Millennium Management has disclosed significant investments in cryptocurrency exchange-traded funds (ETFs), holding $2.6 billion in Bitcoin ETFs and $182.1 million in Ethereum ETFs, according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).
The hedge fund's Bitcoin ETF portfolio is diversified across multiple funds. BlackRock’s iShares Bitcoin Trust (IBIT) constitutes its largest position, valued at over $844 million, followed by Fidelity’s Bitcoin ETF, which accounts for just over $806 million. Additional holdings include the ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin Trust.
Institutional investment managers with at least $100 million in equity assets under management are required to submit 13F reports to the SEC every quarter, offering insights into their stock holdings.
Millennium Management’s latest filing highlights a growing trend of institutional interest in cryptocurrency. Abu Dhabi’s sovereign wealth fund reported a $436.9 million investment in BlackRock’s spot Bitcoin ETF, while Goldman Sachs increased its Bitcoin ETF holdings to $1.5 billion during the quarter.
In May 2024, Millennium Management’s Bitcoin ETF investments totalled nearly $2 billion across five major funds, accounting for approximately 3% of its total assets.
Other institutional investors are also expanding their exposure to Bitcoin ETFs. The State of Wisconsin Investment Board, which oversees the state's pension fund, raised its Bitcoin holdings to approximately $321 million, according to a Feb. 14 filing with the SEC.
The board’s latest disclosure indicates a shift in its strategy, as it has now allocated all Bitcoin exposure into IBIT, having exited its position in the Grayscale Bitcoin Trust.