Bitcoin
Bitcoin ETFs Draw Bets from Millenium Global, Wisconsin Retirement System in Q1
By Suzanne McGee and Hannah Lang
(Reuters) -A handful of hedge funds, including Millennium Management LLC, and other asset managers are among the institutions that have taken stakes in recently launched U.S. exchange-traded funds (ETFs) tied to the price of bitcoin in the first quarter, from in accordance with recent regulatory filings.
New York-based Millenium revealed it had $2 billion invested in several of the new ETFs as of March 31. This included positions in BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust and funds launched by issuers such as Bitwise Investments and ARK Investment Management.
Other buyers included Boston-based hedge fund manager Bracebridge Capital, which owned $262 million worth of shares in the ARK 21Shares Bitcoin ETF at the end of the first quarter and $81 million in the BlackRock product.
Bracebridge, which did not return calls seeking comment, counts among its clients a group of institutional investors, including endowments from Yale University and Princeton University.
A document from the Wisconsin state investment board, which manages $156 billion in assets for the Wisconsin Retirement System, revealed purchases from BlackRock’s iShares Bitcoin Trust worth more than $99 million in late March. It also disclosed holding more than $63 million in shares of the Grayscale Bitcoin Trust.
The Wisconsin State Investment Board declined to comment.
Other hedge funds with positions in bitcoin ETFs included some that had already invested in bitcoin before the U.S. Securities and Exchange Commission finally approved spot bitcoin ETFs in January.
New York-based Hunting Hill Global Capital said it held $29.1 million in the Fidelity Wise Origin Bitcoin ETF and $21.3 million in the Grayscale Bitcoin Trust.
Adam Guren, founder and CEO of Hunting Hill, said the firm has been investing in Grayscale’s bitcoin fund for a year or more as the price of bitcoin and the value of its holdings rose before the ETF’s approval.
Investors have invested about $29 billion in bitcoin ETFs since January, data from Morningstar Direct showed.
The documents appear to confirm that while some hedge funds have taken large positions, retail investors – including investment advisors – remain the largest category of buyers by number. Hightower Advisors, one of the country’s largest advisory firms, disclosed holdings of about $68 million in bitcoin ETFs but declined to comment on portfolio decisions.
Quarterly disclosures, known as 13-F filings, are made to the Securities and Exchange Commission about 45 days after the end of each quarter and may not reflect current positions.
The story continues
Matt Hougan, Bitwise’s chief investment officer, noted in a memo to clients posted on social media platform . Until these records surfaced, it was difficult to determine which investors were behind the purchase of the products, which far exceeded even the most optimistic estimates and helped drive the price of bitcoin itself to new highs this year.
(Reporting by Suzanne McGee and Hannah Lang; Editing by Ira Iosebashvili, Michelle Price and Richard Chang)
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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