Bitcoin ETFs Gaining Popularity Among Major US Hedge Funds

IconCryptoNewsTerminal Staff02 Jul, 2024

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Bitcoin ETFs Gaining Popularity Among Major US Hedge Funds

As of the end of Q1 2024, 13 out of the top 25 US hedge funds held a Bitcoin ETF, according to data from cryptocurrency custodian River's. This suggests that over 50% of major US hedge funds have some exposure to Bitcoin. Millennium Management, a global asset management firm, stands out as a notable holder of Bitcoin ETFs. They held 27,263 BTC (worth approximately $1.69 billion), which represents around 2.5% of its total assets under management, which amount to $67.7 billion. This data indicates a growing trend of institutional adoption of Bitcoin, as hedge funds, which are known for their sophisticated investment strategies, are increasingly recognizing the potential of the cryptocurrency. The inclusion of Bitcoin ETFs in their portfolios suggests that these funds view Bitcoin as a legitimate investment that can diversify their holdings and potentially enhance returns.

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