Capula Investment Management Invests Heavily in Spot Bitcoin ETFs
Capula Investment Management LLP, a major European hedge fund, recently disclosed that it holds a significant amount of shares in spot Bitcoin ETFs from BlackRock and Fidelity, totaling $464 million.
This announcement highlights the growing interest among institutional investors in U.S. spot Bitcoin ETFs.
Details of Capula’s Spot Bitcoin ETF Investments
- A filing with the U.S. Securities and Exchange Commission on August 5 unveiled that Capula Investment Management held nearly $500 million in shares as of June 30.
- Capula owns 4,022,346 shares in the Fidelity Wise Origin Bitcoin ETF (FBTC), valued at around $211 million, and 7,419,208 shares in BlackRock’s iShares Bitcoin fund, worth $253 million.
- As of 2024, Capula Investment Management manages approximately $30 billion in assets, with no indication of any other cryptocurrency holdings by the firm.
Other institutional investors are also showing significant interest in spot Bitcoin ETFs. For example, the State of Michigan Retirement System recently revealed a $6.6 million investment in the ARK 21Shares Bitcoin ETF (ARKB) in its 13F filing.
Millennium Management, another global hedge fund, disclosed holdings of nearly $2 billion in spot Bitcoin ETFs and a diverse portfolio of BTC-related assets earlier in the year.
Millennium Management Leads the Pack in Spot Bitcoin ETF Holdings
Bloomberg ETF analyst Eric Balchunas referred to Millennium as the “king” of spot Bitcoin ETF holders, noting its extensive exposure compared to other investors in the market.
- The hedge fund has invested in spot products including the ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF.
- According to the company’s Q1 13F filing, BlackRock’s Bitcoin fund represents the largest allocation for Millennium, with over $844 million invested, with Fidelity’s ETF following closely behind at just over $806 million.
Balchunas also disclosed that around 60% of new spot Bitcoin ETF buyers are investment advisory firms, while hedge funds make up approximately 25% of these investors.
These 13F filings provide a glimpse into the long positions in U.S. equities and options held by institutional investment managers with equity assets of at least $100 million, offering insight into investment strategies but not revealing short positions.
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