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US Companies Own $13 Billion in Spot Bitcoin ETFs

US Companies Own $13 Billion in Spot Bitcoin ETFs

HappyCoinNewsHappyCoinNews2024/10/23 20:30
By:HappyCoinNews

Since January 2024, U.S. corporate investors have purchased more than $13 million worth of bitcoin-based exchange-traded funds, CryptoQuant CEO Ki Young Ju said.

Citing Form 13F, a quarterly document in which asset managers disclose information about U.S. stocks, Young Ju noted that in the 10 months since the U.S. ETF 1179 institutions purchased 193 BTC.

US Companies Own $13 Billion in Spot Bitcoin ETFs image 0

Traditional financial giants such as Millennium Management and Jane Street control 20% or 961 BTC, worth about $645 billion. These assets are distributed among 65 ETF , issued by BlackRock, Bitwise, Grayscale, Fidelity and other issuers.

According to Bloomberg stock analysts Eric Balchunas and James Seyffarth, this indicates that asset managers are gradually getting used to new products based on the flagship cryptocurrency.

The most popular among institutional investors was BlackRock's IBIT. It also became the fastest growing fund in US financial history. In a short period of time, it recorded the third largest inflow of funds, competing with traditional ETF , which have existed for more than 20 years.

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