Quantitative Trading Firm Susquehanna International Group Purchases Over $1 Billion in Bitcoin ETFs in Q1 2024
Quantitative trading firm Susquehanna International Group makes a bold move by purchasing over $1 billion worth of Bitcoin ETF shares in the first quarter of 2024. The firm’s 13F-HR filing on May 7 revealed their ownership of 17,271,326 shares in the Grayscale Bitcoin Trust, valued at approximately $1.09 billion, as well as 1,349,414 shares in the Fidelity Wise Origin Bitcoin Fund, worth around $83.74 million.
Susquehanna also increased its stake in the ProShares Bitcoin Strategy ETF, with 7,907,827 shares valued at $255.42 million. However, the firm reduced its exposure to Bitcoin’s spot price through MicroStrategy stock during a portfolio rebalancing.
Despite these significant investments in cryptocurrency, Susquehanna’s overall portfolio is valued at more than $575.8 billion. Their top investments include Nvidia Corporation and the SPDR S&P 500 ETF Trust, along with new holdings in convertible bonds, energy bonds, and preferred stocks.
The trend of trading firms and financial advisers turning to Bitcoin funds for exposure to digital assets continues to grow. In April, Fidelity’s Bitcoin ETF attracted $40 million from traditional financial advisers Legacy Wealth Management and United Capital Management of Kansas, each investing $20 million in the fund. These advisers cater to a demographic of baby boomers who hold a substantial portion of the country’s wealth.
As the cryptocurrency market evolves, it is clear that institutional investors are increasingly recognizing the potential of digital assets like Bitcoin. Susquehanna’s massive investment in Bitcoin ETFs is just one example of this growing trend in the financial industry.
