Susquehanna International Group, a major player in asset management, has recently disclosed a significant investment in Bitcoin through various exchange-traded funds (ETFs).
According to a filing with the Securities and Exchange Commission (SEC) on May 7, Susquehanna held approximately $1.2 billion worth of spot ETFs in the first quarter of 2024.
The size and diversity of Susquehanna’s investment are noteworthy. The firm holds 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at around $1.09 billion as of March 31, 2024. This substantial investment in GBTC indicates Susquehanna’s preference for its high liquidity.
In addition to GBTC, Susquehanna has diversified its holdings across other Bitcoin-related ETFs. This includes 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC) and a significantly increased stake in the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to BTC futures contracts. Susquehanna’s stake in BITO has grown to 7,907,827 shares, valued at approximately $255.42 million.
Furthermore, Susquehanna’s Bitcoin ETF portfolio includes investments in other prominent funds such as BlackRock ETF, ARK21 ETF, Bitwise ETF, Valkyrie ETF, Invesco Galaxy ETF, VanEck ETF Trust, and WisdomTree ETF. This strategic selection of funds demonstrates Susquehanna’s comprehensive approach to capitalizing on different aspects of Bitcoin’s investment potential.
While Susquehanna’s allocation to Bitcoin ETFs is significant, it remains a relatively small fraction of its total portfolio, which exceeds $575.8 billion. The $1.2 billion in Bitcoin ETFs constitutes approximately 0.22% of the firm’s holdings, indicating a cautious yet meaningful entry into the digital asset space.
substantial investment in Bitcoin ETFs is expected to bolster Bitcoin’s credibility and stability as a financial asset, given the rise in institutional interest. Moreover, the company’s indirect exposure through holdings in MicroStrategy stock, which holds a substantial Bitcoin reserve, further underscores its strategic approach to cryptocurrency investments. However, Susquehanna recently reduced its stake in MicroStrategy as part of its portfolio adjustments.
May 2024, Cryptoniteuae
