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Institutional Risk-Taking: Susquehanna Invests $1.1 Billion in Spot Bitcoin ETFs

Institutional Risk-Taking: Susquehanna Invests $1.1 Billion in Spot Bitcoin ETFs

Susquehanna and Hightower's actions have bolstered interest in US Bitcoin ETFs. After seven days of outflows, American Bitcoin ETFs finally saw inflows on May 3 and 6.
3 minutes
08.05.2024
Editor Satoshi`s Secrets
Institutional Risk-Taking: Susquehanna Invests $1.1 Billion in Spot Bitcoin ETFs

In Brief

Susquehanna expands Bitcoin portfolio with significant investments across diverse ETFs, including Grayscale, Fidelity, BlackRock, and others. This strategic move ignites enthusiasm and underscores the increasing institutional attraction to Bitcoin.

Susquehanna International Group (SIG), a renowned name in quantitative trading, has boldly ventured into the realm of digital assets, allocating a staggering $1.1 billion into Bitcoin exchange-traded funds (ETFs). This strategic maneuver, unveiled through the firm’s 13F SEC filing on May 7, epitomizes a pivotal shift in SIG’s investment strategy, showcasing a burgeoning confidence in cryptocurrencies as a viable asset class among institutional giants.

Key Highlights:

  • Diverse ETF Portfolio: SIG’s foray into Bitcoin ETFs encompasses a diversified range of holdings across prominent funds, indicating a meticulous approach to portfolio construction.
  • Grayscale Dominance: The lion’s share of SIG’s investment lies in the Grayscale Bitcoin Trust (GBTC), amounting to approximately $1.09 billion for 17,271,326 shares.
  • Strategic Allocations: Beyond GBTC, SIG strategically allocates funds to various ETFs, including Fidelity Wise Origin Bitcoin BTC ETF (FBTC), BlackRock iShares Bitcoin Trust (IBIT), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Valkyrie Bitcoin Fund (BRRR), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin ETF Trust (HODL), and WisdomTree Bitcoin ETF (BTCW), underlining a diversified investment approach.
  • Enhanced Exposure: SIG not only focuses on spot Bitcoin ETFs but also significantly amplifies its exposure to Bitcoin futures through ProShares Bitcoin Strategy ETF (BITO), signaling a multifaceted investment strategy tailored to capitalize on Bitcoin’s potential.
  • Strategic Portfolio Adjustment: While SIG upholds its commitment to Bitcoin, the firm tactfully adjusts its portfolio holdings, as evidenced by the trimming of its stake in MicroStrategy (MSTR) by nearly 15% during a portfolio rebalancing phase, reflecting a dynamic approach to portfolio management.
  • Market Reaction: SIG’s bold move reverberates within the crypto sphere, evoking enthusiasm among industry insiders and garnering attention from influencers like Healthy Pockets. This institutional endorsement underscores a broader trend of growing institutional participation in the crypto space, exemplified by similar initiatives from entities like Hightower.

In essence, SIG’s decisive leap into Bitcoin ETFs not only mirrors its proactive stance towards embracing digital assets but also mirrors the escalating institutional interest in the cryptocurrency landscape, setting the stage for a new era of institutional adoption.

Total US Bitcoin Spot ETF Net Inflow. Source: SoSo Value

Susquehanna and Hightower’s strategic moves have reinvigorated interest in US spot Bitcoin ETFs. Following seven consecutive days of outflows, these ETFs experienced a significant turnaround with inflows of $378.24 million on May 3 and $217.06 million on May 6. However, recent data from SoSo Value indicates a minor outflow of $15.64 million on May 7, highlighting the inherent volatility and dynamic nature of the cryptocurrency market.

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