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Hedge Funds Scooped Up Spot Bitcoin ETFs in Q1, Filings Show
Hedge funds Citadel LLC and Point72 Asset Management scooped up shares of spot Bitcoin ETFs during the first quarter as cryptocurrency prices surged, recent filings show.
Citadel, founded by CEO Ken Griffin, bought a mix of shares and put and call options in spot Bitcoin exchange-traded funds, including the largest, the $88 billion iShares Bitcoin Trust (IBIT), according to 13-F filings. It also owned smaller Bitcoin funds such as the Bitwise Bitcoin ETF (BITB), the ARK 21Shares Bitcoin ETF (ARKB) and the Fidelity Wise Origin Bitcoin Fund (FBTC) among a range of international and domestic equity ETFs during the first quarter. Overall, its IBIT holdings rose by 2.1 million shares from what was reported in its fourth-quarter 13-F.
The purchases and sales of shares and options are included in the hedge funds’ latest 13-F filings, which summarize first-quarter investments. They don’t provide dates or details of the purchases.
Point72 and IBIT
Point72, founded by New York Mets owner Steven Cohen, boosted its IBIT holdings during the first quarter by 1.4 million shares, or about $47.2 million. The hedge fund manages $37.7 billion, according to its website.
Bitcoin recently charged to an all-time high of just over $123,000, more than doubling over the last year and jumping 27% so far in 2025. It has since settled back to around $116,000.
One-Year IBIT Flows
One-Year IBIT Flows Source: etf.com & FactSet Data
So far this year, amid a push by the Trump administration to treat cryptocurrencies as mainstream assets, investors have poured $19.4 billion into spot Bitcoin ETFs.
Since the funds began trading in January 2024, investors have poured in $54.6 billion, according to Farside Investors in the U.K., and price gains have pushed fund values even higher.
Citadel, which manages $54 billion according to the Financial Times citing data from LCH Investments, also bought the Franklin Bitcoin ETF (EZBC), the Invesco Galaxy Bitcoin ETF (BTCO) and others. It sold off its stakes in the Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Bitcoin Mini Trust ETF (BTC).
Citadel slashed a nearly $1 billion holding in SPDR S&P ETF Trust (SPY) late last year to $13.6 million, while Cohen’s Point72 raised its SPY holdings to $26.9 million during the first quarter from $3.5 million.
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