BlackRock's Bitcoin spot ETF IBIT recorded record holder numbers in the first quarter of this year.
Bitcoin spot ETFs have attracted huge demand since they began trading in January this year, with BlackRock's IBIT seeing particularly large inflows.
Bloomberg Intelligence ETF analyst Eric Balchunas said the number of IBIT holders was "mind-boggling" in the filing (Form 13F) reporting holdings as of the end of the first quarter of 2024, at 414. This number is the number of institutional investors who filed the report with the SEC (U.S. Securities and Exchange Commission).
According to Balchunas, for an emerging product, 20 new holders is rare in itself, so the number IBIT recorded is "incredible and surprising."
He also noted that "IBIT holders are diverse." These include hedge fund managers, investment advisors, private equity, pension funds, securities firms, banks, trusts, insurance companies, holding companies, and family offices.
He added, "Typically, you don't see such a long list of holders until a few years after the launch and when huge liquidity has been established. But IBIT already has it," Balchunas said.
Of the roughly 1,500 holders, 929 institutions own at least one IBIT, with Millennium Management being the top holder, with a $1.9 billion (about $296 billion) long position across Bitcoin spot ETFs.
According to Fintel data, Schonfeld Strategic Advisors and Aristeia Capital are the two largest investors in the ETF. Next came IBIT Capital with $248 million and $163 million, respectively.
The filings showed that 44% of reported institutional investors hold IBIT, making it one of the most popular ETFs. Additionally, 65% hold Grayscale's GBTC, a Bitcoin spot ETF, with 99% of institutional investors based in the U.S., and Hong Kong-based firms coming in second.
Reference:Balchunas X, Fintel
Image: Shutterstock
BlackRock's IBIT to overtake GBTC after halving: Bloomberg analysis
Funds flowing into Bitcoin spot ETF "not from gold investors": JP Morgan analysis
![[NEWS] BlackRock's Bitcoin spot ETF sees record number of holders in first quarter](/_next/image?url=https%3A%2F%2Fimages.microcms-assets.io%2Fassets%2F7819a9cf917e4bcd862bfa2ff5f14d24%2F9e946c5a1c7b4ec4a278686f82703f72%2Fform13f_2327972837.jpg&w=3840&q=75)