Bitcoin ETF holdings exceed 1 million. Which are the top holding institutions?

Author: Huo Huo, Plain Language Blockchain

The Bitcoin spot ETF was officially approved in early 2024, marking the first year in which traditional financial capital poured into the crypto world. As of June 1, global Bitcoin ETF holdings exceeded 1 million BTC. As of June 14, the total net asset value of Bitcoin spot ETFs reached approximately US$57.2 billion.

Source: https://sosovalue.xyz

The Bitcoin ETF13F (13F report refers to the shareholding report of investment institutions with assets under management exceeding US$100 million in US stock companies) submitted to the SEC as of May 15 showed that in the first quarter of 2024, there were 929 institutions holding positions in all declared Bitcoin spot ETFs, which accounted for less than 20% of the total market, and 80.7% of the spot ETF holders were unidentified. The number of institutions holding BTC spot ETFs even exceeds that of gold ETFs, and the amount of assets disclosed has reached one trillion US dollars, which reveals the importance of traditional finance to encrypted assets.

Today, based on this document, Vernacular Blockchain will sort out the holdings of the top three hedge funds, investment consulting firms and holding companies and some well-known institutions in terms of Bitcoin ETF holdings.

01 State government investment funds, banks (over 100 million US dollars)

1) Wisconsin State Government Fund (100 million US dollars)

The first state government fund in the United States to purchase a Bitcoin spot ETF, Wisconsin submitted a quarterly 13F report to the U.S. Securities and Exchange Commission (SEC), and was the first state to disclose the purchase of Bitcoin. Information shows that Wisconsin purchased 94,562 shares of BlackRock iShares Bitcoin Trust (IBIT) in the first quarter of this year, and these shares were worth nearly 100 million US dollars. The investment committee also bought shares of Grayscale Bitcoin Trust (GBTC) worth about $64 million.

The investment committee, also known as SWIB, was founded in 1951 and currently manages more than $156 billion in assets, according to its website. It manages assets of the Wisconsin Retirement System (WRS), the State Investment Fund (SIF), and other state trust funds.

2) US Bancorp ($15 million)

US Bancorp is a U.S. bank holding company. It is the parent company of US Bank National Association and the fifth largest bank in the United States, with more than 3,000 branches, mainly in the West and Midwest of the United States. According to the latest 13 F filing, the company's total investment is $71.8 billion.

US Bancorp holds more than $15 million worth of spot Bitcoin ETF investments. It is reported that it purchased approximately 87,744 shares of Fidelity's FBTC, worth $5.4 million, 46,011 shares of Grayscale's GBTC, worth $2.9 million, and 178,567 shares of BlackRock's IBIT, worth $7.2 million.

3) JPMorgan Chase Group (approximately $1 million)

Founded in 2000, JPMorgan Chase Group is an American financial institution headquartered in New York City. Its commercial banking department has 5,100 branches. In October 2011, JPMorgan Chase's assets surpassed Bank of America to become the largest financial services institution in the United States. JPMorgan Chase's business covers more than 50 countries, including investment banking, securities trading and services, investment management, commercial financial services, private banking services, etc.

Currently, JPMorgan Chase holds about $1 million worth of ProShares BITO, BlackRock IBIT, Fidelity FBTC, Grayscale GBTC and Bitwise BITB market share.

02 Hedge Funds $4.7 billion

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

1) Millennium Management About $1.9 billion

Among these large hedge fund buyers, Millennium Management is particularly eye-catching. Millennium Management is a well-known hedge fund founded in 1989 and headquartered in New York City. It was founded by Israeli-American financier Israel Englander and is currently one of the largest hedge funds in the world.

The company holds five Bitcoin ETFs with a total value of about $1.9 billion. The holdings are as follows: BlackRock’s IBIT $844.2 million; Fidelity’s FBTC $806.7 million; Grayscale’s GBTC $202 million; Ark’s ARKB $45 million; Bitwise’s BITB $44.7 million. Bloomberg ETF analyst Eric Balchunas described Millennium as the “king” of bitcoin ETF holders, noting that the firm’s holdings are 200 times larger than the average of the top 500 new ETF holders, and that the market value of those bitcoin ETF holdings accounts for about 3% of the hedge fund’s assets under management.

2) Schonfeld Strategic Advisors  Approximately $480 million

Founded in 1988 and headquartered in New York, Schonfeld Strategic Advisors was founded by Steven Schonfeld. Schonfeld started out as a firm focused on proprietary trading and later evolved into a multi-strategy hedge fund management firm known for its diverse investment strategies and innovative investment methods, with $13 billion in assets under management.

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

3) Boothbay Fund Management $380 million

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

Boothbay Fund Management has invested $377 million 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 Bitcoin ETF investments, Boothbay's portfolio also includes a variety of ETFs, such as SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF.

4) Bracebridge Capital $340 million

Bracebridge Capital is a hedge fund management company headquartered in Boston, Massachusetts, USA, founded in 1994. The investment portfolio covers a variety of asset classes including global stocks, bonds, foreign exchange, futures, etc. 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 ARK 21Shares Bitcoin ETF and $81 million in BlackRock ETF.

5) Aristeia Capital Llc $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 outstanding performance and strict control of risk management. Its investment strategy focuses on long-term growth and performs well in different market environments. It is committed to providing efficient investment management solutions to global customers.

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

6) Graham Capital Management USD 98.8 million

Graham Capital Management is a well-known hedge fund management company in the United States. Founded in 1994, it is headquartered in Connecticut and 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 worldwide, and its investment portfolio covers multiple asset classes such as stocks, bonds, commodities, and foreign exchange. In addition to its excellent investment performance, Graham Capital Management is also known for its strict risk management and high sense of responsibility for the interests of its clients.

Graham Capital Management holds USD 98.8 million in IBIT investments and USD 3.8 million in FBTC investments.

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

IvyRock Asset Management is a Hong Kong-based hedge fund management company founded in 2009, focusing mainly on the Asian market and managing various funds through its asset management business.

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

03 Investment Advisory Firms $3.8 billion

The group of investment advisory firms holds a total of approximately $3.8 billion in assets under management.

1) Horizon Kinetics LLC $946 million

Among the disclosed investment advisory 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, managing assets of various investment strategies, including mutual funds, separate accounts and alternative investments.

A notable feature of Horizon Kinetics is its emphasis on non-traditional and less efficient markets. The company often looks for opportunities that are underestimated or misunderstood by the market, such as small-cap stocks, international stocks and niche industries, aiming to profit from long-term trends and market deficiencies.

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

2) Morgan Stanley $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 Morgan family, an American financial giant. As one of the world's leading financial service providers, its services cover multiple fields, including corporate financing, M&A consulting, securities underwriting, asset management, wealth management and investment banking. It can be said that Morgan Stanley has deep expertise 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 of which are 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 consulting 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 all areas from individual investors to enterprises and institutions.

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

4) ARK Investment Management $206 million

ARK Investment Management is an investment company founded and led by "Wood Sister" Cathie Wood. It was established in New York in 2014 and mainly conducts theme 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 $206 million in the ARK 21 Shares Bitcoin ETF, which is also one of Wood's companies among the first 11 Bitcoin spot ETFs launched. Since the approval of the Bitcoin ETF, ARK Investment Management has been continuously purchasing, which can be said to be self-produced and self-sold. Perhaps it is calling for and expanding the scale of the ETF by "self-purchase" to attract more investors.

5) Ovata Capital Management Ltd ($74 million)

Ovata Capital is an investment management company headquartered in Hong Kong. It was founded in 2017 and focuses on Asian stocks. Its 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 worked at Millennium Management and Elliott Management Corp. According to relevant news, Ovata's fund rose 10% last year, outperforming its peers, and rose 5.6% in the first four months of this year.

Currently, Ovata Capital holds a total of more than $74 million worth of Bitcoin ETFs, including FBTC, GBTC, BITB and IBIT (the specific share is not disclosed).

6) Hightower Advisors $68.34 million

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

Hightower holds over $68.34 million worth of US Bitcoin spot ETFs, while the company manages a total of $122 billion and currently holds positions in six Bitcoin spot ETFs, including:

$44.84 million of Grayscale GBTC;

$12.41 million of Fidelity FBTC;

$7.62 million of BlackRock IBIT;

$1.7 million of ARKB;

$990,000 of Bitwise BITB;

$790,000 of Franklin EZBC.

7) Rubric Capital Management $60 million

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

Currently, Rubric Capital Management owns more than $60 million in the BlackRock Bitcoin Spot ETF.

04 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, that is Susquehanna International Group's parent company SIG Holdings, LLC. Referred to as SIG, translated as Haina International Group.

Haina International Group (SIG) is an American financial services company headquartered in Belgravia, Pennsylvania. It is known for its professional 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 conducts business globally, covering securities trading, options trading, futures trading, derivatives trading, asset management and private equity investment. The company's total investment scale is about 575.9 billion US dollars, so Bitcoin ETF is only a small part of it.

SIG holds nine Bitcoin spot ETFs, with an amount of up to 1.31 billion US dollars, and the largest amount is Grayscale's GBTC, which has bought a total of 17.27 million shares, worth up to 1.09 billion US dollars, making it the largest holder of Grayscale GBTC.

05 Summary

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

Because ETFs listed on exchanges are subject to SEC supervision, investing in Bitcoin through ETFs is less risky than investing directly in Bitcoin. In addition, with the current turbulent international situation and the shadow of the Fed's interest rate cut, Bitcoin spot ETFs are a better investment target for traditional financial institutions.

But if, as the 13F file statistics show, the disclosed billion-dollar share of large institutions only accounts for 20%, then who is buying the remaining more than 80% of assets? And as a large amount of funds flow into these head financial products, will it lead to a large amount of funds that might have flowed to the primary and secondary markets being absorbed, which may lead to a lack of attention for new projects? Welcome to leave your comments.