Author: Nancy, PANews

The gate opened by the Bitcoin spot ETF for mainstream capital inflows has shown strong attractiveness in a short period of time. Recently, with the continuous release of the US 13F (institutional holding report), the institutional positions participating in the "sweeping" of Bitcoin spot ETFs have also been exposed. So, what is the market development of Bitcoin spot ETFs? Which ETF products have the investment giants allocated to, and what investment signals have they released?

Over 50 billion US dollars poured in, the United States occupies nearly 90% of the global market share

Looking at the global market size of Bitcoin spot ETFs, the United States is undoubtedly the main force. According to HODL15Capital data monitoring, as of May 7th, the US Bitcoin spot ETF has held 8273.21 million BTC in the 4 months since its launch, worth about 52.1 billion US dollars, accounting for 89.5% of the global market.

However, in terms of the growth rate of funds, the inflow of funds into the US Bitcoin spot ETF mainly came from the two months after its listing, and peaked at 836,000 BTC in mid-March this year, and then began to show a slight monthly decline trend.

Among these 11 US Bitcoin spot ETFs, the top three, namely Grayscale, BlackRock, and Fidelity, have shown super strong "attractiveness", holding a total of 719,000 BTC (worth 26.91 billion US dollars), accounting for 86.9% of the overall, which is about 3.3 times that of "Bitcoin whale" MicroStrategy. In comparison, Franklin Templeton, WisdomTree, and Hashdex have relatively weaker performances, accounting for only 8.8%.

In terms of asset size, only Grayscale and BlackRock's two Bitcoin spot ETFs have both exceeded 10 billion US dollars. Among them, Grayscale has been in a state of continuous outflow of funds since converting from GBTC to spot ETF, and only holds 47% of the BTC quantity as of January this year; BlackRock has shown a basic growth trend in the past few months, but the expansion rate has slowed down since mid-April and even slightly decreased.

In addition, as the first market to issue spot Bitcoin ETFs in Asia, as of May 7th, three Hong Kong Bitcoin spot ETFs have collectively held 42,560 BTC, with an asset management scale of 270 million US dollars, but it is only nearly 0.7% of the US Bitcoin spot ETF's listing on the first day, and there has been no significant growth trend within a week of its launch. It is worth mentioning that there have been recent rumors in the market that the Hong Kong Bitcoin spot ETF may be included in the Shanghai-Hong Kong Stock Connect program, but the Hong Kong ETF issuer has denied this, stating that it is purely a rumor, just like the previous rumors that southbound funds can purchase Hong Kong Bitcoin ETFs.

Asset management is the main subscriber, and these three products have become the mainstream choice

The 13F report is considered an important channel for obtaining the investment trend of Wall Street. According to the regulations of the US SEC, institutional equity asset managers with assets exceeding 100 million US dollars are required to disclose their current holdings of US equities within 45 days after the end of each quarter (three months) and provide information on the destination of the funds. According to the information already disclosed in the market, many institutions have included Bitcoin spot ETFs as investment targets. For example, according to Fintel data, IBIT has 207 institutional holders and shareholders, and GBTC has 402 institutional owners and shareholders.

PANews has found that among the institutions that have purchased Bitcoin spot ETFs, asset management institutions have relatively more investment funds and a richer selection of products, but they account for a smaller proportion of their overall investment portfolios, while banks are more cautious in their product selection and have limited investment funds. Among the multiple Bitcoin spot ETFs, GBTC, IBIT, and FBTC are almost the mainstream trading varieties in the market. Interestingly, three Hong Kong institutions have all invested in the US Bitcoin spot ETFs, which may be related to factors such as fee differences and the background of asset custodians.

Susquehanna: Over 1.3 billion US dollars in GBTC, FBTC, ARKB, IBIT, and BITB

Quantitative trading company Susquehanna International Group disclosed in its submitted filing that it has purchased over 1.3 billion US dollars worth of spot Bitcoin ETFs, including 17.3 million shares of GBTC (worth over 1.1 billion US dollars), 1.3 million shares of FBTC (worth 83.7 million US dollars), 508,824 shares of ARKB (worth 36.1 million US dollars), 583,049 shares of IBIT (worth about 23.6 million US dollars), 560,832 shares of BITB (worth 21.7 million US dollars), 256,354 shares of HODL (worth 20.6 million US dollars), 255,814 shares of BTCW (worth 19.3 million US dollars), 166,200 shares of BTCO (worth 11.8 million US dollars), and 192,391 shares of BRRR (worth 3.9 million US dollars). These combined investments only account for a small part of the company's total investment of 57.59 billion US dollars.

Ovata Capital Management: Over 74 million US dollars in FBTC, GBTC, BITB, and IBIT

The latest filing submitted to the US SEC by Hong Kong asset management company Ovata Capital Management shows that it has heavily invested in US Bitcoin spot ETFs, including FBTC, GBTC, BITB, and IBIT, accounting for 13.5%, 11.2%, 8.8%, and 5.6% of its investment portfolio, with a total value exceeding 74 million US dollars.

Hightower: Over 68 million US dollars in GBTC, FBTC, IBIT, ARKB, BITB, and EZBC

Asset management company Hightower, with assets under management of 130 billion US dollars, disclosed in an SEC filing that it has purchased over 68.34 million US dollars worth of US Bitcoin spot ETFs, including 44.84 million US dollars of Grayscale GBTC, 12.41 million US dollars of Fidelity FBTC, 7.62 million US dollars of IBIT, 1.7 million US dollars of ARKB, 990,000 US dollars of BITB, and 790,000 US dollars of EZBC. However, this portion of the investment accounts for less than 0.1% of its total investment of 61.7 billion US dollars.

Yong Rong Asset Management: Approximately 38 million US dollars in IBIT

Hong Kong-based Yong Rong Asset Management has purchased approximately 38 million US dollars worth of IBIT, accounting for 12% of its investment portfolio, and is the top holder of BlackRock's Bitcoin spot ETF. Yong Rong Asset Management Limited is a securities investment and asset management company established in 2012, with several funds under its management, with assets under management totaling hundreds of millions of US dollars. In addition to Bitcoin spot ETFs, the institution's latest investment portfolio also includes Nvidia, Tesla, Meta, Pinduoduo, and Luckin, among others.

United Capital Management: Over 34.9 million US dollars in FBTC and BITO

United Capital Management holds over 350,000 shares of FBTC and 410,000 shares of BITO, accounting for 4.9% and 3% of its latest investment portfolio, with a total value of approximately 34.91 million US dollars. United Capital Management is an important shareholder of Fidelity FBTC.

United Capital Management is an investment advisory company located in the United States, which was sold to Creative Planning, one of the largest private investment advisory companies in the United States, by Goldman Sachs, with investment assets exceeding 436 million US dollars.

Legacy Wealth Asset Management: Over 28.5 million US dollars in FBTC and GBTC

Asset management company Legacy Wealth Asset Management holds over 350,000 shares of FBTC, accounting for 6.09% of its latest investment portfolio, and over 100,000 shares of GBTC, accounting for 1.84%, with a total value of over 28.5 million US dollars. Legacy Wealth Asset Management is also one of the major shareholders of Fidelity FBTC.

Monolith Management: Over 24 million US dollars in IBIT

Former Sequoia China partner Cao Xi's investment company Monolith Management revealed in a document that it holds over 24 million US dollars worth of IBIT, ranking fifth in BlackRock's ETF holdings, which is more than double its investment in Meta stocks. In addition, the company's two largest investments are in Nvidia and Microsoft.

Monolith Management is headquartered in Hong Kong and was established by former Sequoia China partner Cao Xi and former Boyu Capital secondary market partner Tim Wang. The first fund has exceeded 500 million US dollars and mainly focuses on technology and innovation-driven technology, software, life sciences, and consumer sectors.

IvyRock Asset Management: Over 19 million US dollars in IBIT

IvyRock Asset Management is a hedge fund management company headquartered in Hong Kong, and it disclosed in its latest filing that it holds nearly 19 million US dollars worth of BlackRock's spot Bitcoin ETF IBIT.

Quattro Financial Advisors: Over 16.5 million US dollars in IBIT

Quattro Financial Advisors is a joint family office and is also the second largest holder of BlackRock's Bitcoin spot ETF, holding 468,000 shares of IBIT, worth approximately 16.5 million US dollars, accounting for 5.4% of its investment portfolio.

Oxler Private Wealth: Over 11.2 million US dollars in IBIT

Investment platform Oxler Private Wealth holds 280,000 shares of IBIT in its latest investment portfolio, worth approximately 11.24 million US dollars, accounting for 4.4%.

Newbridge Financial Services Group: Approximately 1.34 million US dollars in GBTC

Newbridge Financial Services Group has assets totaling over 340 million US dollars and holds approximately 20,000 shares of GBTC, worth approximately 1.34 million US dollars, accounting for only 0.58% of its 230 million US dollars investment portfolio.

The Bank of New York Mellon: Approximately 1.11 million US dollars in GBTC

The Bank of New York Mellon, the oldest bank in the United States, reported in its SEC filing that it holds 19,918 shares of IBIT and 7,108 shares of GBTC, currently worth approximately 1.113 million US dollars.

SouthState Bank: Over 570,000 US dollars in GBTC and IBIT

SouthState Bank disclosed its investment in two spot Bitcoin ETFs in its US SEC 13F filing, with a total value of 577,198 US dollars, including 6,606 shares of GBTC (worth approximately 417,301 US dollars) and 3,951 shares of IBIT (worth approximately 159,897 US dollars). SouthState Bank's investment in spot Bitcoin ETFs only accounts for a small portion of the total reported 1.3 billion US dollars.

It is understood that SouthState Bank is a US-based bank holding company, and after merging with CenterState Bank, the total assets managed by these two entities reached 34 billion US dollars.

BNP Paribas: Approximately 40,000 US dollars in IBIT

As the second largest bank in Europe, BNP Paribas has total assets under management of over 600 billion US dollars. In its recent 13F filing submitted to the US Securities and Exchange Commission, it disclosed the purchase of 1,030 shares of IBIT, worth approximately 40,000 US dollars. BNP Paribas has been actively exploring the crypto field since last year, not only providing cryptocurrency services but also participating in related investments, such as traditional financial asset tokenization company Fnality.

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