Millennium Management Reveals $2B Investment in Bitcoin ETFs

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International hedge fund Millennium Management has revealed it held nearly $2 billion worth of spot Bitcoin exchange-traded-funds (ETFs) as of the first quarter of this year.

Millennium held a total of $1.94 billion across five main spot Bitcoin ETFs as of March 31, according to its 13F filing with the United States Securities and Exchange Commission.

The hedge fund diversified its holdings of spot Bitcoin ETF products across ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC).

BlackRock’s Bitcoin fund was Millenium’s largest allocation, with over $844 million invested. Fidelity’s fund came in a close second with just over $806 million worth of FBTC shares held by the hedge fund.

Describing Millennium as the “king” of Bitcoin ETF holders, Bloomberg ETF analyst Eric Balchunas noted the firm held 200 times the exposure of the average new ETF holders in the top 500.

Additionally, the majority — roughly 60% — of new spot Bitcoin ETF buyers were comprised of investment advisory firms while around 25% were hedge funds, Blachunas shared.