As Bit coin ETFs become more widespread on Wall Street, institutional investors are adjusting their investment portfolios. The latest 13F filings show how hedge funds and major banks changed their holdings in major Bit coin ETFs in the third quarter of 2024, highlighting the accelerating adoption of crypto assets and the shift in strategies.
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Toggle13F Filings: A Barometer of Wall Street Investment Trends
The U.S. Securities and Exchange Commission (SEC) requires institutional investors with at least $100 million in assets under management to file 13F reports quarterly, disclosing their stock holdings (excluding short positions). These reports have become an important window into the strategies of large investment portfolios and top asset managers.
The report for the third quarter of 2024 shows that with the launch of a spot Bit coin ETF in January, crypto currencies are becoming more deeply integrated into the bedrock of Wall Street. According to The Block report, BlackRock's IBIT has nearly 700 institutional investors, with a total of 160.2 million shares worth about $8.3 billion, a significant increase from the 414 institutional holders in the previous quarter.
Among them, Millennium Management is the largest holder of IBIT, with the hedge fund increasing its position by 12.6 million shares this quarter, bringing its total holdings to 23.5 million shares worth $848 million. In addition, the fund also holds 11.6 million shares of the Fidelity Wise Origin Bit coin Fund (FBTC), worth $644 million.
Furthermore, the top European hedge fund Capula also increased its holdings in IBIT and FBTC by 1.1 million shares each this quarter, worth $308 million and $288 million respectively. Meanwhile, Wall Street investment bank Goldman Sachs purchased 5.77 million shares of IBIT, bringing its total position to 12.7 million shares worth $710 million, making it the second-largest IBIT holder.
However, some institutions have chosen to reduce their Bit coin ETF holdings. For example, Citadel, Morgan Stanley, and Steve Cohen's Point72 have all reduced their IBIT positions.
Market Perspectives and Future Outlook
Bernstein analysts in their latest report noted:
"As more and more institutional investors re-evaluate their anti-crypto currency stance, we are witnessing a new round of structural market allocation. If you choose to hold for the long term, Bit coin's history will be on your side."
Additionally, the options trading for spot Bit coin ETFs could start as early as this week, further strengthening their penetration on Wall Street.
