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Asset Management Firm Emerges as BTC Spot ETF 'Main Buyer,' Who Bought the Most?

ODAILY星球日报

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1. The year 2024 was a key year for the entry of traditional financial capital into the cryptocurrency market, with the issuance of a Bitcoin spot ETF being a major driver. 2. The Bitcoin spot ETF saw a total cumulative inflow of $11.67 billion, leading to the highest cryptocurrency market cap increase of 64.93%. 3. Asset management companies became the "main force" behind the BTC spot ETF, with Sihuan International Group (SIG) holding $1.3 billion in assets, ranking first. 4. Several well-known financial institutions such as Bank of America, The Bank of New York Mellon, and JPMorgan Chase & Co. also participated in investments in the Bitcoin spot ETF. 5. The Bitcoin spot ETF attracted a diverse range of investors, from family offices to global wealth management companies, demonstrating the widespread appeal of the cryptocurrency market.

Original Article Title: "Unveiling the BTC Spot ETF Holding Institutions: Rothschild, JPMorgan Unable to Make Top Ten, Who Is in First Place?"

Original Article Author: Fu Ruhe, Odaily Planet Daily

2024 is the first year of traditional financial capital pouring into the crypto world, thanks to the issuance of the Bitcoin spot ETF at the beginning of the year. As of today, SoSoValue data shows that the cumulative total inflow of the Bitcoin spot ETF is $11.67 billion, with a net asset value of $505.4 billion.

In the four months since its launch, the Bitcoin spot ETF has driven the highest increase in crypto market value by 64.93%, with a peak market cap of $28.45 trillion, and directly driven the highest increase in Bitcoin's market value by 59.25%.

As institutional investors continue to submit 13F (institutional ownership reports) to the U.S. SEC disclosing the holdings of Bitcoin ETFs, revealing the astonishing buying power behind the Bitcoin spot ETF. Odaily Planet Daily has compiled the holdings of relevant companies and found that asset management companies have become the "main force" of the BTC spot ETF. As shown below:

Susquehanna International Group (SIG) ($1.3 billion)

The Susquehanna International Group (SIG) is a U.S. financial services company based in Bala Cynwyd, Pennsylvania. Founded in 1987 by Jeff Yass, Arthur Dantchik, and Joel Greenberg, SIG operates globally in areas such as securities trading, options trading, futures trading, derivatives trading, asset management, and private equity investments. SIG is known for its specialization and technologization in the financial markets and is considered one of the world's largest quantitative trading firms.

SIG has purchased $1.3 billion worth of Bitcoin spot ETF, representing only a small portion of the company's $575.9 billion total investments.

Ovata Capital ($74 million)

Ovata Capital is an investment management company based in Hong Kong, established in 2017. Ovata Capital's flagship product is the Ovata Equity Strategies Master Fund, focusing on Asian stocks, including four core strategic parts: arbitrage, relative value, event-driven, and long/short.

Ovata Capital has a significant position in various US Bitcoin Spot ETFs, including FBTC, GBTC, BITB, and IBIT, accounting for 13.5%, 11.2%, 8.8%, and 5.6% of its investment portfolio, respectively, with a total value exceeding 74 million US dollars.

Hightower ($68.34 million)

Hightower is a US-based global wealth management firm that offers comprehensive financial planning, investment management, and asset management services. The company's client base includes individual investors, family offices, corporate clients, and charitable organizations.

Hightower has acquired over $68.34 million worth of US Bitcoin Spot ETF, representing less than 0.1% of its total $61.7 billion investments.

Rubric Capital Management ($60 million)

Rubric Capital Management is a US-based investment management firm established in 2011. The company focuses on equity investments and is known for implementing a long-term value investment strategy.

With assets under management of $3.3 billion, Rubric Capital Management holds over $60 million in the BlackRock Bitcoin Spot ETF.

Yong Rong Asset Management ($38 million)

Yong Rong Asset Management is an asset management company based in Hong Kong. The company specializes in providing comprehensive investment management services to clients, covering various asset classes such as stocks, bonds, derivatives, and more.

Yong Rong Asset Management has purchased around $38 million worth of IBIT, representing 12% of its portfolio, making it the top holder of the BlackRock Bitcoin Spot ETF.

United Capital Management ($34.91 million)

United Capital Management is a comprehensive wealth management firm headquartered in the US. The company offers a wide range of financial planning and investment management services.

United Capital Management holds over 350,000 shares of FBTC and 410,000 shares of BITO, representing 4.9% and 3% of its latest investment portfolio, with a total value of approximately $34.91 million. United Capital Management is a significant shareholder of Fidelity's FBTC.

Legacy Wealth Asset Management ($28.5 million)

Legacy Wealth Asset Management is a comprehensive wealth management firm committed to providing clients with holistic financial planning and investment management services. The company may be headquartered in the United States and has previously acquired Autotrader.

Legacy Wealth Asset Management holds over 350,000 shares of FBTC, representing 6.09% of its latest investment portfolio, and over 100,000 shares of GBTC, representing 1.84%, with a total value exceeding $28.5 million.

Monolith Management ($24 million)

Monolith Management, under former Sequoia China partner Cao Xiqi, is an investment management firm focused on growth-stage companies in both public and private markets. Its key investment sectors include technology, software, consumer, and healthcare industries.

Monolith Management holds over $24 million in IBIT and ranks fifth in the holdings of the BlackRock ETF.

IvyRock Asset Management ($19 million)

IvyRock Asset Management is a hedge fund management firm based in Hong Kong. The company manages various funds through its asset management business.

IvyRock Asset Management holds nearly $19 million in BlackRock's physical Bitcoin ETF IBIT.

Quattro Financial Advisors ($16.5 million)

Quattro Financial Advisors is a family office providing portfolio management, financial planning, and investment advisory services. Quattro Financial Advisors serves U.S.-based clients.

Quattro Financial Advisors is the second largest holder of the BlackRock Bitcoin Spot ETF, holding 468,000 shares of IBIT, valued at approximately $16.5 million, representing 5.4% of its portfolio.

U.S. Bank ($15 million)

U.S. Bancorp is a U.S. bank holding company and the parent company of U.S. Bank National Association, the fifth-largest bank in the United States, with over three thousand branches mainly located in the Western and Midwestern United States.

U.S. Bank disclosed a holding of over $15 million in a Bitcoin Spot ETF. Reportedly, it purchased approximately 87,744 shares of Fidelity's FBTC stock, valued at $5.4 million, 46,011 shares of Grayscale's GBTC stock, valued at $2.9 million, and 178,567 shares of BlackRock's IBIT stock, valued at $7.2 million. According to its latest 13F filing, the company's total investment stands at $71.8 billion.

Oxler Private Wealth ($11.24 million)

Oxler Private Wealth is an investment platform. The platform provides information only. Advisory services are offered only to Oxler Private Wealth LLC and its properly licensed or exempt clients or prospective clients.

Oxler Private Wealth holds 280,000 shares of IBIT, valued at approximately $11.24 million, accounting for 4.4%.

Edmond de Rothschild Holding S.A. ($4.2 million)

Edmond de Rothschild Holding S.A. offers a range of wealth management services to private and institutional clients.

Edmond de Rothschild (Suisse) S.A. disclosed a holding of over $4.2 million in a Bitcoin Spot ETF. The company reported holding 103,600 shares of BlackRock IBIT stock, slightly below the $4.2 million mark. It also disclosed 1,300 shares of GBTC stock, valued at $82,121. According to its latest 13F filing, the company's total investment amounts to $6 billion.

Newbridge Financial Services Group ($1.34 million)

Newbridge Financial Services Group offers a wide range of products, services, and solutions to help clients achieve unique financial services.

Newbridge Financial Services Group has over $340 million in assets under management, holding approximately 20,000 shares of GBTC valued at around $1.34 million, representing only 0.58% of its $230 million investment portfolio's value.

The Bank of New York Mellon ($1.113 million)

The Bank of New York Mellon is a bank located in New York City, USA. Its primary businesses are securities services and asset management. It holds 19,918 shares of IBIT and 7,108 shares of GBTC, currently valued at approximately $1.113 million.

JPMorgan Chase & Co. ($0.76 million)

JPMorgan Chase & Co., commonly known as "JPMorgan," is a US financial institution headquartered in New York City. Its commercial banking division has 5,100 branches. In October 2011, JPMorgan Chase's assets surpassed Bank of America's to become the largest financial services institution in the US. JPMorgan Chase operates in over 50 countries, including investment banking, securities trading and services, asset management, commercial banking services, and private banking services.

JPMorgan Chase disclosed its holdings of ProShares BITO, BlackRock IBIT, Fidelity FBTC, Grayscale GBTC, and Bitwise BITB shares valued at approximately $0.76 million.

SouthState Bank ($0.5572 million)

SouthState Bank is one of the leading regional banks in the Southeast, serving over a million customers through 240+ branches in Florida, Alabama, Georgia, the Carolinas, and Virginia. SouthState provides comprehensive banking solutions, including personal banking, mortgage loans, small business banking, commercial banking, and wealth management.

SouthState disclosed investments in two Bitcoin spot ETFs, totaling $577,198. SouthState's investment in Bitcoin spot ETFs represents only a small portion of its reported total of $1.3 billion.

BNP Paribas (USD 40,000)

BNP Paribas is a world-class financial group headquartered in Paris, France. It is France's largest bank, with deposits being the largest in the Eurozone, and is one of the world's largest banks, ranking in the top four systemically important financial institutions.

BNP Paribas purchased 1,030 shares of IBIT, valued at only around USD 40,000.

Wells Fargo & Company (Undisclosed)

Founded in 1852 in New York, USA, Wells Fargo & Company is a diversified financial group with total assets of USD 1.9 trillion. Wells Fargo is one of the top four banks in the United States along with JPMorgan Chase, Bank of America, and Citigroup.

According to a recent filing with the U.S. Securities and Exchange Commission, Wells Fargo has exposure to a physically-backed Bitcoin ETF.