Hedge funds, pensions and banks continued to lavish capital into exchange-traded funds that invest directly in Bitcoin, as more traditional investors embrace the asset class that US regulators begrudgingly helped push into the mainstream at the beginning of the year.
Among the most well-known buyers that have emerged are hedge funds like Millennium Management, which held shares in at least five Bitcoin ETFs, according to a Bloomberg analysis of second-quarter filings with the US Securities and Exchange Commission. The firm, which has $68 billion in assets under management, trimmed its stakes in the ETFs significantly from the prior quarter but remained as the top holder for most of the funds, including BlackRock’s iShares Bitcoin Trust (ticker IBIT).
