In a 13F-HR filing submitted on May 7, Susquehanna International Group, a quantitative trading firm, disclosed a substantial acquisition of Bitcoin exchange-traded funds (ETFs) during the first quarter of 2024. The firm revealed to the Securities and Exchange Commission its ownership of 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.09 billion as of March 31, 2024. Additionally, Susquehanna reported holding 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), with an approximate value of $83.74 million on the same date.

Furthermore, Susquehanna bolstered its position in the ProShares Bitcoin Strategy ETF (BITO), offering exposure to Bitcoin futures contracts. According to data from investment research firm Fintel, Susquehanna held 7,907,827 shares of BITO as of March 31, amounting to around $255.42 million — marking a 57.59% increase from a previous filing in February, which listed 5,021,149 shares.

While Susquehanna maintained indirect exposure to Bitcoin's spot price through MicroStrategy stock (MSTR), which holds 214,400 BTC, the firm decreased its stake in MicroStrategy by nearly 15% during portfolio rebalancing. The reduction saw a decline from 287,180 shares in February to 244,863 shares by March 31.

Despite its significant investments in Bitcoin funds, Susquehanna's cryptocurrency allocation remains a small fraction of its overall portfolio, which was valued at over $575.8 billion at the end of the first quarter. Aside from Bitcoin-related assets, the firm's top investments include holdings in NVIDIA Corporation and the SPDR S&P 500 ETF Trust. Additionally, Susquehanna diversified its portfolio with new holdings such as convertible bonds from Convertible Zero, bonds from NRG Energy Inc., and preferred stocks in Albemarle Corporation during the first quarter.

Increasingly, Bitcoin funds are being utilized by trading firms and financial advisers seeking exposure to digital assets. In April, Fidelity's Bitcoin ETF attracted investments totaling $40 million from two traditional financial advisers, Legacy Wealth Management and United Capital Management of Kansas, with each firm allocating $20 million to FBTC. These advisers cater to a substantial demographic of baby boomers, who collectively hold a significant portion of the country's wealth. Legacy Wealth Management manages assets exceeding $359 million, while United Capital Management of Kansas oversees assets surpassing $436 million.