A hedge fund based in the United Kingdom (UK) is investing hundreds of millions of dollars in the two largest spot Bitcoin (BTC) exchange-traded funds (ETFs) by cumulative net inflows.
According to a U.S. Securities and Exchange Commission (SEC) filing, Capula Management is currently holding a combined $464.3 million in the spot Bitcoin ETFs issued by BlackRock and Fidelity Investments.
Per the filing, Capula Management holds 7,419,208 shares in BlackRock’s iShares Bitcoin Trust (IBIT) ETF worth approximately $253.3 million. The UK hedge fund also currently holds 4,022,346 shares in the Fidelity Wise Origin Bitcoin Fund (FBTC) ETF valued at slightly over $211 million.
BlackRock’s IBIT is the largest spot Bitcoin ETF with cumulative net inflows hitting $20.1 billion, while Fidelity’s FBTC currently ranks second with $9.74 billion.
Capula Management’s shares in the BlackRock and Fidelity spot Bitcoin ETFs constitute 1.8% and 1.6% of the London-headquartered hedge fund’s investment portfolio, respectively.
Approved in January, spot Bitcoin ETFs have started pulling in notable institutional investors. Late last month, SEC filings revealed that the State of Michigan Retirement System, a public pension plan for state employees with around $19.42 billion in assets under management, acquired 110,000 shares worth approximately $6.6 million at the time in the ARK 21Shares BTC ETF (ARKB).
The State of Wisconsin Investment Board, the asset manager for the Wisconsin Retirement System, also holds shares in BlackRock and Grayscale’s spot Bitcoin ETFs.
Last week, a report emerged that Morgan Stanley had given its wealth advisors the green light to provide spot Bitcoin ETFs to wealthy clients.
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