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These traditional finance giants bought Bitcoin ETFs last quarter
Bitcoin continues to reach new levels of real-world adoption, with traditional financial companies (TradFi) adopting the digital asset at a remarkable pace. Significant investment in spot Bitcoin exchange-traded funds (ETFs) demonstrates growing institutional interest in crypto assets.
Last quarter, an impressive number of U.S. banks, investment managers, hedge funds, and professional firms purchased Bitcoin ETFs for cash, their 13F filings with the Securities and Exchange Commission (SEC) show.
A Tweeter by digital asset investment analysis platform K33 Research revealed that 937 professional companies in the United States were invested in the Bitcoin ETF spot market as of March 31. Therefore, it can be difficult to know and list all the TradFi companies that have jumped on the Bitcoin ETF bandwagon. during the first three months of the year.
TradFi giants jump on the BTC bandwagon
Some of the largest investments in Bitcoin ETFs come from Millennium Management, a heavyweight hedge fund, and Susquehanna International Group (SIG), a global quantitative trading firm. The companies said they had invested $2 billion and $1 billion, respectively, in Bitcoin products.
The investments of Millennium Management and SIG were followed by Capital of Bracebridge, a Boston-based hedge fund that manages money for top universities like Yale and Princeton, and Boothbay Fund, another New York-based fund manager. The entities purchased ETFs worth $434 million and $377 million, respectively.
Substantial information on ETFs was also provided by major US banking firm Morgan Stanley and consulting firm Pine Ridge Advisers, with investments totaling $269 million and $205.8 million, respectively.
Additionally, alternative asset manager Aristeia Capital, investment firm Graham Capital and hedge fund manager Crcm LP reported significant exposures of $163.4 million, $102.6 million and $96.6 million dollars, respectively, to Bitcoin ETFs.
States to follow?
Many other professional companies have disclosed smaller investments in the Bitcoin ETF market. Some of them include Hightower Advisors with $68 million exposure, Fortress Investment Group with $53.6 million, Cambridge Investment Research with $40 million, Sequoia Financial Advisors with $12 million, Integrated Advisors with 11 billion dollars and Brown Advisory with $4 million.
It is worth noting that major banks like JPMorgan Chase and Wells Fargo have invested even smaller amounts, totaling $760,000 and $143,000 respectively, in the Bitcoin ETF market.
It’s also worth mentioning that most of these companies spread their investments across multiple ETFs, with Grayscale’s GBTC, BlackRock’s IBIT, Fidelity’s FBTC, and Ark Invest’s ARKB having the largest allocations.
Meanwhile, the digital asset market may soon see an influx of investments from professional public companies. The Wisconsin State Investment Council has already set the pace with $163 million exposure to Bitcoin ETFs.