Millennium Management Reports $2 Billion Investment in Bitcoin ETFs

Last Updated on May 16, 2024

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Key Takeaways:

  • Millennium Management controls nearly $2 billion in assets through its investment in various spot Bitcoin ETFs, with its largest holdings in BlackRock’s Bitcoin fund and Fidelity Wise Origin Bitcoin ETF.
  • Institutional investors, including hedge funds and investment advisory firms, are heavily investing in Bitcoin ETFs, contributing to a bullish market outlook for Bitcoin.
  • The broad base of institutional holders, as reported in recent 13F filings, signals strong professional endorsement and growing confidence in Bitcoin’s market stability.

International hedge fund Millennium Management has disclosed it controls nearly $2 billion in assets through its investment in various spot Bitcoin ETFs.

As of the first quarter of 2024, the firm reported holding $1.94 billion spread across five different Bitcoin ETF products, according to its mandatory 13F filing with the U.S. Securities and Exchange Commission.

The breakdown of Millennium’s investments includes significant allocations in several major Bitcoin ETFs.

Notably, BlackRock’s Bitcoin fund is the largest single holding, with an investment surpassing $844 million.

Close behind is the Fidelity Wise Origin Bitcoin ETF, with Millennium holding over $806 million in assets.

Other significant investments are spread across the ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin Trust.

Bloomberg ETF analyst Eric Balchunas highlighted Millennium’s substantial market presence, describing the firm as holding two hundred times the exposure of typical new ETF investors among the top 500.

The data also indicates a broader trend in the market, with investment advisory firms making up about 60% of new Bitcoin ETF purchases, while hedge funds account for approximately 25%.

This trend in institutional buying is seen as a bullish sign for Bitcoin’s future.

Matt Hougan, Chief Investment Officer at Bitwise, expressed optimism about the growing institutional interest following these disclosures.

He noted that the significant professional investment revealed by the 13F filings underscores a positive outlook for Bitcoin.

Additional reports indicate a broader base of institutional holders, including firms like Hightower Advisors, Bracebridge Capital, and Cambridge Investment Research, indicating widespread professional endorsement of Bitcoin ETFs.

Further illustrating this trend, the State of Wisconsin reported a substantial investment in Bitcoin products, holding a combined $164 million in funds offered by Grayscale and BlackRock as of May 14.

This growing institutional interest is expected to enhance Bitcoin’s market stability and investor confidence moving forward.

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