Bracebridge Capital Becomes Largest Spot Bitcoin ETF Holder
Bracebridge Capital, a hedge fund that manages the finances of institutions like Yale University and Princeton University, has emerged as the largest holder of various spot Bitcoin exchange-traded funds (ETFs), according to a recent 13F filing with the Securities and Exchange Commission.
The Boston-based firm disclosed its ownership of shares in Ark Invest, BlackRock, and Grayscale U.S. spot Bitcoin ETFs.
Hedge Funds $434 Million Crypto Holdings
The breakdown of Bracebridge Capitals holdings reveals a large stake in Ark Invests ARKB, with 4,327,380 shares, alongside 2,486,750 in BlackRocks IBIT and 419,910 in Grayscales GBTC.
These holdings were reported to be valued at $307.2 million, $100.6 million, and $26.5 million, respectively. As of March 31, Bracebridge Capitals holdings in these ETFs were valued at a total of $434 million.
The new high water mark (ex APs/market makers) for bitcoin ETF holdings has arrived. Boston-based Bracebridge Capital has reported owning $262m of $ARKB. Its also the biggest owner of $IBIT too with $81m in that ETF. They also own $20m of $GBTC. They went wild basically. pic.twitter.com/RzdpwE2D0k
Eric Balchunas (@EricBalchunas) May 13, 2024
Bloomberg ETF analyst Eric Balchunas highlighted Bracebridge Capitals dominant position, particularly in Ark Invest and BlackRocks Bitcoin ETFs. The new high water mark for Bitcoin ETF holdings has arrived, Balchunas stated.
Another filing from the State of Wisconsins Investment Board showed that the entity had bought $99 million worth of BlackRocks Bitcoin ETF.
ETFs Dominate Bracebridge Capitals Portfolio
According to Arks fund page, Bracebridge Capitals ARKB holdings also surpass those of the company spearheaded by Cathie Wood.
Balchunas also noted that these ETFs now make up a large portion of Bracebridge Capitals overall portfolio, with ARKB alone accounting for 61.1% of its holdings, followed by IBIT and GBTC at 20% and 6.6%, respectively.
What is also notable is the sheer number of holders that each has so far, IBIT is up to 250. Thats bonkers for the first quarter on the market, Balchunas added.
What is also notable IMO is the sheer number of holders that each has so far.. $IBIT is up to 250. Thats bonkers for first quarter on mkt. Heres comparison of the other ETFs launched same week-ish as btc ones. And we still have like a week of 13Fs to roll in yet. pic.twitter.com/rqs39T7WNw
Eric Balchunas (@EricBalchunas) May 13, 2024
However, while the 13F filings provide valuable insights into Bracebridge Capitals long positions, they do not capture the entirety of its investment strategy, as short positions are not required to be disclosed.
13F filings, submitted quarterly to the SEC, are reports filed by institutional investment managers overseeing a minimum of $100 million in equity assets under management. These filings offer a look into the managers stock holdings at the close of each quarter.
A community member advised against normalizing the calculation of fund portfolio weights based on the aggregation of the 13F reportable positions, stating that relying solely on the 13F report provides little insight into Bracebridges actual views on the reported securities.
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