Markets
Bitcoin ETFs also belong to Steven Cohen’s Point72, Fortress Investment
Point72, the $34 billion hedge fund of billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the close of the first quarter, according to a file.
This follows several other hedge funds who disclosed purchasing shares of Bitcoin spot exchange-traded funds including Paul Singer’s Elliott Capital and Izzy Englander’s Millennium Management, the latter of which is the largest institutional holder of the new funds with approximately $2 billion as of March 31 .
Of the top 25 hedge funds in the United States, 13 of them invested in ETFs in the first quarter, according to the data compiled by brokerage firm Bitcoin River. Among them, in addition to the names mentioned previously, were Fortress Investment Group and Schonfeld Strategic Advisors.
Although spot ETF purchases by hedge funds may be a long-term bet on “up numbers,” these vehicles could be purchased for other reasons, such as market making, hedging, generation performance or for a short-term turnaround, to name but a few. little.