Millennium Management Cuts Bitcoin ETF Holdings, Adds Shares in MicroStrategy
CryptoNewsTerminal Staff14 Aug, 2024
Millennium Management Cuts Bitcoin ETF Holdings, Adds Shares in MicroStrategy
Millennium Management, a global asset manager, has reduced its holdings in several Bitcoin spot exchange-traded funds (ETFs) in the second quarter of 2023. According to the company's recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Millennium Management decreased its holdings in FBTC by 14%, IBIT by 48%, GBTC by 52%, and BITB by 71%. However, the firm significantly increased its stake in MicroStrategy (MSTR), a business intelligence firm with a substantial Bitcoin investment. Millennium Management now holds $112 million worth of MSTR, representing an 8,837% increase in its position. These moves indicate that Millennium Management is adjusting its exposure to the cryptocurrency market, shifting away from spot Bitcoin ETFs and towards a more concentrated investment in a company with significant Bitcoin holdings. As the cryptocurrency market continues to evolve, it remains to be seen how Millennium Management's strategy will perform in the long term.
