Bitwise executives possess confidential information about major financial players investing in BTC, but they are not revealing specific names.

In an interview published on Tuesday, Bitwise CEO Hunter Horsley discussed the rapidly evolving institutional and regulatory acceptance of Bitcoin as an investable asset, which is progressing faster behind the scenes than publicly perceived.

The Secret Bitcoin Buyers

Horsley confirmed a hint from a previous tweet: a sovereign wealth fund from an unnamed nation has already entered Bitcoin mining.

"A significant aspect of this moment is that many key investors, firms, and businesses are moving into Bitcoin, yet many prefer to remain discreet for now," Horsley stated.

He also mentioned a "large technology company" that has invested a substantial portion of its balance sheet into the Bitwise Bitcoin ETF, which currently manages $2.3 billion in assets. This company wishes to keep its investment private.

"If people were aware, it would be very impactful and help them understand that the world is moving in one direction, faster and further than many realize," he added.

Earlier this month, the public received a partial glimpse of institutions buying Bitcoin ETFs, as numerous high-net-worth investors disclosed their Q1 securities portfolios in mandatory 13F filings. Among these were a $2 billion allocation from hedge fund Millennium Management and a $162 million allocation from the State of Wisconsin Investment Board (SWIB).

How Fast Will Firms Buy Bitcoin?

Horsley predicted that by next year, a major tech firm like Meta might add Bitcoin to its balance sheet, facilitated by the ease of holding the asset through ETFs.

He suggested that the next catalyst for Bitcoin's bull market will be when the public realizes "the extent to which some of the most significant, intelligent organizations and lawmakers support Bitcoin."

"When those announcements are made, and people see it, things will progress much faster than before, when there were fewer examples," he concluded.

In a memo last week, Bitwise CIO Matt Hougan expressed strong optimism about Bitcoin ETFs, given that the latest buyers still have significant room to increase their allocations.