By March 31, 2024, a total of 937 professional firms in the United States had invested in spot Bitcoin ETFs. The adoption of Bitcoin is accelerating, with traditional financial firms rapidly embracing this cryptocurrency. Significant investments in these ETFs highlight a growing institutional interest in crypto assets.

Growing Interest in Bitcoin ETFs

Over the past quarter, numerous US banks, investment managers, hedge funds, and professional firms bought spot Bitcoin ETFs, as detailed in their 13F filings with the SEC. According to a tweet from the crypto investment analysis platform K33 Research, 937 professional firms in the US had invested in spot Bitcoin ETFs by March 31. Listing every traditional finance firm involved in Bitcoin may be challenging, but COINTURK FINANCE offers the latest updates on financial and business news.

Some of the largest investments in Bitcoin ETFs came from hedge fund Millennium Management and global quantitative trading firm Susquehanna International Group (SIG), which invested $2 billion and $1 billion, respectively. Following them were Bracebridge Capital, a Boston-based hedge fund managing funds for top universities like Yale and Princeton, and Boothbay Fund, another New York-based fund manager, with investments of $434 million and $377 million, respectively.

Developments in the ETF Sector

Major announcements also came from Morgan Stanley and advisory firm Pine Ridge Advisers, with investments of $269 million and $205.8 million, respectively. Additionally, alternative asset manager Aristeia Capital, investment firm Graham Capital, and hedge fund manager Crcm LP reported significant stakes in Bitcoin ETFs, with investments of $163.4 million, $102.6 million, and $96.6 million, respectively.

Several other professional firms made smaller investments in Bitcoin ETFs. These included Hightower Advisors with $68 million, Fortress Investment Group with $53.6 million, Cambridge Investment Research with $40 million, Sequoia Financial Advisors with $12 million, Integrated Advisors with $11 billion, and Brown Advisory with $4 million.

Notably, JPMorgan Chase and Wells Fargo made smaller investments of $760,000 and $143,000 in Bitcoin ETFs. Many of these firms diversified their investments across various ETF funds, with significant allocations to Grayscale’s GBTC, BlackRock’s IBIT, Fidelity’s FBTC, and Ark Invest’s ARKB.

Conclusion

The rapid increase in professional firms investing in Bitcoin ETFs indicates a significant shift towards institutional acceptance of cryptocurrency. This trend underscores the growing confidence in Bitcoin's role within the financial ecosystem, as traditional financial firms continue to diversify their investment portfolios with crypto assets.