Susquehanna International Group Makes Major Bitcoin Investments
Susquehanna International Group, a significant player in asset management, has made a substantial investment in Bitcoin through various exchange-traded funds (ETFs). The investment details, disclosed to the Securities and Exchange Commission (SEC) on May 7, revealed that Susquehanna held around $1.2 billion in spot ETFs during the first quarter of 2024. This move signals a significant shift in the firm’s investment strategy towards the digital asset market.
The Scope and Diversity of Susquehanna’s Investments
The scale and variety of Susquehanna’s investments in the Bitcoin market are particularly noteworthy:
- Susquehanna holds 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.09 billion as of March 31, 2024.
- This substantial investment demonstrates Susquehanna’s strong preference for Grayscale due to its high liquidity.
- The firm also holds 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC), worth roughly $83.74 million.
- Susquehanna has significantly increased its stake in the ProShares Bitcoin Strategy ETF (BITO), owning 7,907,827 shares valued at approximately $255.42 million.
- This represents a 57.59% increase from a previous filing in February.
- In addition to the above, Susquehanna’s portfolio includes investments in various other prominent funds like the BlackRock ETF, ARK21 ETF, Bitwise ETF, and more.
Industry Experts React to Susquehanna’s Bitcoin Investments
Industry experts and leaders have commented on Susquehanna’s significant investments in Bitcoin:
- Julian Fahrer, CEO and co-founder of Apollo, hailed the move, calling Susquehanna the biggest Bitcoin ETF whale yet with $1.2 billion across 10 ETFs.
- Fahrer’s statement highlights the growing institutional interest and optimism surrounding cryptocurrency investments.
- While the allocation to BTC forms a minor fraction of Susquehanna’s overall portfolio, the firm’s entry into the digital asset space is a noteworthy development.
Implications for the Bitcoin Market
Susquehanna’s investments in Bitcoin have significant implications for the market:
- The surge in institutional interest, exemplified by Susquehanna’s activities, is expected to enhance Bitcoin’s credibility and stability as a financial asset.
- Bitcoin ETFs, despite initial excitement, have seen a dip in interest recently. Susquehanna’s move is poised to reinvigorate the market and drive further institutional investment.
- In addition to direct exposure to Bitcoin, Susquehanna also holds indirect exposure through its investments in MicroStrategy stock, aligning with its strategic portfolio adjustments.
Market Update
As of the latest update, Bitcoin (BTC) is trading at $62,352, reflecting the current market conditions and investor sentiment towards the digital asset.
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