Bracebridge Capital Becomes Largest Spot Bitcoin ETF Holder

Bracebridge Capital, a hedge fund that manages the finances of institutions such as Yale University and Princeton University, has emerged as the largest holder of various bitcoin exchange-traded funds (ETFs), according to a recent 13F filing with the Securities and Exchange Commission.

The company is headquartered in Boston a statement Its ownership of shares in Ark Invest, BlackRock, and Grayscale US Spot Bitcoin ETFs.

The hedge fund's cryptocurrency holdings are worth $434 million

A breakdown of Bracebridge Capital's holdings reveals a significant stake in Ark Invest's ARKB, with 4,327,380 shares, along with 2,486,750 shares in BlackRock's IBIT and 419,910 in Grayscale's GBTC.

The value of these properties is reported to be $307.2 million, $100.6 million, and $26.5 million, respectively. As of March 31, Bracebridge Capital's holdings in these ETFs were worth a total of $434 million.

The new high water mark (APs/former market makers) for Bitcoin ETF holdings has arrived. Boston-based Bracebridge Capital reported $262 million $ARKB. He is also the largest owner $ go Also with $81 million in this ETF. They also own $20 million $GBTC. They basically went wild. pic.twitter.com/RzdpwE2D0k

– Eric Balchunas (@EricBalchunas) May 13, 2024

Bloomberg ETF analyst Eric Balchunas highlighted Bracebridge Capital's dominant position, particularly in Ark Invest and BlackRock's bitcoin ETFs. “The new high water mark for Bitcoin ETF holdings has arrived,” Balchunas stated.

last Deposit A report from the Wisconsin Investment Board showed that the entity had purchased $99 million worth of BlackRock's Bitcoin ETF.

ETFs dominate Bracebridge Capital's portfolio

According to the Ark Fund page, Bracebridge Capital's ARKB holdings are also held Transgression That of the company led by Cathie Wood.

Balchunas too male These ETFs now make up a significant portion of Bracebridge Capital's overall portfolio, with ARKB alone accounting for 61.1% of its holdings, followed by IBIT and GBTC at 20% and 6.6% respectively.

“What is also noteworthy is the sheer number of shareholders each has so far,” Balchunas added. “IBIT is up to 250. This is great for the first quarter of the market.”

What's also notable IMO is the sheer number of shareholders each has so far. $ go Up to 250. This is crazy for the first quarter on MKT. Here's a comparison of other ETFs that launched the same week as Bitcoin funds. We still have a week of 13Fs yet. pic.twitter.com/rqs39T7WNw

– Eric Balchunas (@EricBalchunas) May 13, 2024

However, while 13F filings provide valuable insights into Bracebridge Capital's long positions, they do not reflect the entirety of its investment strategy, as short positions are not required to be disclosed.

13F filings, which are filed quarterly with the Securities and Exchange Commission, are reports filed by institutional investment managers who oversee at least $100 million in equity assets under management. These filings provide a look at the manager's stock holdings at the end of each quarter.

Member of the community Advise Normalizes the calculation of fund portfolio weights based on the aggregation of positions reported in the 13F, noting that relying solely on the 13F report provides little insight into Bracebridge's actual views on the securities reported.