Institutional investors juggle bitcoin ETF holdings, US filings show

By Suzanne McGee

(Reuters) -A fig of high-profile plus managers chopped their stakes successful spot bitcoin exchange-traded funds amid a 12% driblet successful the cryptocurrency's terms successful the archetypal 4th of 2025, according to caller regulatory filings.

This marks a displacement from erstwhile quarters erstwhile plus managers had typically accrued their holdings successful spot bitcoin ETFs, arsenic shown successful erstwhile quarterly 13-F filings with the Securities and Exchange Commission.

Spot bitcoin ETFs, which made their marketplace debut successful January 2024, present overgarment a much analyzable picture. Hedge funds trimmed their holdings portion immoderate fiscal advisory firms and wealthiness funds boosted oregon rebalanced their positions.

"What we witnessed successful the archetypal 4th was the illness of the premium that radical were paying for bitcoin futures, which had acceptable up a precise lucrative ground trade," said Matt Hougan, main concern serviceman of Bitwise Asset Manager.

Hedge funds seeking to nett from the dispersed betwixt spot and futures prices could seizure annualized yields successful the portion of 15%, Hougan said.

"But that premium collapsed and reached its nadir astir the extremity of March," helium said. "So I'm not amazed to spot hedge funds trim their holdings."

Millennium Management LLC chopped its holdings of iShares Bitcoin Trust ETF by 41% to 17.6 cardinal shares and exited its presumption successful the Invesco Galaxy Bitcoin ETF. It accrued its involvement successful lone 2 ETFs, boosting its holdings of the ARK 21 Shares Bitcoin ETF and the Grayscale Bitcoin Mini Trust.

Jersey-based Brevan Howard trimmed its involvement successful the iShares ETF by 15.6%.

The State of Wisconsin Investment Board, 1 of the earliest organization investors to marque a important allocation to spot bitcoin ETFs successful the archetypal 4th of 2024, sold its full six cardinal stock presumption successful the iShares Bitcoin Trust successful the archetypal 3 months of this year.

Meanwhile, Brown University made its archetypal foray into cryptocurrency ETF ownership during the aforesaid period, acquiring a involvement successful the aforesaid ETF, worthy $4.9 cardinal astatine the extremity of March.

Neither the authorities pension money nor representatives from Brown University responded to requests for remark connected their moves.

Abu Dhabi's Mubadala sovereign wealthiness money added to its holdings of the iShares ETF successful the archetypal quarter, bringing its full presumption to 8,726,972 shares, valued astatine $408.5 million.

"What volition beryllium astir important for maine is whether, erstwhile each the information is yet successful and we tin analyse it, much concern advisory firms are stepping in," said Hougan.

"That question of adoption whitethorn beryllium a slow-moving train, but it has guardant momentum."

(Reporting by Suzanne McGee; editing by Diane Craft)