Millennium Management reveals $2 billion worth of Bitcoin ETF assets in their portfolio.

International hedge fund Millennium Management has announced that it currently holds nearly $2 billion in spot Bitcoin exchange-traded funds (ETFs) as of Q1 2024. According to its 13F filing with the US Securities and Exchange Commission, Millennium’s total holdings across five spot Bitcoin ETFs amounted to $1.94 billion as of March 31. The hedge fund diversified its holdings across various ETF products, including the ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF. Among these, BlackRock’s Bitcoin fund represents Millennium’s largest allocation, with over $844 million invested, followed closely by Fidelity’s fund with just over $806 million worth of shares held. Bloomberg ETF analyst Eric Balchunas referred to Millennium as the “king” of Bitcoin ETF holders, noting that the firm has 200 times the exposure of the average new ETF holders in the top 500. Balchunas also shared that around 60% of new spot Bitcoin ETF buyers are investment advisory firms, while approximately 25% are hedge funds. The recent 13F filings have provided insight into the institutions investing in spot Bitcoin ETFs and have made Bitwise chief investment officer Matt Hougan more optimistic about Bitcoin’s future. In a memo to investors, Hougan highlighted the significant institutional interest in these products and suggested that by the May 15 filing deadline, there may be over 700 professional firms holding Bitcoin ETFs with a total assets under management approaching $5 billion. Additionally, The State of Wisconsin disclosed that it holds a total investment amount of $164 million across two funds offered by Grayscale and BlackRock.