Susquehanna International Group Invests Over $1 Billion in Bitcoin ETFs in Q1 2024
Summary:
Susquehanna International Group, a quantitative trading firm, purchased over $1 billion worth of shares in Bitcoin exchange-traded funds in Q1 2024. The portfolio included major Bitcoin-oriented funds such as the Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ProShares Bitcoin Strategy ETF. Despite the significant investment, the firm's cryptocurrency allocation remains a small fraction of its portfolio, which is valued at over $575.8 billion. Other new holdings for the quarter include shares in Convertible Zero, NRG Energy Inc., and Albemarle Corporation.
In a 13F-HR document submitted on May 7, it was revealed that Susquehanna International Group, a quantitative trading firm, had acquired over a billion dollars worth of Bitcoin (BTC) exchange-traded fund (ETF) shares in the initial quarter of 2024. As per the documentation submitted to the Securities and Exchange Commission, Susquehanna claimed ownership of 17,271,326 Grayscale Bitcoin Trust (GBTC) shares equating to a market value of approximately $1.09 billion by March 31, 2024. The firm also disclosed its stake in the Fidelity Wise Origin Bitcoin Fund (FBTC), owning 1,349,414 shares worth an estimated $83.74 million as of the same date. Susquehanna additionally boosted its position in the ProShares Bitcoin Strategy ETF (BITO), which offers investors access to Bitcoin futures contracts. As per the data from investment research firm Fintel, as of March 31, Susquehanna possessed 7,907,827 BITO shares valued at around $255.42 million- a rise of 57.59% from the February filing which listed 5,021,149 shares. Through the MicroStrategy stock (MSTR), which has 214,400 BTC held in its balance sheet, Susquehanna had indirect exposure to the spot price of Bitcoin. However, during portfolio rebalancing, the firm lessened its stake in MicroStrategy by nearly 15%, moving from 287,180 shares in February to 244,863 shares by March 3. As per Fintel, Susquehanna's primary Q1 2024 investments included Susquehanna International Group. Despite this, the proportion of cryptocurrency in Susquehanna's portfolio remains minimal, with the portfolio's end of the first quarter value surpassing $575.8 billion. Notably, the firm's top investments include NVIDIA Corporation and the SPDR S&P 500 ETF Trust tied to the index. Susquehanna also acquired new holdings over the past quarter, including convertible bonds firm Convertible Zero, bonds from NRG Energy Inc., and preferred stocks in Albemarle Corporation, in addition to Bitcoin funds. Increasingly, trading firms and financial advisors use Bitcoin funds to amplify their exposure to digital assets. In April, Fidelity’s Bitcoin ETF attracted $40 million from Legacy Wealth Management and United Capital Management of Kansas, two traditional financial advisors. Both funds invested $20 million in FBTC, thereby becoming part of the top shareholders of the fund. These advisors are especially favored by many baby boomers with considerable wealth. Legacy Wealth Management oversees assets exceeding $359 million, while United Capital Management of Kansas oversees over $436 million in assets. Resounding the sentiment of the community, it would seem: "Get Bitcoin or die trying.
Published At
5/8/2024 12:27:43 AM
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