As a researcher with experience in analyzing institutional investment strategies and the crypto market, I find Bracebridge Capital’s significant holdings in various Bitcoin spot ETFs intriguing. The fact that they are now the largest holder of these ETFs, as highlighted by Eric Balchunas, underscores their confidence in the potential growth of Bitcoin through these investment vehicles.
As an analyst, I’ve discovered that Bracebridge Capital, being a prominent hedge fund, now holds the largest stakes in several Bitcoin spot exchange-traded funds (ETFs) based on the latest 13F filing with the SEC. Institutions like Yale University and Princeton University entrust their finances to this fund.
The Boston company revealed that it holds investments in Ark Invest, BlackRock, and Grayscale’s US Bitcoin SPOT ETFs based in Boston.
Hedge Fund’s $434 Million Crypto Holdings
As a crypto investor, I recently took a closer look at Bracebridge Capital’s portfolio to gain some insights. To my surprise, I discovered that they held a substantial position in Ark Invest’s ARKB, with a total of 4,327,380 shares. In addition to this, they owned 2,486,750 units of BlackRock’s IBIT and 419,910 tokens of Grayscale’s GBTC.
The reported values for those ETF holdings stood at $307.2 million, $100.6 million, and $26.5 million respectively. As of March 31st, Bracebridge Capital’s combined worth of these ETF investments amounted to $434 million.
As a financial analyst, I’ve noticed an intriguing development in the Bitcoin Exchange-Traded Fund (ETF) landscape: The new record for holdings by institutional investors, including asset management firms like Boston-based Bracebridge Capital, has been reached. Specifically, Bracebridge reportedly holds $262 million worth of Bitcoin through the ProShares Bitcoin Strategy ETF ($ARKB), making them the largest investor in this particular fund. Moreover, they have amassed an impressive $81 million stake in the Bitwise Bitcoin Cash Trust ETF ($IBIT). To put it simply, their recent acquisitions reflect a significant increase in their exposure to Bitcoin through these ETFs, marking a noteworthy milestone in institutional adoption of this digital asset. Additionally, they hold $20 million in the Grayscale Bitcoin Trust ETF ($GBTC), bringing their total Bitcoin investments to a substantial level.
— Eric Balchunas (@EricBalchunas) May 13, 2024
Expert: Eric Balchunas, an analyst at Bloomberg, brought attention to Bracebridge Capital’s significant influence in the Bitcoin ETF market, specifically within Ark Invest and BlackRock’s funds. Balchunas declared, “The new record for Bitcoin holdings in ETFs has been surpassed.”
A recent disclosure by Wisconsin’s State Investment Board revealed a purchase of approximately $99 million in BlackRock’s Bitcoin exchange-traded fund (ETF).
ETFs Dominate Bracebridge Capital’s Portfolio
Based on Ark’s website information, Bracebridge Capital’s investments in ARKB exceed those held by Cathie Wood’s company.
Balchunas pointed out that a significant proportion of Bracebridge Capital’s investment portfolio is now occupied by these ETFs. Specifically, ARKB holds the largest share with a 61.1% allocation, whereas IBIT and GBTC account for 20% and 6.6%, respectively.
“Another striking point is the large number of holders each possesses at this early stage in the market,” or “IBIT has amassed over 250 holders, an astonishing figure for Q1.”
What is also notable IMO is the sheer number of holders that each has so far.. $IBIT is up to 250. That’s bonkers for first quarter on mkt. Here’s comparison of the other ETFs launched same week-ish as btc ones. And we still have like a week of 13Fs to roll in yet.
— Eric Balchunas (@EricBalchunas) May 13, 2024
Although 13F filings offer useful information about Bracebridge Capital’s long investments, they don’t reveal the full extent of its investment approach since short positions aren’t obligated to be reported.
Institutional investment managers with at least $100 million in equities under their management submit 13F filings to the SEC every quarter. These reports provide insight into the securities they held at the end of each reporting period.
A community member warned against relying too heavily on 13F reports to determine the weighting of Bracebridge’s fund portfolio, emphasizing that these reports offer limited understanding of Bracebridge’s true perspectives towards the reported securities.
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2024-05-14 19:34