With the release of the 13F (institutional holdings report) in the United States, the institutional positions participating in the “buying frenzy” of Bitcoin spot ETFs have also been exposed. Which ETF products have investment giants allocated to and what investment signals have they released?
(Previous summary:
Wall Street Journal: Zuckerberg Will Soon Open Up Facebook and Instagram to Bitcoin ETF Advertising
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(Background supplement:
The European Union plans to include cryptocurrencies in the 12 trillion euro investment market; experts say it will have a greater impact than US spot ETFs.
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Since the launch of Bitcoin spot ETFs, it has quickly demonstrated strong money-raising power. Recently, with the continuous release of the 13F (institutional holdings report) in the United States, the institutional positions participating in the “buying frenzy” of Bitcoin spot ETFs have also been exposed.
Over 50 billion US dollars have poured in, with the United States accounting for nearly 90% of the global market share.
When looking at the market size of Bitcoin spot ETFs worldwide, the United States is undoubtedly the dominant player. According to data monitoring by HODL15Capital, as of May 7th, US Bitcoin spot ETFs have held 8,273,210 BTC worth about 52.1 billion US dollars in the four months since their launch, accounting for 89.5% of the global market.
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However, in terms of the rate of fund growth, the inflow of funds into US Bitcoin spot ETFs mainly came from the two months after their listing, reaching a peak of 836,000 BTC in mid-March this year, and then showing a small monthly decline trend.
Among the 11 US Bitcoin spot ETFs, the top three, Grayscale, BlackRock, and Fidelity, have shown strong “money-raising power” and collectively hold up to 719,000 BTC (worth 26.91 billion US dollars), accounting for 86.9% of the overall holdings, which is more than 3.3 times that of “Bitcoin big holder” MicroStrategy. In comparison, Franklin Templeton, WisdomTree, and Hashdex have relatively weaker performance, accounting for only 8.8%.
In terms of asset size, only Grayscale and BlackRock have Bitcoin spot ETFs with over 10 billion US dollars. Among them, Grayscale has been in a state of continuous outflow of funds since the conversion from GBTC to spot ETF, and only holds 47% of the BTC quantity it had in January this year. BlackRock, on the other hand, has shown a basic growth trend in the past few months, but its expansion speed has slowed down or even slightly decreased since mid-April.
In addition, as the first market to issue Bitcoin spot ETFs in Asia, as of May 7th, the three Hong Kong Bitcoin spot ETFs have collectively held 42,560 BTC with an asset management size of 270 million US dollars. However, this is only about 0.7% of the market share of US Bitcoin spot ETFs on the first day of listing, and there has been no significant growth trend within one week of being launched.
It is worth mentioning that there have been recent rumors that the Hong Kong Bitcoin spot ETF may be included in the Shanghai-Hong Kong Stock Connect program. However, the Hong Kong ETF issuer denied this and stated that it is just a rumor, similar to the previous rumor that southbound funds can purchase Hong Kong Bitcoin spot ETFs.
Asset management is the “main force”, these three products have become mainstream choices.
The 13F report is considered an important channel for obtaining Wall Street investment trends. According to SEC regulations in the United States, institutional investors with stock assets of more than 100 million US dollars are required to disclose their current holdings of US stocks within 45 days after the end of each quarter (three months), and provide information about the destination of funds.
According to the disclosed information in the existing market, many institutions have already listed Bitcoin spot ETFs as investment targets. For example, data from Fintel shows that IBIT has 207 institutional holders and shareholders, and GBTC has 402 institutional owners and shareholders.
PANews has sorted out some institutions that have purchased Bitcoin spot ETFs and found that asset management institutions have relatively more invested capital and a more diverse selection of products, but they account for a smaller proportion of their overall investment portfolios. Banks, on the other hand, are more cautious in product selection and have limited investment capital.
Among the multiple Bitcoin spot ETFs, GBTC, IBIT, and FBTC are almost the mainstream trading varieties in the market. Interestingly, three institutions in Hong Kong have invested in US Bitcoin spot ETFs, which may be related to factors such as fee differences and background of asset custody.
Susquehanna: Over $1.3 billion worth of GBTC, FBTC, ARKB, IBIT, and BITB, etc.
Quantitative trading company Susquehanna International Group disclosed in their submitted filings that they have purchased over $1.3 billion worth of Bitcoin spot ETFs, including 17.3 million shares of GBTC (worth over $1.1 billion), 1.3 million shares of FBTC (worth $83.7 million), 508,824 shares of ARKB (worth $36.1 million), 583,049 shares of IBIT (worth about $23.6 million), 560,832 shares of BITB (worth $21.7 million), 256,354 shares of HODL (worth $20.6 million), 255,814 shares of BTCW (worth $19.3 million), 166,200 shares of BTCO (worth $11.8 million), and 192,391 shares of BRRR (worth $3.9 million). These combined investments only account for a small portion of the company’s total investment of $575.9 billion.
Ovata Capital Management: Over $74 million worth of FBTC, GBTC, BITB, and IBIT
According to the latest filing submitted to the US SEC by Hong Kong asset management company Ovata Capital Management, they have heavily invested in US Bitcoin spot ETFs, including FBTC, GBTC, BITB, and IBIT, accounting for 13.5%, 11.2%, 8.8%, and 5.6% of their investment portfolio, respectively, with a total value of over $74 million.
Hightower: Over $68 million worth of GBTC, FBTC, IBIT, ARKB, BITB, and EZBC
Asset management company Hightower, with assets under management of $130 billion, disclosed in an SEC filing that they have purchased over $68.34 million worth of US Bitcoin spot ETFs, including $44.84 million of Grayscale GBTC, $12.41 million of Fidelity FBTC, $7.62 million of IBIT, $1.70 million of ARKB, $0.99 million of BITB, and $0.79 million of EZBC. However, this portion of the investment only accounts for less than 0.1% of their total investment of $61.7 billion.
Yong Rong Asset Management: Approximately $38 million worth of IBIT
Hong Kong-based Yong Rong Asset Management has purchased approximately $38 million worth of IBIT, accounting for 12% of their investment portfolio and ranking first in terms of holdings in BlackRock’s Bitcoin spot ETF. Yongrong (Hong Kong) Asset Management Co., Ltd. is a securities investment and asset management company established in 2012, with several hundred million US dollars in assets under management. In addition to Bitcoin spot ETFs, their latest investment portfolio also includes NVIDIA, Tesla, Meta, Pinduoduo, and Luckin Coffee, among others.
United Capital Management: Over $34.9 million worth of FBTC and BITO
United Capital Management holds over 350,000 shares of FBTC and 410,000 shares of BITO, accounting for 4.9% and 3% of their latest investment portfolio, respectively, with a total value of approximately $34.91 million. United Capital Management is an investment advisory firm based in the United States and was sold to Creative Planning, one of the largest private investment advisory firms in the United States, with assets under management exceeding $436 million.
Legacy Wealth Asset Management: Over $28.5 million worth of FBTC and GBTC
Asset management company Legacy Wealth Asset Management holds over 350,000 shares of FBTC, accounting for 6.09% of their latest investment portfolio, and over 100,000 shares of GBTC, accounting for 1.84% of their investment portfolio, with a total value of over $28.5 million. Legacy Wealth Asset Management is also a major shareholder of Fidelity FBTC.
Monolith Management: Over $24 million worth of IBIT
Monolith Management, an investment company owned by former Sequoia China partner Cao Xi, revealed in a filing that they hold over $24 million worth of IBIT, ranking fifth in terms of holdings in BlackRock’s ETF, which is more than twice their investment in Meta stocks. In addition, the company’s two largest investments are NVIDIA and Microsoft.
Monolith Management is headquartered in Hong Kong and is an investment management company co-founded by former Sequoia China partner Cao Xi and former Boyu Capital secondary market partner Tim Wang. Its first fund has already exceeded $500 million in size, mainly focusing on technology-driven sectors such as technology, software, life sciences, and consumer goods.
IvyRock Asset Management: $19 million worth of IBIT
IvyRock Asset Management, a hedge fund management company based in Hong Kong, disclosed in their latest filing that they hold nearly $19 million worth of BlackRock’s Bitcoin spot ETF, IBIT.
Quattro Financial Advisors: Over $16.5 million worth of IBIT
Quattro Financial Advisors is a multi-family office and the second-largest holder of BlackRock’s Bitcoin spot ETF, holding 468,000 shares of IBIT, worth approximately $16.5 million, accounting for 5.4% of their investment portfolio.
Oxler Private Wealth: Over $11.2 million worth of IBIT
Investment platform Oxler Private Wealth holds 280,000 shares of IBIT in their latest investment portfolio, worth approximately $11.24 million, accounting for 4.4% of their portfolio.
Newbridge Financial Services Group: Approximately $1.34 million worth of GBTC
Newbridge Financial Services Group, with assets under management of over $340 million, holds approximately 20,000 shares of GBTC, worth about $1.34 million, accounting for only 0.58% of their investment portfolio worth $230 million.
The Bank of New York Mellon: Approximately $1.11 million worth of GBTC
The Bank of New York Mellon, the second oldest bank in the United States, disclosed in SEC filings that they hold 19,918 shares of IBIT and 7,108 shares of GBTC, currently worth approximately $1.113 million.
SouthState Bank: Over $570,000 worth of GBTC and IBIT
SouthState Bank disclosed investments in two Bitcoin spot ETFs in their SEC 13F filings, with a total value of $577,198, including 6,606 shares of GBTC (worth about $417,301) and 3,951 shares of IBIT (worth about $159,897). The bank’s investment in Bitcoin spot ETFs accounts for only a small portion of their reported total of $1.3 billion.
It is understood that SouthState Bank is a bank holding company based in the United States. After merging with CenterState Bank, the two entities manage a total of $34 billion in assets.
BNP Paribas: Approximately $40,000 worth of IBIT
BNP Paribas, the second-largest bank in Europe, with total assets under management exceeding $6 trillion, disclosed in their latest 13F filings with the US Securities and Exchange Commission that they hold 1,030 shares of IBIT, worth approximately $40,000.
BNP Paribas has been actively exploring the crypto field since last year, providing cryptocurrency services and participating in related investments, such as the traditional financial asset tokenization company Fnality.