Point72, led by billionaire Steve Cohen, disclosed holdings of $77.5 million in the Fidelity Wise Origin Bitcoin Fund in the first quarter. Other hedge funds also invested in spot bitcoin ETFs.
Key players like Elliott Capital and Millennium Management are among those with significant investments, Millennium Management being the largest holder with $2 billion as of March 31.
13 out of the top 25 U.S. hedge funds invested in spot bitcoin ETFs in Q1, including firms like Fortress Investment Group and Schonfeld Strategic Advisors.
Hedge funds' interest in spot ETFs is not solely for long-term growth but also for purposes like market making, hedging, generating yields, or short-term trading.
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