Millennium Management Acquires $1.94 Billion in Spot Bitcoin ETFs

By the end of the first quarter of 2024, hedge fund Millennium Management held $1.94 billion in spot bitcoin ETFs. This amount represents 3% of its AUM ($64 billion).

The firm allocated its investments as follows:

• ARK 21Shares Bitcoin ETF (ARKB) — $45 million;
• Bitwise Bitcoin ETF (BITB) — $44.7 million;
• Grayscale Bitcoin Trust (GBTC) — $202 million;
• iShares Bitcoin Trust (IBIT) — $844.2 million;
• Fidelity Wise Origin Bitcoin ETF (FBTC) — $806.6 million.

Analysts at QCP Capital mentioned the BTC-ETF purchases by hedge funds Millennium Management and Schonfeld (2% of AUM) in their daily review.

This news, along with the inflation data released on May 15 in the US, has led to expectations of bitcoin’s price moving towards $74,000 after breaking out of its previous consolidation range.

“It seems the stars have aligned for this breakout: significant sovereign and institutional adoption, declining inflation, and upcoming US elections. Could this be the renewal of the bull market?” the document states.

Earlier, the Wisconsin State Investment Board reported investments in BTC-ETF amounting to $163 million. By the end of 2023, it managed $156 billion.

In May, Robert Mitchnick, head of digital assets at BlackRock, expressed expectations of a new wave of inflows into spot bitcoin ETFs driven by institutional participation.

In April, a similar forecast was presented by analysts at Bernstein.