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These traditional finance giants purchased Bitcoin ETFs last quarter
Bitcoin continues to hit new levels of real-world adoption, with traditional financial firms (TradFi) embracing the digital asset at a remarkable pace. Significant investment in Bitcoin exchange-traded funds (ETFs) indicates growing institutional interest in cryptocurrencies.
Last quarter, an impressive number of US banks, investment managers, hedge funds and professional firms purchased spot Bitcoin ETFs, as seen in their 13F filings with the Securities and Exchange Commission (SEC).
A tweet from digital asset investment analysis platform K33 Research revealed that 937 professional firms in the United States invested in the Bitcoin ETF spot market as of March 31. Therefore, it may be difficult to know and list all the TradFi companies that have jumped on the Bitcoin ETF bandwagon. in 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 reported investments of $2 billion and $1 billion respectively in Bitcoin products.
Investments from Millennium Management and SIG follow 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.
Important information on ETFs also came from the main US banking company Morgan Stanley and from the consultancy firm Pine Ridge Advisers, with investments totalizing $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 respectively to Bitcoin ETFs.
States to follow?
Many other professional firms 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 of dollars and Brown Advisory with 4 million dollars.
Interestingly, major banks such as 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 firms spread their investments across several ETFs, with Grayscale’s GBTC, BlackRock’s IBIT, Fidelity’s FBTC, and Ark Invest’s ARKB seeing the largest allocations.
Meanwhile, the digital asset market may soon witness an influx of investment from state-owned professional firms. The State of Wisconsin Investment Board has already done so set the pace with $163 million exposure to Bitcoin ETFs.