Who Holds The Most Bitcoin ETFs? Susquehanna Reveals Over $1 Billion Million Across Ten Funds
Susquehanna has disclosed it holds over $1 billion across 10 BTC ETFs. (Photo by Michael M. Santiago/Getty Images)
- A major investment firm with $575 billion in AUM invests across ten spot BTC ETFs.
- Hong Kong-based firms are also buying U.S. BTC ETFs.
- Europe’s second-largest bank has invested in BlackRock’s IBIT.
Susquehanna International Group has unveiled that it holds over $1 billion in spot Bitcoin (BTC) exchange-traded funds (ETFs).
The fund with over half a trillion in its portfolio appears to have a huge appetite for this new asset class, increasing many of its positions since Q4 of 2024.
A Bitcoin ETF Whale
Susquehanna, a fund that ended the first quarter of 2024 with more than $575 billion in its portfolio, is perhaps the most significant investor in spot BTC ETFs.
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In its 13F-HR filing , the quantitative trading firm disclosed that as of March 31, 2024, it holds 17.27 million shares ($1.09 billion) in the Grayscale Bitcoin Trust (GBTC). Notably, the firm increased its holdings across several other Bitcoin funds.
It presently holds 1.3 million shares ($83.7 million) in Fidelity’s FBTC, 508,824 shares ($36.1 million) in Ark 21 Shares’ ARKB, 583,049 shares ($23.6 million) in BlackRock’s IBIT, and 560,832 shares (£21.7 million) in Bitwise’s BITB.
It also holds smaller positions across VanEck’s HODL ($20.6 million), WisdomTree’s BTCW ($19.3 million), Invesco’s BTCO ($11.8 million), and Valkyrie’s BRRR ($3.9 million). Notably, it has a further 7.9 million shares ($255.4 million) in Proshares BITO, though this is a futures fund and not a spot ETF.
On paper, these figures are enormous and equate to around $1.8 billion in total, but they represent a tiny fraction (approximately 0.22%) of the fund’s total assets, which are over half a trillion.
Hightower Buys In
Another investment firm, Hightower Advisors, sporting a portfolio of $130 billion also disclosed its Q1 2024 investments, revealing it now holds around $68 million worth of spot Bitcoin ETFs across four funds.
According to the May 6th, 2024, filing, Hightower holds $44.8 million in GBTC, $12.4 million in FBTC, $7.6 million in IBIT, and a modest $1.7 million in ARKB.
This also includes some smaller shares of $998k in BITB, and $788k in Franklin Templeton’s EZBC.
Hong Kong Buys U.S. ETFs
At the beginning of May, Hong Kong-based asset management firms were seemingly purchasing U.S. BTC ETFs to the tune of $112 million.
This was despite having spot BTC and spot Ethereum (ETH) ETFs launched on the Hong Kong Stock Exchange (HKEX), just days prior on April 30, 2024.
As per WhaleWisdom data , Yong Rong Asset Management purchased $38 million worth of BlackRock’s IBIT. Furthermore, Ovata Capital Management also disclosed it had purchased over $74 million worth across four funds.
Institutions are queuing up to invest in the spot Bitcoin ETF market, despite ongoing reports of negative flows from U.S.-based BTC ETFs.
More to Come
Large institutions that manage over $100 million in assets are legally obliged to disclose their quarterly holdings through 13F filings.
With a deadline of May 15, 2024, it is likely that we’ll see another string of investments into BTC ETFs from some of the wealthiest and most powerful institutions in the world.
Even BNP Paribas, Europe’s second-largest bank with over $600 billion in AUM has jumped on board. Albeit a meager $40,000 investment into Blackrock’s IBIT, it is certainly a sign of things to come for crypto.
