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SIG’s $1B Bitcoin ETFs Boost Portfolio

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SIG's $1B Bitcoin ETFs Boost Portfolio

In the first quarter of 2024, Susquehanna International Group, a quantitative trading firm, made a significant investment in Bitcoin exchange-traded funds (ETFs). According to a filing with the Securities and Exchange Commission, the firm disclosed ownership of 17,271,326 shares of the Grayscale Bitcoin Trust (GBTC) with a market value of approximately $1.09 billion. They also reported owning 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC) valued at around $83.74 million.

Susquehanna also increased its stake in the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to Bitcoin futures contracts. As of March 31, the firm owned 7,907,827 shares of BITO worth approximately $255.42 million, a 57.59% increase from their previous filing in February.

While Susquehanna had indirect exposure to Bitcoin through its investment in MicroStrategy stock, which holds a significant amount of BTC on its balance sheet, the firm reduced its stake in MicroStrategy by almost 15% during portfolio rebalancing.

It’s important to note that Susquehanna’s cryptocurrency allocation represents only a small portion of its overall portfolio, which was valued at over $575.8 billion at the end of the first quarter. Their top investments include NVIDIA Corporation and the SPDR S&P 500 ETF Trust.

Apart from Bitcoin funds, Susquehanna also acquired new holdings in other assets during the past quarter. These include shares of the convertible bonds firm Convertible Zero, bonds from NRG Energy Inc., and preferred stocks in Albemarle Corporation.

Bitcoin funds have gained popularity among trading firms and financial advisers as a means of accessing digital assets. In April, Fidelity’s Bitcoin ETF attracted investments of $40 million from Legacy Wealth Management and United Capital Management of Kansas, two traditional financial advisers. Each adviser invested $20 million in FBTC, becoming major shareholders of the fund.

These financial advisers are particularly appealing to baby boomers, who hold a significant portion of the country’s wealth. Legacy Wealth Management manages assets over $359 million, while United Capital Management of Kansas oversees more than $436 million in assets.

13 thoughts on “SIG’s $1B Bitcoin ETFs Boost Portfolio

  1. Susquehanna should have done better research before making such a massive investment. 🤷‍♀️

  2. Legacy Wealth Management and United Capital Management of Kansas made significant investments in Fidelity’s Bitcoin ETF. They clearly see the value in digital assets.

  3. NVIDIA Corporation and the SPDR S&P 500 ETF Trust are their top investments, showing their wide-ranging investment strategies.

  4. Bitcoin ETFs are just another way for people to lose their hard-earned money. Susquehanna should know better.

  5. It’s just a matter of time before Bitcoin crashes again. Susquehanna will regret this investment.

  6. Even though their cryptocurrency allocation is small compared to their overall portfolio, it still highlights the growing interest in digital assets.

  7. It’s incredible to see the steady growth of the cryptocurrency market, and Susquehanna’s involvement adds to the excitement.

  8. It’s exciting to see Susquehanna embracing the potential of Bitcoin funds and other digital assets. They’re staying innovative! 👍

  9. Susquehanna’s investment in Bitcoin ETFs is a testament to the growing acceptance and credibility of digital assets in traditional finance.

  10. Susquehanna’s investment choices highlight their ability to adapt to changing market trends. They’re staying ahead of the game! 💼

  11. Bitcoin ETFs provide a secured way for institutions to invest in digital assets, and it’s great to see companies like Susquehanna taking advantage of this.

  12. It’s interesting to see how financial advisers are also investing in Bitcoin ETFs. The popularity is undeniable!

  13. I can’t believe Susquehanna is putting their trust in Bitcoin funds. It’s too risky!

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