Asset managers across various sectors, including wealth management firms, hedge funds, and pension funds, increased their investments in U.S. exchange-traded funds linked to the price of bitcoin during the fourth quarter of 2024. This surge was in response to bitcoin's remarkable 47% price surge, as indicated by recent regulatory disclosures.
The State of Wisconsin Investment Board, in its quarterly 13-F filings with the Securities and Exchange Commission, revealed that its holdings in bitcoin ETFs more than doubled in the last quarter of the year, peaking at 6 million shares of the iShares Bitcoin Trust ETF by December 31. Similarly, several other prominent investment entities raised their stakes in these ETFs, which were launched in January 2024.
Tudor Investment Corp, a systematic hedge fund manager, declared that its holdings in the iShares ETF increased to 8 million shares, up from 4.4 million shares, with a total value of $426.9 million reflecting the surge in bitcoin's value. Additionally, the Abu Dhabi sovereign wealth fund Mubadala Investment Co initiated its bitcoin ETF investments in the fourth quarter, acquiring an 8.2 million share position valued at $436.9 million.
Moreover, Hedge fund Hunting Hill Capital, initially absent from these ETFs in the third quarter, resurfaced as a notable investor by the end of the year with positions valued at around $131 million. Adam Guren, founder and chief investment officer of the firm, noted their active trading in the crypto ETF market, clarifying discrepancies in filing timelines.
Furthermore, various financial advisory firms such as Cetera Advisors and NewEdge Advisers increased their holdings in multiple ETFs, including offerings from Fidelity, ARK Investments, and Invesco based on strong client demand. Conversely, Cresset Asset Management opted for ETFs with lower fees, pursuing protective collar strategies to manage risk effectively while capturing potential gains.
These 13F filings offer valuable insights into institutional investor activities at quarter-end, although their current holdings may differ.