Millennium Management Holds Nearly $2 Billion in Bitcoin ETF Products
A new report reveals the latest developments from international hedge fund Millennium Management. The firm has recently disclosed its $2 billion investment in 5 different spot Bitcoin ETFs.
Millennium Management’s Crypto Portfolio
The platform disclosed its investment portfolio for the first quarter of 2024. The news was also confirmed by a 13F filing from the hedge fund with the Securities and Exchange Commission (SEC).
The platform has reportedly diversified its investment portfolio by investing in various spot Bitcoin ETFs. The holdings of the firm are inclusive of spot Bitcoin ETF shares from ARK 21Shares, iShares Bitcoin Trust, Fidelity Wise Origin, Bitwise, and Grayscale Bitcoin Trust.
Additionally, the largest spot ETF allocation of the firm is made to BlackRock spot ETF with a total evaluation of $806 million.
Bloomberg ETF analyst Eric Balchunas had described Millennium as the king of Bitcoin ETF holders. The analyst further noticed that hedge fund accounts for more than 200 times in comparison to the average financial investors in top 500 financial firms.
Balchunas further stated that about 60% of new spot Bitcoin ETF investors are advisory firms meanwhile hedge funds have 25% exposure.
Spot Bitcoin ETF and Price Projections
Chief investment officer Matt Hougan has noticed that compulsory 13F filing requirements for all Bitcoin spot ETF filers have strengthened his bullish stance on Bitcoin’s future.
He published a memo on 13th May 2024 for investors where the executive noticed that quarterly 13F filings have revealed details about fund allocations for Bitcoin spot ETFs.
He further stated that increasing demand and visible institutional interest rise for Bitcoin investors is a good sign for future development and price evaluation of Bitcoin.
He noted that the fact that lots of professional investors are actively investing in Bitcoin spot ETFs is big news. He highlighted some of the top firms that are invested in spot Bitcoin ETF such as Cambridge Investment Research, Hightower Advisors, and Bracebridge Capital.
As of 15th May 2024, Wisconsin revealed that the state has allocated $164 million in BlackRock and Grayscale shares. Another Cointelegraph article has reported quotes from CNBC analyst Brain Kelly about the next big three coins for upcoming ETF listings.
The crypto market analyst posted on X recently noting that Solana is one of the tokens primed for ETF filings in the United States. On 22nd May speaking at the CNBC broadcast Fast Money he noted that SEC is going to rule on one at least of the spot applications.
Crypto Analysts Disagree with Brain Kelly’s Crypto ETF Prediction
Some of the crypto market analysts in the industry have also voiced their disagreement with the stance of Brain Kelly on Solana becoming the next spot ETF. One of them is Nate Geraci working as President of The ETF Store.
Geraci claims that spot Solana ETFs are unlikely to get a listing approval until the Chicago Mercantile ETF for Solana futures is announced or congress approves clear crypto regulations.
At the time, only crypto ETFs to get approval in the United States are backed by either Bitcoin or Ethereum. Speaking on the matter, Bloomberg analyst James Seyffart seconded the opinion of Geraci and added that the prerequisites for a Solana ETF such as getting a CFTC regulatory market in the United States could take a few years.
Among Solana ETF aspirant is Franklin Templeton that acknowledged Solana network and one of co-founders Anatoly Yakovenko.
At the same time, Seyffart retained that Gary Gensler and SEC have already flagged Solana as an alleged security in the lawsuits against Coinbase and Kraken.
Adam Cochran of Cinneamhain Ventures has claims that it is more likely next top candidates for a spot ETF listing are likely to be Dogecoin or Litecoin. He further clarified that these predictions are based on the fact that both Dogecoin and Litecoin are powered by proof-of-work mechanisms like Bitcoin.
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