Recently released SEC filings reveal that Susquehanna International Group, LLP (SIG) has amassed $1.8 billion in assets spread across several U.S. Bitcoin ETFs. This information comes from a 13F-HR filing made to the Securities and Exchange Commission on May 7, highlighting SIG’s significant investment in these products.
Massive Asset Manager Buys Bitcoin ETFs
Susquehanna International Group, a global trading and investment firm managing $438 billion in assets, has one of its notable investments in Bitcoin ETFs, representing only a fraction of its total portfolio but still marking one of the largest allocations in Q1 2024. As of the last reporting period on March 31, Bitcoin closed at $71,000 per unit, while its price dropped to $62,200 by May 7.
If Susquehanna’s holdings in these ETFs, which are designed to mirror Bitcoin’s price, remained unchanged, their market value would have likely decreased following the drop in Bitcoin’s price. This significant investment in Bitcoin ETFs positions Susquehanna as one of the top asset managers or hedge funds using ETFs as a primary investment vehicle.
Which Bitcoin ETFs Does Susquehanna Own?
The recent quarter marked the first time asset managers could invest in Bitcoin spot ETFs, a new opportunity following their approval in January. These ETFs quickly became a focal point in the crypto market. Over the recent weeks, numerous firms have disclosed their Bitcoin investments through mandatory 13F-HR filings.
Susquehanna has investments in nine different Bitcoin spot ETFs, with its most substantial stake in Grayscale, where it holds $1.092 billion worth of BTC as of the latest reporting date. Their next largest investment is in Fidelity’s Bitcoin ETF, amounting to $83.7 million.
Despite the similar operational nature of most Bitcoin ETFs, including using the same custodian, Coinbase, to manage funds, Susquehanna’s investment strategy shows a significant diversification. Notably, Grayscale’s ETF incurs about six times the annual fees compared to other providers, making it a more costly option.
In addition to spot ETFs, Susquehanna also has substantial investments in Bitcoin futures and leveraged futures ETFs, including over $400 million in the ProShares Bitcoin Strategy ETF and more than $8.5 million in the Valkyrie Bitcoin Mining ETF.
