According to Forbes, Context Capital Management has the highest allocation to the Bitcoin ETF in its fund stock portfolio, based on FactSet data. The fund company, headquartered in La Jolla, California, has allocated approximately 50% of its equity capital to BlackRock's Bitcoin ETF. The largest position disclosed by actively managed funds in the BlackRock or Fidelity Bitcoin ETF is a $40 million position held by Hong Kong alternative investment fund Yong Rong Asset Management. Forbes senior reporter Brandon Kochkodin specifically pointed out that companies appearing in the SEC 13F filings are typically institutions with at least $100 million in qualifying assets, and the funds they disclose are snapshot values. Therefore, these institutions may still buy or sell Bitcoin ETFs in reality. In addition, some banks and securities firms play the role of market makers, and their involvement may be more related to market mechanisms than actual bets on Bitcoin.

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