Bitcoin
Bitcoin ETFs also owned by Steven Cohen’s Point72, Fortress Investment
Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the close of the first quarter, according to a file.
This follows several other hedge funds who disclosed that they purchased shares of bitcoin exchange-traded funds in cash, including Paul Singer’s Elliott Capital and Izzy Englander’s Millennium Management, the latter being the largest institutional holder of the new funds with about $2 billion as of March 31.
Of the top 25 US hedge funds, 13 of them bought ETFs in the first quarter, according to data compiled by bitcoin broker River. Among them, in addition to the previously mentioned names, were Fortress Investment Group and Schonfeld Strategic Advisors.
While hedge fund purchases of spot ETFs may be a long-term bet on “increasing the number”, these vehicles could be purchased for other reasons, market making, hedging, yield generation, or for a short-term change , to name a few.