Steven Cohen's Point72 reported $77.5M worth of holdings for the Fidelity Wise Origin Bitcoin Fund (FBTC) in its 13F filing.
Point72's move aligned with other prominent hedge funds entering the Bitcoin ETF market. Earlier this week, hedge fund giant Millennium Management’s 13F filing disclosed the company’s $2B exposure to Bitcoin ETFs. Similarly, Schonfeld Strategic Advisors holds a total of $479M in IBIT and FBTC ETFs.
Additionally, 13 out of the 25 largest US hedge funds have invested in spot BTC ETFs in just the first quarter of 2024. As such, Bitcoin ETFs have seemingly eliminated previous institutional hesitations about digital assets.
Despite the widespread adoption of BTC ETFs, the most popular cryptocurrency has remained under the $70K mark following the fourth halving in April. Currently, Bitcoin is valued at $67K, up by a modest 1.4% in the last 24 hours.