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Millennium Management is long spot Bitcoin ETFs to the tune of $2 billion, underscoring strong institutional interest in cryptocurrencies. As detailed in the latest 13F-HR report to the SEC, this is the firm’s exposure in several funds: $844 million in BlackRock’s iShares Bitcoin Trust, $806 million in Fidelity’s Wise Origin Bitcoin Fund, and lesser amounts in other ETFs. The move comes in the wake of what is slowly beginning to be a rising trend, which involves financial heavyweights voting strongly for Bitcoin to be a part of regular portfolios.
Days earlier, the State of Wisconsin Investment Board filed such massive inroads into the same Bitcoin ETFs, showing broad acceptance of crypto assets among other investment bigwigs. This rise in 13F filings reflects an increase in institutional interest at a time when JPMorgan Chase and other firms have also engaged and entered as market makers. The investment wave underlines how basic the transition in the financial sector will be toward cryptocurrency. Since Bitcoin ETFs offer a regulated bridge for institutions to get exposure to digital currencies, a significant bet by Millennium on such instruments might signal another wave of crypto adoption by regular investors.
