Susquehanna International Group, a prominent player in quantitative trading, recently made a bold move by investing over $1.1 billion in Bitcoin exchange-traded funds (ETFs). This strategic shift towards digital assets signifies a growing confidence among major institutional investors in cryptocurrency as a viable asset class.
In their latest 13F SEC filing on May 7, Susquehanna disclosed the composition and value of their Bitcoin ETFs portfolio as of March 31, 2024. The firm’s investment choices include a diverse range of holdings in various major funds such as Grayscale Bitcoin Trust (GBTC), Fidelity Wise Origin Bitcoin BTC ETF (FBTC), BlackRock iShares Bitcoin Trust (IBIT), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Valkyrie Bitcoin Fund (BRRR), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin ETF Trust (HODL), and WisdomTree Bitcoin ETF (BTCW).
Additionally, Susquehanna significantly increased its exposure to Bitcoin futures through the ProShares Bitcoin Strategy ETF (BITO), now holding nearly 8 million shares. The firm also holds stock in MicroStrategy (MSTR), a company with a substantial amount of Bitcoin, although it reduced its stake in MicroStrategy during a recent portfolio rebalancing.
The move by Susquehanna aligns with a broader trend observed among other institutional investors, such as New York-based asset manager Hightower, who have also ramped up their investments in Bitcoin ETFs. This renewed interest in US spot Bitcoin ETFs comes after a period of outflows, with recent data showing a mix of inflows and outflows in the market.
Overall, Susquehanna’s significant investment in Bitcoin ETFs reflects the growing acceptance and adoption of cryptocurrency within the institutional investment space.