US asset management giant SIG purchased $1.3 billion worth of Bitcoin spot ETF assets in the first quarter of this year, with the GBTC alone reaching $1 billion. As large investment institutions with assets over $100 million are required to disclose their quarterly holdings through 13F filings by May 15th, it is expected that more institutions will disclose their holdings in the coming week.
Since the US Securities and Exchange Commission (SEC) approved multiple Bitcoin spot ETFs for listing in January this year, it has provided investors with a convenient channel to participate in the Bitcoin market, and the market is therefore expecting more funds from outside the industry and institutional funds to flow in. The head of BlackRock’s digital asset division mentioned in an interview on the 2nd that in the coming months, financial institutions including sovereign wealth funds, pension funds, and endowment funds may start participating in spot ETF trading.
In a 13F-HR report (SEC requires investment institutions with assets over $100 million to disclose their quarterly holdings) released on the 7th, Susquehanna International Group (SIG), a quantitative trading company with assets under management of over $400 billion, revealed that it had purchased over $1.3 billion worth of Bitcoin spot ETF assets in the first quarter of this year. The GBTC alone reached $1 billion, including:
GBTC: 17,271,326 shares, valued at approximately $1.09 billion as of Q1
FBTC: 1,349,414 shares, valued at approximately $83.74 million as of Q1
IBIT: 583,049 shares, valued at approximately $23.59 million as of Q1
BITB: 560,832 shares, valued at approximately $21.70 million as of Q1
ARKB: 508,824 shares, valued at approximately $36.11 million as of Q1
BRRR: 192,391 shares, valued at approximately $3.87 million as of Q1
BTCO: 166,200 shares, valued at approximately $11.80 million as of Q1
HODL: 256,354 shares, valued at approximately $20.60 million as of Q1
BTCW: 255,814 shares, valued at approximately $19.29 million as of Q1
In addition, they also hold other Bitcoin-related assets, and together with the aforementioned Bitcoin spot ETF products, they have invested in a total of 30 types. The Bitcoin futures ETF BITO: 7,907,827 shares, valued at approximately $250 million as of Q1, with a current value of approximately $200 million. Compared to the data disclosed in the fourth quarter of last year, they increased their holdings by 57.49%.
MicroStrategy (MSTR): 244,863 shares, valued at approximately $410 million as of Q1, with a current value of approximately $300 million. Compared to the data disclosed in the fourth quarter of last year, they reduced their holdings by 14.74%.
Nevertheless, Susquehanna’s cryptocurrency positions only account for a small portion of their investment portfolio, with the total value of their investment portfolio exceeding $575.8 billion at the end of the first quarter.
As large investment institutions with assets over $100 million are required to disclose their quarterly holdings through 13F filings by May 15th, it is expected that more institutions will disclose their holdings in the coming week.
After two consecutive days of net inflows into Bitcoin ETFs, there was a net outflow yesterday. Bitcoin ETFs are increasingly becoming tools for asset management companies and financial advisors to participate in the digital asset market. In April this year, Fidelity’s Bitcoin ETF (FBTC) received a $40 million investment from two traditional financial advisory firms, Legacy Wealth Management (AUM $359 million) and United Capital Management of Kansas (AUM $436 million), with each investing $20 million in FBTC and becoming one of the major shareholders of the fund.
However, according to Sosovalue’s statistics, after 11 US Bitcoin spot ETFs experienced two consecutive days of net inflows, the data from yesterday (7th) showed a net outflow again. GBTC had a net outflow of $29 million, IBIT remained unchanged, and FBTC, ARKB, and BTCO had a net inflow of approximately $13 million. The overall net outflow was $15.64 million.
Previously, some market analysts believed that the majority of Bitcoin ETF buyers in recent months were retail investors, and institutions have not entered the market as quickly. With more institutions disclosing their holdings, we will be able to have more clues to make judgments.