ECP NetHappenings Bitcoin positions in 13F Filings News

ECP NetHappenings
Bitcoin positions in 13F Filings News

Sam Callahan @samcallah
THREAD The median Bitcoin position across all institutions in these 13F filings was only 0.13%.
That’s tiny…and bullish. It suggests Bitcoin is still in the very early innings of institutional adoption. These are all ETFs. Spot Bitcoin isn’t included in 13F filings.

Reminder: BlackRock recently recommended a 1-2% allocation.

But there were a handful of these investment firms that had larger Bitcoin allocations than their peers—and they also just happen to be run by some of the best money managers with proven track records.

1.) Horizon Kinetics
Horizon Kinetics’s second-largest position is BTC (16.16%), with ~$1.3B worth of exposure. Murray Stahl, one of the most brilliant minds in investing, runs this firm.

2.) Bracebridge Capital
Its largest position is BTC (23.6%), with ~$334m worth of exposure.
Led by Nancy Zimmerman, it manages money for foundations, pension funds, HNWIs, and oversees portions of two of the best-performing endowments of the last 20 years—Yale and Princeton.

3.) Tudor Investment Corp
Tudor’s largest position is BTC (1.625%), with ~$436m worth of exposure.
This filing made some headlines and for good reason.
Paul Tudor Jones is one of the greatest investors of his generation. Last month, he talked about why he owns Bitcoin today.

4.) Fortress Investment Group
Its fourth-largest position is BTC (11.2%), with ~$70m worth of exposure.
Note: Mubadala—the Abu Dhabi Sovereign Wealth Fund— acquired 68% of Fortress last year, making it the majority owner.
So really, this is just more BTC exposure for the UAE.

5.) Brevan Howard
Its second-largest position is BTC (8.74%), with ~$1.4B worth of exposure.
The folks at BH have been bulls for years. The massive macro fund knows something about holding.
During the 2022 bear market, with BTC down -50%, billionaire Alan Howard said this. “In short, this is an important macro trend and a new asset class that can and likely will, impact the evolution of technology and the economy at large for many years to come.” – Alan Howard, May 2022

6.) Discovery Capital Management
Its fifth-largest position is BTC (4.6%), with ~$68m worth of exposure.
Discovery is led by Robert Citrone, who worked with Julian Robertson & George Soros and is a minority owner of the Pittsburgh Steelers. He explained why he focuses on BTC.

7.) Jericho Capital
Its fifth-largest position is BTC (5.4%), with ~$378m worth of exposure.
Led by Josh Resnick, Jericho has had quite an impressive run—growing from $36m in 2009 to over $7B AUM today.

8.) Hudson Bay Capital Management
The firm has a 0.15% position, with ~$44m worth of exposure.
But that’s not the real story here—it’s that infamous Bitcoin bear Nouriel Roubini is a Senior Advisor to the firm. lol
It’s a good thing they didn’t take his advice on Bitcoin.

9.) State of Wisconsin Investment Board
The big news here is the state pension fund has more than tripled its Bitcoin position from the last quarter.
Q2: $99m, 2,898,051 shares (0.26%)
Q3: $104m, 2,889,251 shares (0.26%)
Q4: $321m, 6,060,351 shares (0.82%)
Add to your winners.

10.) State of Michigan Retirement System
But Wisconsin wasn’t alone…the Michigan state pension fund also nearly doubled its Bitcoin position.
Q2: $6.6m, 110,000 shares (0.03%)
Q3: $6.9m, 110,000 shares (0.03%)
Q4 $9.3m, 100,000 shares (0.05%)
It’s still small, but growing.

11.) Emory University
Its second-largest position is BTC (32.3%), with $22m worth of exposure.
The endowment’s position size did not change from last quarter, meaning that it didn’t actively rebalance despite its Bitcoin position currently being up ~50%.
Emory is holding.

12.) Pine Ridge Advisors
Its 2nd-largest position is BTC (18.4%), with $209m worth of exposure.
Idk much about the firm, but I’m mentioning cuz it has a highly concentrated allocation for a family office of this size.
This is their entire website, so you know they’re legit.

13.) Capula Management
Its second-largest position is BTC (5.4%), with ~$936m worth of exposure.
The fourth-largest hedge fund in Europe is led by Yan Huo, former head of fixed-income trading at JPM. Their focus? Innovative, uncorrelated strategies.
No wonder they’re long BTC.

14.) Cresset Asset Management
Bitcoin is a top 30 position for one of the largest, top-ranked independent RIAs in the U.S.
Cresset has increased its position size every quarter.
Q2: $33.7m (0.14%)
Q3: $53.9m (0.21%
Q4: $107.5m (0.51%)

Big Banks with Bitcoin ETF holdings:
– JPMorgan ($964K, 0.0001%)
– Goldman Sachs ($2.3B, 0.37%)
– Wells Fargo ($375K, 0.0001%)
– Bank of America ($24M, 0.002%)
– Morgan Stanley ($259M, 0.02%)

Overall, these 13F filings show how BTC is emerging as an institutional-grade asset. It’s now large and liquid enough to accommodate these investors. As new investment vehicles hit the market, these firms will have more ways to gain exposure to BTC, and adoption will gain steam. Gamestop is sitting on $4.6 billion in cash. If they put half into bitcoin, they would instantly become the third-largest public Bitcoin treasury company.

Bitcoin Reserve Bill Announced…@SenLummis
-Starts with 210k Bitcoin
-Over 5 years US will stack 1Million Bitcoin held for minimum of 25 years to reduce US debt

20 STATES currently trying to get a BTC reserve including PA

20 ‘Strategic Bitcoin Reserve’ bills will be introduced at the state level – multiple bills in the same state – lawmakers competing aggressively to be the first in history.

GEORGIA STRATEGIC #BITCOIN RESERVE BILL PASSES TO THE SENATE
ARIZONA STRATEGIC #BITCOIN RESERVE BILL PASSES TO THE SENATE
Utah’s House passes ‘Strategic Bitcoin Reserve’ bill
Texas STRATEGIC #BITCOIN RESERVE  INTRODUCED IN THE  SENATE
SOUTH DAKOTA TO BUY UPTO $1.6 BILLION IN #BITCOIN IF THE BILL IS PASSED
ABU DHABI’S SOVEREIGN WEALTH FUND IS NOW A TOP 10 HOLDER OF #BITCOIN ETFs
NATIONS ARE BUYING THIS DIP