Fidelity’s Bitcoin ETF attracted major institutional investors in Q1

Quick Take

The SEC’s 13F filings, which require institutional investors managing over $100 million in assets to disclose their equity holdings quarterly, reveal a growing interest in the newly launched spot Bitcoin ETFs in Q1 2024.

Institutional investors have been acquiring shares in these ETFs, with two advisors, Legacy Wealth Asset Management and United Capital Management of Kansas Inc., investing slightly over $20 million in Fidelity Wise Origin Bitcoin Fund (FBTC) — representing 6% and 5% of their portfolios, respectively, according to senior Bloomberg ETF analyst Eric Balchunas.

FBTC US Equity holders: (Source: Eric Balchunas, Bloomberg)

Balchunas noted:

“This edges out the $17m an advisor put in IBIT”

Additionally, according to SEC filings, there have been recent purchases of Grayscale GBTC, with Raymond James & Associates acquiring a notional value of $1,841,153 and Raymond James Financial Services Advisors purchasing $1,505,404. Notably, they were chosen for S&P 500 inclusion in 2017.

Institutional investors’ increasing adoption of spot bitcoin ETFs during the first quarter demonstrates a growing acceptance and interest in the digital assets market.

Disclaimer: There may be discrepancies in the reported notional values due to fluctuations in share prices. While the position numbers remain constant, the value varies in accordance with the share price movements of the ETFs.

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