Author: Nancy, PANews
While the price of Bitcoin is in a period of volatility, the US Bitcoin spot ETF has shown strong momentum, the investment group is constantly expanding, and the holdings are expected to exceed Satoshi Nakamoto in the near future. PANews previously published an article introducing the investment giants who participated in the Q1 sweep this year. With the release of the latest quarterly 13F holdings report, the holdings of Bitcoin spot ETFs have also changed. According to Bloomberg, 701 new funds have recently disclosed their holdings of Bitcoin ETFs, and the total number of holders is close to 1,950. And Bitwise data shows that two-thirds of institutional holders continued to hold or increase their holdings in Q2, but 34% of institutions chose to reduce or liquidate their holdings.
In this article, PANews counted the changes in Bitcoin spot ETF holdings of 18 mainstream institutions in the second quarter. These institutions held a total of US$6.27 billion worth of Bitcoin spot ETFs. Most of them adjusted their positions. Many of them chose to increase their holdings of IBIT (BlackRock's iShares Bitcoin Trust) and FBTC (Fidelity Bitcoin ETF). There were also many that intensively reduced or liquidated GBTC (Grayscale's ETF). These institutions mainly cover hedge funds, quantitative institutions, asset management companies, pension funds and banks.
Morgan Stanley: Increased holdings of IBIT by US$188 million, GBTC reduced holdings by more than 99%
After investing nearly $270 million in GBTC in Q1 this year, Morgan Stanley made significant adjustments in the second quarter. According to the quarterly disclosure documents submitted by Morgan Stanley to the US SEC, as of June 30, Morgan Stanley held nearly 7 million shares of IBIT, worth about $238 million (increased holdings worth $188 million), accounting for 1.45% of its investment portfolio. It also held a small amount of Ark ARKB and GBTC shares, of which GBTC positions were reduced by more than 99.4% to about $148,000. Morgan Stanley also plans to start recommending Bitcoin spot ETFs in August, becoming the first major bank on Wall Street to promote it, but it is limited to IBIT and FBTC. The bank is also keeping a close eye on Ethereum spot ETFs and has not yet decided whether to open these investment products to customers.
Goldman Sachs: Increased holdings valued at more than $400 million, making it the third largest holder of IBIT
Goldman Sachs became one of the major banks that held a large number of Bitcoin spot ETFs in the second quarter. The 13-F document shows that as of June 30, Goldman Sachs purchased a total of approximately $418 million worth of Bitcoin spot ETFs, accounting for 0.7% of the portfolio, including 6.9 million shares of IBIT (worth nearly $240 million), 1.51 million shares of FBTC (worth $79.5 million), more than 660,000 shares of GBTC (worth $35 million), BTCO (worth $56.1 million), nearly 254,000 shares of BITB (worth $8.3 million), approximately 11,000 shares of BTCW (worth $749,000) and 5,000 shares of ARKB (worth $299,000). Among them, Goldman Sachs is currently the third largest holder of IBIT, second only to hedge fund Millenium Management and London-based Capula Management.
In May this year, Goldman Sachs actively changed its position and said that the Bitcoin spot ETF had obviously achieved amazing success and the approval was a major "powerful turning point". The agency also stated that its clients usually only focus on Bitcoin and Ethereum, two products that have tradable futures on the Chicago Mercantile Exchange (CME).
Bank of America: Increased holdings of IBIT and FBTC, GBTC position reduced by 80%
Bank of America has already provided Bitcoin spot ETFs to its wealth management clients in the first quarter. The 13-F document shows that as of June 30, Bank of America held a total of $5.197 million worth of Bitcoin spot ETFs, including $2.8 million worth of IBIT (a 31% increase from Q1), $1.5 million worth of FBTC (a 21% increase from the previous quarter), $847,000 worth of BITB, and $50,000 worth of GBTC (an 81% reduction from Q1).
Wells Fargo: Continues to hold nearly $120,000 worth of GBTC
Wells Fargo & Co, the third largest bank in the United States, also held exposure to the U.S. spot Bitcoin ETF in the first quarter. The 13-F document shows that as of June 30, Wells Fargo continued to hold 2,245 shares of GBTC in the second quarter, worth $119,000, but had liquidated 37 shares of BITO and sold 52 shares of crypto ATM provider BitcoinDepot.
Recently, according to the disclosure by crypto KOL @AP_Abacus on the X platform, multiple sources said that Wells Fargo may follow Morgan Stanley in providing Bitcoin ETFs to customers.
Millennium Management: Positions reduced by more than 40%, with IBIT reducing holdings the most
Hedge fund Millennium Management held over $2 billion worth of Bitcoin spot ETFs in the first quarter, becoming the largest holder. The 13-F document shows that Millennium Management held approximately $1.14 billion worth of Bitcoin spot ETFs this quarter, accounting for 0.5% of the total asset size ($215.9 billion), a decrease of more than 40% from Q1. Among them, FBTC reduced its holdings by 14% (currently holding $589 million), IBIT reduced its holdings by 48% (currently holding $371 million), and GBTC reduced its holdings by 52% (currently holding $82 million), but at the same time increased its holdings of BITB by 71% (currently holding $65 million). It is worth mentioning that Millennium Management also increased its holdings of MSTR by 8837%, with a holding value of $121 million.
Horizon Kinetics Asset Management: Slightly reduced GBTC holdings and increased FBTC holdings by approximately $300,000
Horizon Kinetics is a traditional fund management company in the United States. The 13-F document shows that as of June 30, Horizon Kinetics held more than $810 million worth of Bitcoin spot ETFs, including $790 million worth of GBTC (56,000 shares sold), $24.58 million worth of IBIT (3,108 shares sold), and $299,000 worth of FBTC.
Jane Street: Increased holdings of IBIT worth more than US$200 million, and GBTC positions decreased by 83%
Hedge fund Jane Street increased its holdings of IBIT for the first time in Q2 and reduced its holdings of Bitcoin ETFs such as GBTC. The 13-F document shows that Jane Street holds more than $1.04 billion in Bitcoin spot ETFs, including $221 million worth of IBIT, $233 million worth of FBTC, $12.53 million worth of BTCO, and $13.48 million worth of EZBC for the first time this quarter, but reduced its holdings of GBTC (worth about $16.55 million) by 83%, $14.664 million worth of BITB, $177 million worth of ARKB, and $22.04 million worth of HODL.
Susquehanna International Group: Reduced holdings of GBTC by more than 40% and increased holdings of 4 ETFs
Quantitative trading company Susquehanna International Group was previously one of the companies that invested the most in Bitcoin spot ETFs, with purchases worth more than $1.3 billion. The 13-F document shows that as of June 30, Susquehanna International Group held a total value of more than $1.07 billion, including $530 million in GBTC, $130 million in FBTC, $130 million in BITO, $83.99 million in ARKB, $74.5 million in BITO, $62.06 million in BITB, $39.36 million in HODL, $16.2 million in BTCO, and $11.37 million in IBIT. Among them, GBTC (42%) was reduced in a larger proportion, while FBTC, IBIT, ARKB, and HODL increased in larger amounts.
D.E. Shaw: Increased holdings of IBIT and FBTC by more than $170 million
Hedge fund company D.E. Shaw increased its spot Bitcoin ETF position by more than $170 million in Q2. The 13-F document shows that as of June 30, D.E. Shaw held Bitcoin spot ETFs worth $180 million, including $90 million worth of IBIT (15 times that of Q1) and $90 million worth of FBTC (30 times that of Q1).
Bracebridge Capital: Reduced holdings of ARKKB worth more than $180 million, liquidated IBIT and GBTC
Hedge fund Bracebridge Capital held over $370 million worth of Bitcoin spot ETFs in Q1, which once accounted for 80% of its total assets, but it significantly reduced its holdings this quarter. The 13-F filing shows that Bracebridge Capital only held $112 million of ARKB in the second quarter, a decrease of more than $188 million from the position value in Q1, and also sold $100 million worth of IBIT and $26.52 million of GBTC held in the previous quarter.
Capula Investment Management: Increased holdings of IBIT and FBTC by more than US$460 million
Capula Investment Management is one of the largest hedge funds in Europe. In the second quarter, it began to buy over $460 million worth of Bitcoin spot ETFs. The 13F filing shows that as of June 30, Capula Investment Management's Bitcoin spot ETF holdings in the second quarter were worth about $464 million, accounting for nearly 1.5% of the total portfolio, including about $253 million worth of IBIT and $211 million worth of FBTC. Capula Investment Management is also one of the largest holders of IBIT.
Schonfeld Strategic Advisors: Increased holdings of FBTC and BITB, and reduced IBIT position by 32%
Schonfeld Strategic Advisors, an American hedge fund, adjusted its position in the Bitcoin spot ETF product in the second quarter. The 13F document shows that as of June 30, Schonfeld Strategic Advisors invested more than $350 million, including more than $200 million worth of FBTC (increased holdings by about 166,000 shares), $140 million in IBIT (position reduced by 32%), and increased holdings of 510,000 shares of BITB, worth about $16.671 million.
Point72 Asset Management: Increased holdings of IBIT by more than $56 million and reduced holdings of FBTC by 95%
The predecessor of the US hedge fund Point72 Asset Management was SAC Capital Advisors, which was known as the "craziest money-making machine" on Wall Street. The 13F document shows that as of June 30, Point72 Asset Management increased its holdings of IBIT by more than 1.66 million shares in the second quarter, worth about $56.965 million, but reduced its holdings of FBTC by 1.19 million shares (a 95% reduction in positions), and currently holds a value of about $3 million.
Aristeia Capital Llc: Increased holdings of 1.9 million IBIT, with holdings valued at over $200 million
Hedge fund Aristeia Capital LLC invested more than $160 million in IBIT in the first quarter. 13F filings show that as of June 30, Aristeia Capital LLC held more than $200 million worth of IBIT and increased its holdings by 1.9 million shares in the second quarter.
Ovata Capital Management: Continue to hold four ETFs and add some BITB
Hong Kong asset management company Ovata Capital Management purchased more than $74 million worth of Bitcoin spot ETFs last quarter. The 13F filing shows that as of June 30, Ovata Capital Management continued to hold more than $74 million worth of Bitcoin spot ETFs in this quarter.
The $64.98 million Bitcoin spot ETF includes FBTC (US$22.07 million), GBTC (US$18.22 million), BITB (US$15.45 million) and IBIT (US$9.24 million), of which 29,000 shares of BITB were added.
Wisconsin Investment Committee: Increased holdings of 500,000 shares of IBIT and liquidated GBTC
The Wisconsin Investment Committee purchased about $160 million worth of IBIT and GBTC in the first quarter. The 13-F document shows that the Wisconsin Investment Committee has held 2.898 million shares of IBIT (an increase of 500,000 shares) worth about $98.9 million this quarter, and GBTC has been sold in full, with the overall holding amount falling 39% from Q1.
In addition, the Wisconsin Investment Commission also holds more than 98,000 shares of Coinbase, worth nearly $21.9 million, and 115,000 shares of Marathon Digital, worth approximately $2.3 million.
Yong Rong Asset Management: Reduced IBIT position by 35%
Hong Kong asset management company Yong Rong Asset Management was once the largest holder of IBIT. The 13-F filing shows that as of June 30, Yong Rong Asset Management reduced its holdings of IBIT by 35% (392,000 shares), and now holds shares worth more than US$25.147 million.
Monolith Management: No change in IBIT holdings
Monolith Management, an investment company under former Sequoia China partner Cao Xi, has no changes in its Bitcoin spot ETF holdings. The 13-F filing shows that as of June 30, Monolith Management's IBIT holdings were worth approximately $20.596 million.
