Insights from Q1 2024 13F filings for Bitcoin ETFs

Quick Take
The 13F filings for Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024 have unveiled a significant surge in demand and investor interest.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, BlackRock’s (IBIT) had an astounding 414 reported holders in its inaugural 13F season. Balchunas noted that
“Even having 20 holders as a newborn is bfd, highly rare.”
Fidelity’s FBTC, Bitwise’s BITB, and Ark’s ARKB have also garnered substantial investment, contributing to their notable success.
Number of Holders: (Source: Eric Balchunas, Bloomberg Intelligence)
Across nearly 1,500 entries, 929 institutions own at least one Bitcoin ETF, and the top owner was Millenium Management, with $1.9 billion in long positions across the ETFs, according to a pseudonymous Bitcoin analyst, Trader T.
The filings showed that 44% of reported institutions own IBIT, making it the most popular choice among international investors. Additionally, 65% own the Grayscale Bitcoin Trust (GBTC), and 99% of the institutions are based in the US, with Hong Kong-based firms coming in second.
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