Millenium Hedge Fund emerges as dominant holder of Bitcoin ETFs

Exciting news in the world of hedge funds! Millennium Management, a top player in the industry, has made a bold move by investing over $2 billion in Bitcoin ETFs. This significant investment has caught the attention of Eric Balchunas, Bloomberg’s chief ETF analyst.

They’ve acquired shares from BlackRock’s IBIT, Fidelity’s FBTC, Grayscale’s GBTC, and more. Interestingly, this hedge fund, founded by American billionaire Israel Englander, has now emerged as a leader in the list of ETF holders.

All eyes were on the firms to submit their 13F forms before the May 15 deadline. These forms provided insight into the current rate of Bitcoin ETF adoption across the industry.

The diversity among the initial batch of ETF holders has impressed Balchunas, showcasing participation from various institution types.

Recent revelations from the State of Wisconsin Investment Board (SWIB) have further highlighted the growing interest in Bitcoin, with the board managing to secure nearly $100 million worth of the digital currency. Other notable holders include Pine Ridge Advisers, Edmond de Rothschild (Suisse), JPMorgan, Well Fargo, and Susquehanna International Group.

While hedge funds dominate the list of advisors, there remains a notable absence of university endowments, as noted by Balchunas.

Vanguard Stays Out of the Bitcoin ETF Buzz

Amidst the Bitcoin ETF frenzy, Vanguard seems content to stay on the sidelines for now.

Incoming CEO Salim Ramji has already made it clear that launching an ETF is not in Vanguard’s immediate plans. The question remains whether they will allow Bitcoin ETFs on their brokerage platform in the future.

Interestingly, Ramji’s background includes being a former BlackRock exec involved in the successful launch of the asset manager’s Bitcoin ETF.