- Steve Cohen’s Point72 held $77.5 million of the Fidelity Wise Origin Bitcoin Fund in the first quarter.
- Point72 joins several other hedge funds who have disclosed allocations into the spot bitcoin ETFs.
As a crypto investor, I’ve noticed that several hedge funds have recently disclosed their purchases of shares in the spot bitcoin exchange-traded funds (ETFs). Notable names include Paul Singer’s Elliott Capital and Izzy Englander’s Millennium Management. With Millennium Management holding approximately $2 billion worth of these new funds as of March 31, they are now the largest institutional investor in this space.
Among the top 25 hedge funds in the United States, data from River, a bitcoin brokerage firm, reveals that thirteen of these funds made purchases of Exchange-Traded Funds (ETFs) during the first quarter. Some of these funds, previously mentioned, include AQR Capital Management and Two Sigma. Furthermore, Fortress Investment Group and Schonfeld Strategic Advisors also joined this group in their ETF acquisitions.
As a crypto investor, I can tell you that when hedge funds buy spot ETFs, it’s not just about hoping for price increases. These investments could serve various purposes. For instance, some may engage in market making to provide liquidity and earn spreads. Others might use them as a tool for hedging against potential losses in their portfolios. And yes, some investors might buy and sell these ETFs quickly for short-term profits. It all depends on their investment strategies and goals.
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2024-05-17 23:06