Prominent money managers and large institutional investors have shown a significant interest in spot bitcoin ETFs during the second quarter. BlackRock’s IBIT has emerged as a clear winner for inflows.
Wall Street firms Goldman Sachs and Morgan Stanley have revealed new positions in the bitcoin ETF market in Q2. Goldman Sachs’ 13-F filing reported a more than $400 million position in seven of the 11 spot bitcoin ETFs trading in the U.S., with BlackRock’s IBIT accounting for nearly all of that exposure.
Morgan Stanley also ramped up its bitcoin ETF holdings, adding to its positions in the Simplify Bitcoin Strategy ETF (MAXI) and the Valkyrie Bitcoin and Ether Strategy ETF (BTF), and entering new positions in six other spot bitcoin ETFs worth roughly $189 million as of June 30.
The State of Wisconsin Investment Board increased its position in BlackRock’s IBIT while exiting its Grayscale Bitcoin Trust holding.
Wells Fargo expanded its holdings beyond the Grayscale Bitcoin Trust (GBTC) to include the Fidelity Wise Origin fund (FBTC), Invesco Galaxy bitcoin ETF (BTCO), iShares and VanEck Bitcoin Trust (HODL) funds.
JPMorgan’s spot bitcoin ETF holdings dwindled to a small exposure to GBTC, following previous holdings in at least three other bitcoin ETFs at the end of the first quarter.
Renaissance Technologies, a quant-based hedge fund, scaled up its investment in bitcoin ETFs in the second quarter, more than doubling its position in Bitwise Bitcoin ETF and adding new positions in the Franklin Bitcoin ETF (EZBC), iShares and VanEck funds.
Investors are increasingly looking to bet on Blackrock’s iShares Bitcoin Trust ETF. More than half of Goldman’s $418 million bitcoin ETF exposure, or roughly $238 million, went to that fund.
Last week, London-based hedge fund giant Capula Management disclosed ownership of more than $400 million of IBIT and the Fidelity ETF combined.
The State of Wisconsin Investment Board (SWIB), responsible for managing the retirement funds and investments for the state of Wisconsin, has reportedly increased its holdings in IBIT during the second quarter. According to the board’s filing, they disclosed nearly 2.9 million shares of IBIT, which is an increase from the 2.45 million shares reported at the end of the previous quarter.
Furthermore, SWIB has decided to exit its position in the Grayscale fund.
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