Millennium Management reveals $2 billion Bitcoin ETF investments in latest disclosure.

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 United States Securities and Exchange Commission, Millennium’s total holdings of spot Bitcoin ETFs amount to $1.94 billion across five different products. These include 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 is the largest allocation for Millennium, with over $844 million invested, followed closely by Fidelity’s fund with just over $806 million worth of shares. Bloomberg ETF analyst Eric Balchunas described Millennium as the “king” of Bitcoin ETF holders, highlighting that the firm holds 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 compulsory 13F filings have provided insights into the purchasers of spot Bitcoin ETFs, leading Bitwise chief investment officer Matt Hougan to express his growing bullishness on Bitcoin’s future. In a memo to investors, Hougan emphasized that the institutional interest in these products is a positive sign for Bitcoin. He highlighted the presence of firms like Hightower Advisors, Bracebridge Capital, and Cambridge Investment Research as holders of Bitcoin ETFs. Hougan also projected that by the May 15 filing deadline, there may be over 700 professional firms and a total assets under management (AUM) approaching $5 billion. In related news, The State of Wisconsin recently disclosed that it held a total investment amount of $164 million across two funds offered by Grayscale and BlackRock.