Complete list of 1,000 Bitcoin spot ETF buyers: total investment exceeds $11.5 billion, with hedge funds accounting for the majority

Author: Nian Qing, ChainCatcher

After the recent deadline (May 15) to submit first-quarter 13F reports to the U.S. Securities and Exchange Commission, a total of about 1,000 institutions Holds approximately $11.55 billion in Bitcoin spot ETFs.

Institutional investment levels in Bitcoin ETFs vary. Among them, a total of 18 institutions hold related assets of more than 100 million U.S. dollars, a total of 102 institutions hold related assets of more than 10 million U.S. dollars, and There are 371 institutions with relevant assets exceeding US$1 million. The BTC ETF assets held by most institutions only account for a small part of their total asset management scale.

Most of the 18 institutions holding relevant assets of more than US$100 million are well-known hedge funds and asset management companies, such as Millennium Management (Millennium), Jane Street Group, Schonfeld Strategic Advisors, etc. Similarly, large institutions are Investments in cryptoassets only account for a small portion of its total assets under management.

In addition, although 13F documents have become an important indicator in the investment community, the holding of spot Bitcoin ETFs by these institutions does not mean that they are bullish on Bitcoin. For high-frequency trading, cryptocurrency is only a volatile asset. Most institutions purchase Bitcoin for speculative trading strategies and do not fully recognize any fundamental value of Bitcoin. Does this mean that after the United States officially passed the BTC spot ETF in January this year, the market still lacks long-term holders of Bitcoin?

But overall, as of the first quarter, the asset size of the spot BTC ETF exceeded $11 billion, making it the most successful ETF issuance in history. BTC ETF Promotes Bitcoin as a recognized financial asset and opens up avenues for professional investors, hedge funds, family offices and institutions to participate in Bitcoin investments . Institutional interest in BTC ETF is growing.

About 13 F File

The full name of 13F is SEC Form 13F, U.S. Securities and Exchange Commission ( SEC) stipulates that investment institutions or advisors with assets under management exceeding US$100 million must submit quarterly reports within 45 days after the end of each quarter, disclosing their common stocks (including ETFs), options, and American Depositary Receipts (ADRs). ), convertible bonds, etc., and provide detailed descriptions based on types of securities, name and number of stocks, total market value, etc.

An institution’s 13F filing should be submitted to the SEC within 45 days after the end of the calendar year quarter, usually February 15, May 15, August 15, 11 each year Before the 15th of the month (if it falls on a holiday, the deadline is the next working day), the report will be made public in the SEC's database (EDGAR) after submission. Most institutions wait until close to the deadline to submit in order to conceal their investment strategy from competitors. The data in Q2’s 13-F file deserves more attention from the encryption market, and ChainCatcher will continue to pay attention.

In this article, ChainCatcher compiled a complete list of institutions in descending order of investment amount based on the BTC ETF holders list in the 13F file released by ccn.com. Let’s first take a look at the spot BTC ETF holdings. Who are the ten institutions with the largest number——

The ten institutions that hold the largest number of spot BTC ETFs

#1. Millennium Management (Millennium Management Company) Keywords: Hedge Fund

Millennium Management is a A global investment company founded in 1989 by Israel Englander. The firm is best known for its multi-strategy hedge funds. Millennium had about $2 billion invested in several ETFs as of the first quarter of this year, including BlackRock's iShares Bitcoin Trust (IBIT.O), Grayscale Bitcoin Trust and funds from issuers such as Bitwise Investments and ARK Investment Management. Total assets in Q1 were US$234 billion, with crypto investments accounting for less than one percent.

2. Susquehanna International Group (SIG, Susquehanna International Group) Keywords: market maker, asset management, venture capital fund

SIG was founded in 1987. Its business scope covers securities investment, trading, financial services, etc. Its most well-known expertise is the pricing and trading of financial derivatives (especially stock options). It is also the "designated market maker" for approximately 600 stock options and 45 stock index options on the Chicago Board Options Exchange, the American Stock Exchange, the Philadelphia Stock Exchange, and the International Stock Exchange. It is responsible for including Google, Goldman Sachs, JPMorgan Chase, General Motors, Electric, PepsiCo, Microsoft and other big-name stocks. Haina Asia owns about 15% of ByteDance.

Although SIG invested $1.326 billion in the BTC ETF, the investment represents only a small portion of its portfolio. The company’s assets under management at the end of the first quarter were $576 billion. Crypto investments accounted for Only two thousandths.

3. Horizon Kinetics Asset Management Company）Keywords: Hedge Fund, Asset Management Flat Earth Dynamics Co., Ltd. was established in May 2011 through the merger of Horizon Asset Management Co., Ltd., established in 1994, and Dynamics Asset Management Co., Ltd., established in 1996. As early as 2016, Flat Earth Dynamics allocated 1% of its share to invest in the Grayscale Bitcoin Trust Fund. In 2020, the share of the Grayscale Bitcoin Trust held ranked fifth. Its company also issued a "Blockchain Development ETF" , which primarily invests in equity securities, American depositary receipts and global depositary receipts of listed blockchain development companies. The firm’s assets under management at the end of the first quarter were $5.3 billion, with 17.8% of the $946 million invested in BTC ETFs.

4. Jane Street Group

Keywords: hedge funds, market makers

Jane Street is a quantitative trading company The founders of companies and liquidity providers, SBF and many other crypto circles are from Jane Street. Although Jane Street announced the reduction of its encryption business when U.S. policy tightened after the FTX incident in May last year, it has actually been providing market making for the encryption industry. Jane Street Capital is also still investing in the crypto space. In addition, Jane Street is also an authorized dealer of Bitcoin spot ETFs designated by Grayscale, Fidelity, and WisdomTree.

The company’s assets under management at the end of the first quarter were $478 billion, and the $634 million invested in BTC ETFs represented just one-thousandth.

5. Schonfeld Strategic Advisors

Keywords: Hedge Fund

Schonfeld Strategic Advisors is a hedge fund headquartered in New York , founded in 2015, Schonfeld Consulting was formerly the family office run by Mr. Steven Schonfeld. Schonfeld invested US$248 million in IBIT and US$231.8 million in FBTC in the first quarter, for a total of US$479 million.

The company’s assets under management at the end of the first quarter were $15 billion, with $480 million invested in BTC ETFs accounting for 3.2%.

6. Bracebridge Capital

Keywords: Hedge Fund

Bracebridge Capital is a hedge fund headquartered in Boston, USA fund. Established in 1994 to manage funds from the endowments of Yale University and Princeton University.

Bracebridge Capital has invested heavily in Bitcoin spot ETFs this year, including $300 million of Ark 21Shares’ ARKB and $100 million of BlackRock’s IBIT, as well as $26.52 million of Grayscale GBTC, accounting for its total assets 86%. The ARKB it bought accounted for 9.94% of the total outstanding shares, even higher than the 6.68% held by Ark itself.

7、Boothbay Fund Management

Keywords: Hedge Fund

Boothbay Fund Management is a New York City-based institutional investment firm founded in late 2011 and run by renowned fund manager Ari Glass, where it manages two global multi-strategy multi-manager funds. Boothbay Fund Management has been investing in cryptocurrencies since 2013.

Boothbay Fund Management disclosed $377 million in spot BTC ETF investments, including $149.8 million in IBIT, $105.5 million in FBTC, $69.5 million in GBTC, and $52.3 million in BITB. Its Q1 asset management scale was US$5.2 billion.

8. Morgan Stanley

Keywords: hedge fund, asset management

Morgan Stanley Danley is an international financial services company established in New York, USA, providing financial services including securities, asset management, corporate mergers and reorganizations, and credit cards. As of March 31, Morgan Stanley held nearly $270 million in GBTC. It opened allocations to the underlying ETF to clients shortly after the BTC spot ETF was approved in January, so the investments were likely made on behalf of clients rather than the bank’s own bets on Bitcoin.

Its Q1 asset management scale is as high as 1.2 trillion US dollars, and crypto investment accounts for a very small proportion.

9, ARK Investment Management

Keywords: investment funds, asset management

ARK Invest is a company headquartered in the United States A New York-based asset management company founded in 2014 by Cathie Wood. The assets held in Q1 were approximately US$14 billion, and the stocks with the largest holdings were COIN (Coinbase) and TSLA (Tesla).

In January this year, 21Shares and ARK Invest officially launched the Bitcoin spot ETF. Shortly after the relevant ETF was issued, one of Ark Investment’s ETF products, ARK Next Generation Internet ETF, sold its $16 million position in the Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, to purchase 365,427 shares of ARK issued by Ark Investment. The 21 Shares Bitcoin ETF has expanded in size and, following purchases of the ETF, the ARK 21 Shares Bitcoin ETF now represents approximately 1% of ARKW’s total position.

10. Pine Ridge Advisers

Keywords: Investment Advisor

Pine Ridge Advisers was established in 2014 American Investment Advisors, Inc. The current asset management scale is US$855 million, and the company has US$205 million in IBIT, FBTC and BITB, accounting for 23% of its total management scale. According to analysts' analysis, Pine Ridge Advisers may be doing arbitrage trading instead of allocating 1/4 of its clients' investment portfolios to Bitcoin as some investment advisors do.

Spot BTC ETF buyersList (investment amount exceeds 1 million US dollars)

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