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New York City-based asset management firm Boothbay Fund Management recently filed disclosure documents with the SEC showing that they have dramatically increased their exposure to some of the best Bitcoin ETFs. According to a 13F-HR form submitted with the SEC, Boothbay Fund has invested a mind-boggling $377 million in various funds, with its largest Bitcoin ETF investment coming in the BlackRock iShares Bitcoin ETF (IBIT), where it has emerged as the largest holder with $149.80 million. Other huge investments made by the fund include $105.50 million in the Fidelity Wise Origin Bitcoin ETF (FBTC) and $52.25 million in the Bitwise Bitcoin ETF (BITB).
Its strategic bets are not just confined to this, as it has also picked 1,100,000 shares of Grayscale’s GBTC Bitcoin ETF worth close to $69.48 million. Following its recent purchase, Boothbay is now the fifth largest holder in GBTC. But the firm’s love for Bitcoin ETFs doesn’t just stop there, as it also plows millions into shares of high profile firms including Coinbase, MicroStrategy, and Robinhood Markets.
The latter in Boothbay’s heavy portfolio is proof of deepening trust in the steadiness of Bitcoin’s market and its potential for growth, thus signaling a larger trend of institutional embrace. With leading holdings in BlackRock, Fidelity, and Grayscale ETFs, Boothbay’s bullish position might just be a proxy for much wider financial shifts toward digital assets.
