Millennium Management holds a massive $2 billion worth of Bitcoin ETFs, representing over 10% of the total market.
Despite recent slowdowns, institutional interest in Bitcoin ETFs remains strong, with over 700 investors expected by the May 15th filing deadline.
BlackRock's iShares Bitcoin ETF ($IBIT) and Fidelity's Bitcoin ETF ($FBTC) are the top holdings within Millennium's portfolio.
Analysts like Bloomberg's James Seyffart view this as a bullish sign for Bitcoin, amid wider interest in Bitcoin from institutions
Institutional interest in the spot Bitcoin ETFs seems to have slowed down somewhat, in light of Bitcoin's current consolidation.
However, in the grand scheme of things, investors seem as interested as ever in these exchange-traded products, as outlined by a recent filing from a major hedge fund.
It happens that a single investor holds a staggering $2 billion of the total $12 billion contained in spot Bitcoin ETFs across the market.
Let's go over the details.
Millennium Management one of the world’s leading hedge funds recently made a massive move in the crypto space.
The hedge fund reported that it holds a massive amount of Bitcoin in the form of ETFs, which is more than 10% of the total according to data from Farside.
In detail, Millennium Management notes that as of the first quarter of the year, it holds about $2 billion worth of Bitcoin ETF holdings across several of these ETF offerings.
The company made this disclosure in its 13F filing with the United States Securities and Exchange Commission as of 31 March, marking interest and diversification in Bitcoin and the rest of the crypto market as a whole.
The detailed filing showed that the company had an exact figure of $1.94 billion across five types of spot Bitcoin ETFs including ARK 21Shares, Bitwise, Grayscale, iShares and Fidelity.
Among these Millennium reports that BlackRock's $IBIT ETF has its biggest allocation, with a staggering $844 million worth of Bitcoin investment.
Right after BlackRock, we have Fidelity's $FBTC fund with about $806 million worth of holdings.
MIllennium’s $2 Billion ETF holdings
Bloomberg ETF analyst Eric Balchunas commented on the recent development with Millennium, referring to the hedge fund as the “king” of Bitcoin ETF holders.
The interesting part of this is how Balchunas noted that the firm's exposure to the Bitcoin ETF market is 200 times that of the average new ETF holder among the top 500.
This development shows a great deal of bullish sentiment on Bitcoin from Millennium and several others.
Several other companies have filed 13F documents similar to Millennium.
Most of these filings, according to Bitwise’s chief investment officer, Matt Hougan, have shown a great deal of institutional interest in spot Bitcoin ETFs, despite the more frequent outflows the market has been seeing lately.
In a recent document sent to investors on 31 May, the same day Millennium made its filing, the staggering sizes of institutional investments in Bitcoin have been a huge sign of bullish waves on Bitcoin.
Hougan also mentioned that other institutional investors like Hightower Advisors, Bracebridge Capital and several others are interested in the Bitcoin ETF market and that he expects that by the 15 May filing deadline for the rest of the 13F filings, the number of institutional investors in the Bitcoin ETF market might be more than 700, with an AUM of about $5 billion.
Overall, the most recent development with Millennium Management shows a wider trend of institutional adoption when it comes to Bitcoin, with more companies and even governments jumping on the bandwagon.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.