2024-05-08
A quantitative trading firm called Susquehanna International Group recently made a substantial investment in Bitcoin exchange-traded funds (ETFs) during the first quarter of 2024.
According to a 13F-HR filing on May 7, the firm disclosed that they owned 17,271,326 shares of the Grayscale Bitcoin Trust (GBTC) with a market value of approximately $1.09 billion as of March 31, 2024.
They also reported owning 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), valued at around $83.74 million on the same date.
Furthermore, Susquehanna increased its stake in the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to Bitcoin futures contracts.
As of March 31, they held 7,907,827 shares of BITO, valued at approximately $255.42 million. This represents a significant 57.59% increase from their previous filing in February.
It is worth mentioning that while Susquehanna had indirect exposure to Bitcoin through MicroStrategy stock, they reduced their stake in MicroStrategy by nearly 15% during the portfolio rebalancing.
Their holdings decreased from 287,180 shares in February to 244,863 shares on March 31.
It is important to note that although Susquehanna's cryptocurrency investments constitute a small portion of their overall portfolio, their total portfolio was valued at over $575.8 billion at the end of the first quarter.
Notably, their top investments include NVIDIA Corporation and the SPDR S&P 500 ETF Trust.
In addition to their Bitcoin fund investments, Susquehanna acquired new holdings in the past quarter.
These include shares of Convertible Zero, bonds from NRG Energy Inc., and preferred stocks in Albemarle Corporation.
Bitcoin funds are gaining popularity among trading firms and financial advisers as a means to gain exposure to digital assets.
In April, Fidelity's Bitcoin ETF received a $40 million investment from Legacy Wealth Management and United Capital Management of Kansas, two traditional financial advisers. Each adviser invested $20 million in FBTC, making them top shareholders of the fund.
These advisers are particularly favored by baby boomers, who hold a significant portion of the country's wealth.
Legacy Wealth Management manages assets exceeding $359 million, while United Capital Management of Kansas oversees more than $436 million in assets.
