Boothbay Fund Management, a New York City-based institutional investment firm, has made a significant move by investing $377 million in BlackRock, Fidelity, Bitwise, and Grayscale's GBTC Bitcoin ETFs. This strategic investment has propelled Boothbay to become the top holder in the U.S. spot Bitcoin ETF market.

According to a filing with the U.S. Securities and Exchange Commission (SEC) on May 15, Boothbay Fund Management has emerged as the largest holder in BlackRock's iShares Bitcoin ETF (IBIT), Fidelity Wise Origin Bitcoin ETF (FBTC), and Bitwise Bitcoin ETF (BITB). The firm has also become one of the largest holders in Grayscale's GBTC Bitcoin ETF, with an investment exceeding $69 million.

In the 13F-HR filing, Boothbay Fund Management revealed its substantial investments in spot Bitcoin ETFs. The firm invested $149.80 million in BlackRock's IBIT, surpassing Bracebridge Capital LLC and the State of Wisconsin Investment Board as the largest holder. Boothbay also became the top holder of Fidelity's FBTC, investing $105.50 million to acquire 1,700,000 shares, outpacing Pine Ridge Advisers and Susquehanna International Group.

Boothbay's investments extend to Bitwise Bitcoin ETF (BITB) and GBTC, with holdings of $52.25 million and $69.48 million, respectively. The firm now ranks as the largest holder in BITB and the fifth-largest in GBTC.

The positive market sentiment surrounding Bitcoin ETFs coincides with the recent recovery in Bitcoin (BTC) price, which surged past $65,000 following the release of cooler-than-expected U.S. Consumer Price Index (CPI) data. The odds of rate cuts by the Federal Reserve are expected to begin in September, further boosting investor confidence.

The increased trading volumes in the crypto market can be attributed to whale accumulation and the influx of investments into spot Bitcoin ETFs by hedge funds and investment managers like Boothbay Fund Management. This development underscores the growing institutional adoption and mainstream acceptance of Bitcoin as an asset class.

Boothbay Fund Management's strategic investments in leading Bitcoin ETFs highlight the firm's confidence in the long-term potential of the cryptocurrency market. As more institutional players enter the space, the U.S. spot Bitcoin ETF market is poised for continued growth and innovation.