Bracebridge Capital Turns into Largest Spot Bitcoin ETF Holder

In keeping with a latest 13F submitting with the Securities and Alternate Fee, Bracebridge Capital, a hedge fund that manages the funds of establishments corresponding to Yale College and Princeton College, is the biggest investor in numerous spot Bitcoin exchange-traded funds (ETFs). He has emerged as a holder.

The corporate relies in Boston disclosed Ark Make investments, BlackRock, Grayscale US Spot Bitcoin ETF Share Possession.

Hedge funds maintain $434 million in cryptocurrencies

Wanting on the breakdown of Bracebridge Capital’s holdings, Ark Make investments’s ARKB holds numerous shares at 4,327,380 shares, adopted by BlackRock’s IBIT with 2,486,750 shares and Grayscale’s GBTC with 419,910 shares.

The values ​​of those holdings are reported to be $307.2 million, $106 million, and $26.5 million, respectively. As of March 31, Bracebridge Capital’s holdings in these ETFs had been valued at a complete of $434 million.

A brand new excessive water mark for Bitcoin ETF holdings (previously AP/Market Maker) has arrived.Boston-based Bracebridge Capital has a $262 million $ARKB.Additionally the biggest proprietor $IBIT That ETF additionally has $81 million in it.In addition they personal property of $20 million $GBTC. They principally went berserk. pic.twitter.com/RzdpwE2D0k

— Eric Balchunas (@EricBalchunas) May 13, 2024

Bloomberg ETF analyst Eric Balchunas particularly highlighted Bracebridge Capital’s dominant place in Ark Make investments and BlackRock’s Bitcoin ETFs. “A brand new excessive water mark for Bitcoin ETF holdings has arrived,” Balciunas mentioned.

one other filing The Wisconsin Funding Fee introduced that it has bought $99 million value of BlackRock’s Bitcoin ETF.

ETFs dominate Bracebridge Capital’s portfolio

In keeping with Ark’s fund web page, Bracebridge Capital additionally owns ARKB shares. exceed It is from an organization run by Cathie Wooden.

Balchunas too I got it. These ETFs at present make up the majority of Bracebridge Capital’s total portfolio, with ARKB alone accounting for 61.1% of holdings, adopted by IBIT and GBTC at 20% and 6.6%, respectively.

“What’s additionally notable is what number of holders every has so far,” Balchunas mentioned. “IBIT is as much as 250, which is a loopy quantity for the primary quarter of the market.” I added.

What’s additionally notable about IMO is the large variety of holders of every so far. $IBIT has a most of 250. That is an outrageous quantity for MKT’s first quarter. Here’s a comparability between Bitcoin and different ETFs launched in the identical week. And he nonetheless has a few week left of 13F. pic.twitter.com/rqs39T7WNw

— Eric Balchunas (@EricBalchunas) May 13, 2024

Nonetheless, whereas the 13F submitting offers priceless perception into Bracebridge Capital’s lengthy positions, it doesn’t present an entire image of its funding technique, as quick positions usually are not required to be disclosed.

Filed quarterly with the SEC, 13F experiences are filed by institutional funding managers that handle at the very least $100 million in fairness property. These filings look at administration’s inventory holdings on the finish of every quarter.

group members advised We object to the normalization of fund portfolio weight calculations based mostly on aggregation of 13F reportable positions, stating that relying solely on 13F experiences offers little perception into Bracebridge’s precise views on the securities reported. Ta.