International hedge fund Millennium Management has revealed that as of the first quarter of 2024, it holds nearly $2 billion in spot Bitcoin exchange-traded funds (ETFs). Specifically, the fund reported a total holding of $1.94 billion spread across five different spot Bitcoin ETFs as of March 31, according to its 13F filing with the United States Securities and Exchange Commission (SEC).

Millennium Management has diversified its investments among several prominent spot Bitcoin ETFs. These include the ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, the Grayscale Bitcoin Trust, the iShares Bitcoin Trust, and the Fidelity Wise Origin Bitcoin ETF. The largest portion of Millennium’s investment is in BlackRock’s Bitcoin fund, where it has allocated over $844 million. Fidelity’s Bitcoin fund comes in second, with Millennium holding shares worth just over $806 million.

Bloomberg ETF analyst Eric Balchunas highlighted Millennium Management’s significant presence in the Bitcoin ETF market, dubbing the firm the “king” of Bitcoin ETF holders. Balchunas pointed out that Millennium has exposure to Bitcoin ETFs that is 200 times greater than that of the average new ETF holder in the top 500.

Additionally, Balchunas shared insights into the broader market dynamics, noting that the majority of new spot Bitcoin ETF buyers are investment advisory firms, making up roughly 60% of the new buyers. Hedge funds constitute about 25% of these new investors.

The recent wave of compulsory 13F filings has provided greater visibility into the entities purchasing spot Bitcoin ETFs. This transparency has led to increased optimism about the future of Bitcoin among industry experts. Bitwise's chief investment officer, Matt Hougan, expressed growing confidence in Bitcoin’s prospects, stating that these filings have made him increasingly “bullish on Bitcoin’s future.”