As of March 31, 2024, a total of 937 professional firms in the United States invested in spot Bitcoin ETFs. These investments by traditional finance (TradFi) firms show that momentum in crypto asset adoption is increasing and institutional interest is growing. These Bitcoin investments are helping cryptocurrencies reach new levels of adoption.
Increasing Interest in Bitcoin ETF Funds
In the last quarter, many US banks, investment managers and hedge funds purchased spot Bitcoin ETF funds in their 13F filings with the SEC. According to K33 Research data, 937 professional companies invested in the Bitcoin ETF market during this period. This number is quite remarkable, considering it is difficult to list every single TradFi company.
Millennium Management and Susquehanna International Group (SIG) were among the companies that made the largest Bitcoin ETF investments. These companies reported investments of $2 billion and $1 billion, respectively. Additionally, institutions that manage university money, such as Bracebridge Capital and Boothbay Fund, purchased $434 million and $377 million of ETFs, respectively.
Developments in the ETF Field
Companies such as Morgan Stanley and Pine Ridge Advisers also attracted attention with investments of $269 million and $205.8 million. Other companies such as Aristeia Capital, Graham Capital and Crcm LP have also invested significant amounts in Bitcoin ETF funds. The investments of these companies were announced as 163.4 million dollars, 102.6 million dollars and 96.6 million dollars, respectively.
Large banks JPMorgan Chase and Wells Fargo invested smaller amounts. JPMorgan Chase invested $760,000 and Wells Fargo invested $143,000. Many of these firms spread their investments across various ETF funds, such as Grayscale's GBTC, BlackRock's IBIT, Fidelity's FBTC, and Ark Invest's ARKB.
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I EXPLAIN IN DETAIL.
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