A recent analysis from Coinshares, spearheaded by its lead research analyst, James Butterfill, brings to light the evolving landscape of bitcoin investments among institutional investors. This report, derived from 13F filings submitted to the U.S. Securities and Exchange Commission (SEC), offers a glimpse into the strategies of key players in the bitcoin market, underscoring the dynamic shifts in institutional involvement.
Institutional Bitcoin Holdings See Major Shifts, 13F Filings Reveal
The 13F filing data examined by Coinshares reveals that investment advisors and brokerages are currently holding the largest assets under management (AUM) in bitcoin, totaling $4.7 billion and $1.5 billion, respectively. Following closely, hedge funds and holding companies manage $3.8 billion and $1.1 billion in bitcoin assets. As of Aug. 15, 2024, this data highlights the diverse array of institutions channeling significant portions of their portfolios into bitcoin, with hedge fund managers leading the charge with an average portfolio weighting of 2.2%.
Coinshares’ in-depth analysis, shared with Bitcoin.com News on Friday, uncovers notable portfolio adjustments among major holders. Digital Currency Group, which holds $1.689 billion in bitcoin, experienced the largest outflow, trimming its position by $732 million. Similarly, SIG Holding and Millennium Management reduced their bitcoin holdings by $476 million and $537.3 million, respectively, with Millennium Management’s portfolio weighting now at 0.19%.
Further significant outflows were noted from Jane Street Group and Horizon Kinetics, which decreased their positions by $321.5 million and $307 million, respectively. On the flip side, Capula Management boosted its bitcoin holdings by $470 million, representing 2.6% of its portfolio, while Avenir Tech/Hong Kong made a bold move by allocating 50% of its portfolio to bitcoin, amounting to $388 million. Additional increases were observed from Goldman Sachs Group, Galicia Asset Management, and Ark Investment Management.
Among the top institutional holders, new entrants like Capula Management and Avenir Tech/Hong Kong are making significant investments in bitcoin funds. Capula’s holdings now account for 2.6% of its portfolio, equivalent to $470 million, while Avenir Tech has committed half of its portfolio, or $388 million, to bitcoin. These movements stand in contrast to Millennium Management, which has reduced its bitcoin exposure from 0.33% to 0.19%, marking a $537 million decline.
Other notable decreases, as identified by Coinshares, include outflows from Morgan Stanley, which reduced its bitcoin holdings by $87 million, bringing its total AUM in bitcoin to $203 million—still making it one of the largest banking institutions holding bitcoin assets. Butterfill’s analysis highlights significant changes in bitcoin holdings, with Digital Currency Group leading the pack in reducing positions, while Capula Management is at the forefront of those increasing their investments.
Source: bitcoin news
