Billionaire Steven Cohen's investment fund owns 77.5 million USD Bitcoin spot ETF

As of the end of March 2024, about 13 of the 25 largest US hedge funds held Bitcoin spot ETFs.

Point72, the $34 billion hedge fund of billionaire Steven Cohen and owner of the New York Mets baseball team, currently holds $77.5 million in Fidelity Wise Origin Bitcoin ETF (FBTC) as of the end of Q1/ 2024.

According to data from brokerage firm Bitcoin River, of the top 25 hedge funds in the US, 13 institutions invested in ETFs in the first quarter of this year. Some prominent names include Paul Singer's Elliott Capital and Millennium Management, Fortress Investment Group and Schonfeld Strategic Advisors...

Last week, the Wisconsin Investment Board (SWIB) revealed it holds more than $163 million in Bitcoin spot ETF shares. At the same time, Susquehanna International Group reported investing $1.3 billion in 10 Bitcoin ETFs in the US in Q1/2024. Notably, this investment group spent $1.09 billion to buy 17,271,326 shares and became the largest shareholder of Grayscale's GBTC fund.

Morgan Stanley is also one of several global banks to announce holdings of $270 million in Bitcoin spot ETFs on behalf of clients, alongside Royal Bank of Canada, JP Morgan Chase, Wells Fargo, BNP Paribas and UBS.

However, owning a spot ETF is not simply a long-term investment based on price appreciation expectations, but can also serve many different purposes, such as creating proactive liquidity and preventing risks. , generating yield or just for short-term surfing purposes...