In the fourth quarter of 2024, asset managers, including wealth management firms, hedge funds, and pension funds, significantly increased their investments in U.S. exchange-traded funds (ETFs) linked to Bitcoin’s price.
This surge coincided with a 47% rise in Bitcoin’s value during the same period.
The State of Wisconsin Investment Board reported more than doubling its holdings in the iShares Bitcoin Trust ETF, reaching 6 million shares by December 31.
Similarly, Tudor Investment Corp expanded its stake in the iShares ETF to 8 million shares, up from 4.4 million, with the value of these holdings rising to $426.9 million from $159.9 million at the end of September.
Mubadala Investment Co, a sovereign wealth fund from Abu Dhabi, entered the Bitcoin ETF market in Q4, acquiring 8.2 million shares of the iShares ETF, valued at $436.9 million.
Hedge fund Hunting Hill Capital, which had no exposure to these ETFs at the end of Q3, emerged with positions worth approximately $131 million by year-end.
Financial advisory firms, such as Cetera Advisors and NewEdge Advisers, also increased their holdings in various Bitcoin ETFs, including those offered by Fidelity, ARK Investments, and Invesco. Cresset Asset Management focused on ETFs with lower fees, with Chief Investment Officer Jack Ablin noting the potential for attractive options strategies to protect against downside risks while maintaining upside potential.
These insights are derived from 13F filings, which provide a quarterly overview of institutional investors’ positions, though they may not reflect current holdings.