In this report, we examine the latest 13F filings from various institutional investors who have declared holdings in Bitcoin ETFs and identify the largest holders. Key findings from the analysis include:

Key Findings

• • As of the end of Q1 2024, 942 institutions have invested around $1B in Bitcoin ETFs.

• • This investment is divided approximately 80/20 between retail and institutional investors.

• • The largest institutional holders are Millennium Management, Horizon Kinetics, and Schonfeld Strategic Advisors.

What are 13F Filings?

Form 13F filings are quarterly reports mandated by the U.S. Securities and Exchange Commission (SEC) for significant institutional investment managers with assets exceeding $100 million. These filings provide a detailed account of the securities held by major institutional investors. The form must be filed within 45 days after the end of each calendar quarter via the SEC’s EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system. For Q1 (ending March 31), the filing deadline was May 15, and the reports are now available. Let’s delve into the details.

Institutional Bitcoin Spot ETFs Holdings: A Deep Dive

Our database of 13F filings includes 942 entities reporting on their holdings of 11 Bitcoin ETFs valued at $11B. Below, we present the frequency statistics by ETF Ticker. Predictably, the largest reported holdings are Grayscale’s $GBTC (over $4B), Blackrock’s $IBIT (over $3B), and Fidelity’s $FBTC (over $2 billion). These are followed by ARK and Bitwise.

The figure below shows the largest ETF holders by total holdings. 

The figure below highlights the largest ETF holders by total holdings. Millennium Management, Horizon Kinetics, Schonfeld Strategic Advisors, Boothbay Fund Management, and Morgan Stanley are the top five, excluding Susquehanna and Jane Street Group, who are also market makers and liquidity providers. The State of Wisconsin Investment Board is also notable on this list. Let’s explore these entities in more detail.

Millennium Management

Millennium Management is one of the largest and most successful hedge funds globally, with assets under management (AUM) exceeding $64 billion and more than 5,600 employees. They previously invested in Bitcoin futures and other crypto-related products. They currently hold almost $2 billion in spot Bitcoin ETF products, representing approximately 3% of their portfolio.

Horizon Kinetics

Horizon Kinetics is a private investment advisory firm offering portfolio management and consulting services to individuals, high-net-worth individuals, trusts, and estates. Recent reports indicate it manages around $7 billion in assets. The firm’s investment philosophy is long-term and value-driven. They consider Bitcoin a hedge against inflation and a non-correlated asset. In a 2022 blog post, Murray Stahl, the firm’s co-founder, wrote: “The future Bitcoin return should be genuinely extraordinary.” They now own nearly $1 billion in Bitcoin ETFs, a 14% portfolio allocation.

Schonfeld Strategic Advisors

Schonfeld Strategic Advisors is a private multi-manager platform hedge fund with a long-term focus, offering fundamentals-driven strategies alongside tactical funds. One of their key principles is patience and a long-term perspective. Schonfeld manages approximately $13.8 billion (as of 2023) in assets and employs around 1,000 people. They reported owning $408 million in Bitcoin, a 3% portfolio allocation.

Boothbay Fund Management

Boothbay Fund Management is a multi-strategy hedge fund manager founded by Ari Glass in 2011. The firm invests in a broad array of areas, including equities, fixed income, and credit. Boothbay is known for its flexibility and opportunistic approach, seeking to capitalize on market dislocations and inefficiencies. They have actively employed crypto arbitrage strategies for several years. Boothbay oversees around $4 billion in assets and now owns $377 million in Bitcoin ETFs, a 9.4% total portfolio allocation.

Morgan Stanley

Morgan Stanley is a leading investment banking and wealth management provider, managing a portfolio of approximately $1.5 trillion in assets. In 2021, the firm allowed its wealth management clients access to three Bitcoin funds, marking a significant step for the organization. CEO James Gorman recently stated: “Bitcoin is not going away. It’s not a fad. I just don’t think it’s a core investment. I think it’s a speculative asset of which there are plenty of choices.” They now hold $272 million in Bitcoin ETFs, which is small relative to the company’s total AUM but aligns with its traditionally cautious stance.

State of Wisconsin Investment Board

The State of Wisconsin Investment Board (SWIB) is a public pension fund responsible for managing the assets of the Wisconsin Retirement System (WRS) and several other state trust funds, established in 1951. SWIB oversees approximately $156 billion in assets and reports owning $163 million in Bitcoin ETFs, a 0.1% total portfolio allocation. For a pension fund, this is a promising start. Their recent 13F filings indicate that their investment portfolio (excluding cash) is valued at $37 billion, making their Bitcoin allocation 0.44% of the investment portfolio.

Conclusion

The latest 13F filings indicate that well-capitalized institutions are beginning to allocate to Bitcoin. Major hedge funds, investment banking providers, and pension funds are among those on the list. Collectively, they have invested nearly $11B, signaling growing confidence in Bitcoin as a reputable asset class. Once Bitcoin enters institutional portfolios, it is unlikely to be removed given the rapid appreciation of its price, especially in a slow-growth environment where ever-increasing national debt threatens to devalue the currency.

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