This European Hedge Fund Giant Announces $464 Million Investment in Spot Bitcoin ETFs

Capula Investment Management LLP, one of Europe’s largest hedge funds, informed that it holds $464 million in shares of spot Bitcoin ETFs from BlackRock and Fidelity.

Capula’s disclosure contributes to institutional investors’ rising interest in U.S. spot Bitcoin ETFs.

Capula’s Spot Bitcoin ETF Shares

A filing with the U.S. Securities and Exchange Commission on August 5 revealed that Capula Investment Management held nearly $500 million in shares as of June 30.

Specifically, Capula owns 4,022,346 shares in the Fidelity Wise Origin Bitcoin ETF (FBTC), valued at around $211 million, and 7,419,208 shares in BlackRock’s iShares Bitcoin fund, worth $253 million.

Meanwhile, the filing does not indicate any other cryptocurrency holdings by the firm. As of 2024, Capula Investment Management LLP manages approximately $30 billion in assets.

Other institutional investors are also reporting notable positions in spot Bitcoin ETFs. Last month, the State of Michigan Retirement System revealed a $6.6 million investment in the ARK 21Shares Bitcoin ETF (ARKB) in its 13F filing.

Additionally, Millennium Management, a global hedge fund, disclosed nearly $2 billion in spot Bitcoin ETF holdings and a varied portfolio of BTC-related assets in May.

“King” of Spot Bitcoin ETF Holders

Bloomberg ETF analyst Eric Balchunas described Millennium as the “king” of spot Bitcoin ETF holders, noting its extensive exposure compared to the average new spot ETF investors.

The hedge fund spread its investments in spot products among the ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF.

According to the company’s Q1 13 F filing, BlackRock’s Bitcoin fund represents Millennium’s largest allocation, with over $844 million invested, while Fidelity’s ETF is a close second, with just over $806 million.

Balchunas further revealed that around 60% of new spot Bitcoin ETF buyers are investment advisory firms, while hedge funds make up approximately 25% of these buyers.

The 13F filings, which institutional investment managers with equity assets of at least $100 million submit quarterly, offer a snapshot of long positions in U.S. equities and options but do not reveal short positions, providing a partial view of an investment manager’s portfolio.