanna International Group, which will be mentioned later).

2) Morgan Stanley US$270 million

Morgan Stanley is a world-renowned investment bank and wealth management company headquartered in New York, USA. The company was founded in 1935 and originated from the American financial giant Morgan family. As one of the world's leading financial services providers, its business scope covers multiple areas, including corporate finance, M&A advisory, securities underwriting, asset management, wealth management and investment banking. It can be said that Morgan Stanley has profound professional knowledge and experience in investment banking, asset management, securities trading, wealth management and other fields.

Morgan Stanley currently holds $269.9 million in Bitcoin ETF investments, all invested in Grayscale’s GBTC, making it the third largest holder of GBTC.

3) Pine Ridge Advisers $210 million

Founded in 2018 and headquartered in New York, Pine Ridge Advisers is a well-known financial advisory firm known for its expertise in wealth management, investment strategies and financial planning. The company's mission is to provide customers with personalized and comprehensive financial solutions, and its customer base covers various fields from individual investors to businesses and institutions.

Currently, Pine Ridge Advisers holds a total of US$205.8 million in Bitcoin spot ETFs, including US$83.2 million in BlackRock's IBIT, US$93.4 million in Fidelity's FBTC, and US$29.3 million in Bitwise's BITB.

4) ARK Investment Management US$206 million

ARK Investment Management is an investment company founded and led by "Wooden Sister" Cathie Wood. It was established in New York in 2014 and mainly conducts thematic investments based on innovative technologies. , such as computer technology, energy innovation, financial technology, etc., many of the company's funds focus on these themes.

ARK Investment Management holds US$206 million in ARK 21 Shares Bitcoin ETF, and among the first 11 Bitcoin spot ETFs launched, ARK 21 Shares Bitcoin ETF is also one of Sister Mu’s companies. Since the approval of the Bitcoin ETF, ARK Investment Management has been continuously carrying out purchasing activities. It can be said that it is self-produced and self-sold. Perhaps it is using the "self-purchase" call to expand the scale of the ETF to attract more investors.

5) Ovata Capital Management Ltd (USD 74 million)

Ovata Capital is a Hong Kong-based investment management company founded in 2017, focusing on Asian stocks. Investments are mainly concentrated in four core strategy parts: arbitrage, relative Value, event-driven and long-short. Ovata's portfolio manager is Jon Lowry, who has worked at Millennium Management and Elliott Management Corp. According to related news, Ovata's funds rose 10% last year, outperforming peers, and rose 5.6% in the first four months of this year.

Ovata Capital currently holds Bitcoin ETFs with a total value of more than $74 million, including FBTC, GBTC, BITB and IBIT (the specific share size has not been disclosed).

6) Hightower Advisors $68.34 million

Hightower is a well-known investment management company headquartered in Chicago, USA. The company offers a range of wealth management and investment solutions designed to provide professional services to individual investors, family offices, wealth management firms and institutional investors. Their clients are primarily high net worth individuals, family foundations, charitable organizations and corporate clients.

Hightower holds US Bitcoin spot ETFs worth over US$68.34 million, while the company manages a total of US$122 billion in funds. It currently holds a total of 6 Bitcoin spot ETF positions, including: Grayscale of US$44.84 million GBTC;

$12.41 million Fidelity FBTC;

$7.62 million BlackRock IBIT;

$1.7 million ARKB;

$990,000 Bitwise BITB;

$790,000 Franklin EZBC.

7) Rubric Capital Management US$60 million

Rubric Capital Management is a US-based investment management company founded in 2008. It focuses on long-term investing in global stock markets and is known for its in-depth research and highly specialized investment approach. Its investment strategies mainly include fundamental analysis, quantitative analysis and market research. The firm's team is dedicated to identifying companies with potential and long-term growth prospects and achieving clients' financial goals through portfolio construction and management.

Currently Rubric Capital Management owns over $60 million in BlackRock Bitcoin Spot ETFs.

4. Holding company 1.35 billion

Susquehanna International Group 1.1 billion

In the holding company classification, there is actually only one investor that is important, and that is SIG Holdings, LLC, the parent company of Susquehanna International Group. The abbreviation is SIG, which is translated as Haina International Group.

Hainer International Group (SIG) is an American financial services company headquartered in Bergon, Pennsylvania. It is known for its professionalism and technical performance in the financial market and is considered one of the largest quantitative trading companies in the world. . The company was founded in 1987 by Jeff Yass, Arthur Dantchik and Joel Greenberg. SIG operates globally, covering securities trading, options trading, futures trading, derivatives trading, asset management and raising equity investments. The company's total investment scale is approximately US$575.9 billion, so the Bitcoin ETF is only a small part of it. .

SIG holds nine Bitcoin spot ETFs, with an amount of up to US$1.31 billion. The largest holder is Grayscale GBTC, with a total of 17.27 million shares purchased, worth up to US$1.09 billion. It is Grayscale GBTC’s largest holding. By.

Summary

On January 11, 2024, the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs for the first time to be listed and traded on the trading platform, which is regarded as a milestone event in the digital currency market. Bitcoin ETFs and The approval of other cryptocurrency-related ETFs has certainly opened the door for traditional investors to enter this emerging market.

Because the ETFs listed on the trading platform will be regulated by the SEC, investing in Bitcoin through ETFs has lower risks than investing directly in Bitcoin. Coupled with the current turbulent international situation and the haze of the Federal Reserve's interest rate cuts, Bitcoin spot prices ETFs are a better investment target for traditional financial institutions.

It’s just that if, as the 13F document statistics show, the disclosed share of tens of billions of dollars held by large institutions only accounts for 20%, then who is buying the remaining 80% of assets? And with a large amount of funds flowing into these leading financial products, will it cause a large amount of funds that might otherwise have flowed to the primary and secondary markets to be absorbed, possibly resulting in a lack of attention to new projects? Welcome to leave your opinions in the comments.

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