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A $2 billion bet on the rise of this digital currency

Millennium Management, a global investment firm with assets of over $60 billion, revealed its significant Bitcoin exchange-traded fund (ETF) holdings for the first quarter of 2024.

According to a recent 13F filing with the Securities and Exchange Commission (SEC), Millennium holds approximately $1.9 billion in various Bitcoin ETFs in the United States.

Increase investments Bitcoin ETF Institutional

Include The company's largest holdings are BlackRock's iShares Bitcoin Trust (IBIT), Fidelity's Wise Origin Bitcoin Fund (FBTC), and the Grayscale Bitcoin Trust ETF (GBTC). Additionally, Millennium holds smaller stakes in the ARK 21Shares Bitcoin ETF (ARKB) and the Bitwise Bitcoin ETF (BITB). Specifically, the filing details Millennium's investments as $844.2 million in IBIT, $806.7 million in FBTC, $202 million in GBTC, $45 million in ARKB, and $44.7 million in BITB.

IBIT ownership at Millennium.
IBIT ownership at Millennium. Source: Vintel

Other leading asset managers are also increasing their Bitcoin ETF holdings. I reported Pine Ridge Around $205 million in IBIT, FBTC and BITB. Meanwhile, Schoenfeld Strategic Consulting revealed on $248 million in IBIT and $231.8 million in FBTC. With a total of 479 million dollars.

Matt Hogan, chief investment officer at Bitwise, highlighted the significant trend in institutional investment in Bitcoin ETFs. According to Hogan, approximately 563 professional investment firms reported holding $3.5 billion in Bitcoin ETFs as of Thursday. By the application deadline, the market is expected to see more than 700 professional firms and total assets under management (AUM) approach $5 billion.

“This is absolutely huge for any financial advisor, family office or organization wondering if they are the only one considering exposure to Bitcoin, the answer is clear: you are not alone.” Confirm Hogan.

Hogan compared the interest in Bitcoin ETFs to gold ETFs launched in 2004, which were considered very successful. Gold ETFs attracted more than $1 billion in their first five days. With only 95 professional firms investing in the initial 13F filing.

“From a general shareholder perspective, Bitcoin ETFs are a historic success,” he said.

Although most investment in Bitcoin ETFs currently comes from retail investors, Hougan pointed to the possibility of a growing trend among institutions. For example, Hightower Advisors has $68 million allocated to Bitcoin ETFs, or just 0.05% of its assets. Hogan expects these allocations to increase over time, potentially reaching significant proportions within institutional portfolios.

“Multiply that by the growing number of professional investors involved in the sector,” he explained, “and you can start to see what’s behind my enthusiasm.”

Learn more: Bitcoin ETFs have recorded the largest negative flows since their launch. Will the price continue to fall?

In fact, significant investments made by institutions such as Millennium Management highlight the growing integration of cryptocurrencies into traditional financial portfolios. This growing institutional support indicates long-term confidence in the potential of digital assets. Which could pave the way for wider adoption of encryption.

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