Majority of Top US Hedge Funds Hold Bitcoin ETFs
Over 534 Institutions with Billion-Dollar Assets Invest in Bitcoin ETFs
A recent blog post by Bitcoin app River revealed that more than 534 institutions, each managing over $1 billion in assets, have included Bitcoin ETFs in their portfolios. This diverse group of investors includes hedge funds, pension funds, and insurance companies, highlighting the broad acceptance of Bitcoin. The blog post also noted that over half of the top 25 hedge funds in the United States now have exposure to Bitcoin.
Millennium Management and Other Top Advisors Invest in Bitcoin
Among the institutions investing in Bitcoin are Millennium Management, which now boasts $2 billion in Bitcoin assets. In addition, 11 of the top 25 Registered Investment Advisors (RIAs), along with numerous smaller advisors, have also allocated investments to Bitcoin.
Bitcoin Becoming a Staple in Company Balance Sheets
River's CEO, Alex Leishman, commented on the trend of Bitcoin becoming a staple in every company's balance sheet. Currently, over a thousand companies using River's platform maintain Bitcoin in their financial reserves. Just a year ago, the average business held 2.5 BTC, valued at around $70,000. These holdings have since increased to more than 4 BTC, with their value skyrocketing to over $280,000. River stated, "It is no longer just the MicroStrategy’s of the world accumulating Bitcoin, but businesses of all sizes."
Bitcoin's Entry into the Regulated Banking World
In a recent interview, Michael Saylor stated that Bitcoin has officially entered the KYC and AML regulated banking world. When asked about Bitcoin's assimilation into a world of increasing regulations, he said, “I think it's doing it now. I mean, you're watching it, right? For example, Block sells $10 billion worth of Bitcoin every year via Cash App. They're a publicly traded company. They abide by AML and KYC regulations. They have compliance. They have responsibilities."
Final Thoughts
This article highlights the increasing acceptance of Bitcoin among major financial institutions and businesses. The trend of Bitcoin becoming a staple in company balance sheets is particularly noteworthy. What are your thoughts on this development? Do you think this trend will continue? Share this article with your friends and let us know your opinions. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.
