Point72, the $34 billion hedge fund of billionaire and proprietor of the New York Mets, Steven Cohen, held $77.5 million of the Constancy Smart Origin Bitcoin Fund (FBTC) as of the shut of the primary quarter, according to a filing.
This follows several other hedge funds who’ve disclosed that they bought shares of the spot bitcoin exchange-traded funds, together with Paul Singer’s Elliott Capital and Izzy Englander’s Millennium Administration, with the latter being the largest institutional holder of the brand new funds with roughly $2 billion as of March 31.
Out of the highest 25 hedge funds within the U.S., 13 of them purchased into the ETFs within the first quarter, based on information compiled by bitcoin brokerage agency River. Amongst them, along with the names talked about earlier, have been Fortress Funding Group and Schonfeld Strategic Advisors.
Whereas hedge fund purchases of the spot ETFs is likely to be a long-term guess on “quantity go up,” these autos may very well be purchased for different causes, market making, hedging, yield technology, or for a short-term flip, to call just a few.
