Asset Manager Susquehanna Locks $1.8 Billion in Bitcoin ETFs, Reveals Massive Allocation
Susquehanna International Group, LLP (SIG), a global trading and investment firm with $438 billion in assets under management, has made a significant investment in Bitcoin exchange-traded funds (ETFs). According to recently published SEC filings, SIG holds a staggering $1.8 billion worth of shares in various U.S. Bitcoin ETF products.
This allocation by Susquehanna is notable, as it represents one of the largest known investments in Bitcoin ETFs among asset managers and hedge funds. While the firm’s Bitcoin ETF holdings make up only a fraction of its total investments, it is a considerably larger position compared to what has been seen in the market during the first quarter of 2024.
The reporting period for these filings ended on March 31, when Bitcoin was trading at $71,000. Since then, Bitcoin’s price has declined to $62,200 as of May 7. If Susquehanna’s ETF shareholdings have remained unchanged, their market value, which is designed to track the value of Bitcoin, has likely also experienced a significant decrease.
Susquehanna’s Bitcoin ETF holdings include positions in nine different Bitcoin spot ETFs. The largest allocation is with Grayscale, where Susquehanna holds $1.092 billion worth of Bitcoin as of the reporting date. The next largest holding is in Fidelity’s Bitcoin ETF, with $83.7 million.
It is worth noting that the diversification of Susquehanna’s ETF holdings may seem unusual, considering that most of these ETFs operate similarly and even use the same custodian, Coinbase, to manage their funds. In fact, Grayscale charges approximately six times the annual fee of its competitors, making it a more expensive option.
In addition to Bitcoin spot ETFs, Susquehanna also holds positions in Bitcoin futures and leveraged futures ETFs. The firm has invested over $400 million in the ProShares Bitcoin Strategy ETF and holds over $8.5 million in the Valkyrie Bitcoin Mining ETF.
Susquehanna’s significant investment in Bitcoin ETFs demonstrates the growing interest and confidence in Bitcoin as an investment asset, particularly among institutional investors and asset managers.