Steven Cohen’s Point72 Also an Owner of Bitcoin Via Spot ETFs

Point72,
the
$34
billion
hedge
fund
of
billionaire
and
owner
of
the
New
York
Mets,
Steven
Cohen,
held
$77.5
million
of
the
Fidelity
Wise
Origin
Bitcoin
Fund
(FBTC)
as
of
the
close
of
the
first
quarter,

according
to
a
filing.

This
follows

several
other
hedge
funds
who
have
disclosed
that
they
purchased
shares
of
the
spot
bitcoin
exchange-traded
funds,
including
Paul
Singer’s
Elliott
Capital
and
Izzy
Englander’s
Millennium
Management,
with
the
latter
being
the
biggest
institutional
holder
of
the
new
funds
with
roughly
$2
billion
as
of
March
31.

Out
of
the
top
25
hedge
funds
in
the
U.S.,
13
of
them
bought
into
the
ETFs
in
the
first
quarter,

according
to
data
compiled
by
bitcoin
brokerage
firm
River.
Among
them,
in
addition
to
the
names
mentioned
earlier,
were
Fortress
Investment
Group
and
Schonfeld
Strategic
Advisors.

While
hedge
fund
purchases
of
the
spot
ETFs
might
be
a
long-term
bet
on
“number
go
up,”
these
vehicles
could
be
bought
for
other
reasons,
market
making,
hedging,
yield
generation,
or
for
a
short-term
flip,
to
name
a
few.