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52% of Top US Hedge Funds Own Bitcoin ETFs

52% of Top US Hedge Funds Own Bitcoin ETFs

May 25, 2024

52% of Top US Hedge Funds Own Bitcoin ETFs

A recent blog post by River has revealed that a growing number of institutions are now holding Bitcoin Exchange-Traded Funds (ETFs). According to River's research, there are over 534 institutions, each with assets exceeding $1 billion, that have incorporated Bitcoin ETFs into their portfolio.

This eclectic group spans from hedge funds to pension funds and insurance companies, demonstrating the expansive reach of Bitcoin's acceptance among financial entities. The blog post highlighted that over half of the largest 25 hedge funds in the United States have Bitcoin exposure, with Millennium Management standing out for its substantial $2 billion investment in Bitcoin assets.

Additionally, 11 of the top 25 Registered Investment Advisors (RIAs), as well as a variety of smaller advisors, have shown a commitment to Bitcoin by including it in their investment strategies.

River's CEO, Alex Leishman, issued a cautionary note, stating, "If you sell your bitcoin to Blackrock, you probably won’t be getting it back."

River also noted a trend among businesses, observing that Bitcoin is increasingly becoming a fixture on corporate balance sheets. According to their data, more than a thousand businesses on River's platform now have Bitcoin among their financial reserves. The blog post details a significant increase in the average business's Bitcoin holdings over the past year, from 2.5 BTC worth around $70,000 to over 4 BTC, with the current value exceeding $280,000.

It is not only industry giants like MicroStrategy that are accumulating Bitcoin, but also smaller businesses that are recognizing the value of adding Bitcoin to their balance sheets.

Highlighting the trend towards greater regulatory compliance within the Bitcoin ecosystem, Michael Saylor, a prominent advocate for Bitcoin, recently pointed out in an interview that Bitcoin is making strides in integrating with the KYC and AML regulated banking world.

Saylor mentioned that companies like Block are selling substantial amounts of Bitcoin annually via Cash App, operating as a regulated, publicly-traded company. He also cited Fidelity Digital Assets as an example of a traditional financial institution that is now custodian to billions of dollars worth of Bitcoin, further indicating Bitcoin's increasing adoption.

The current state of the event paints a picture of a maturing Bitcoin landscape where institutional adoption is on the rise, and businesses of various sizes are increasingly incorporating it into their financial strategies. This trend suggests potential future implications for the broader adoption of Bitcoin, as it becomes more entrenched in the traditional financial system.

River Blog Post


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