"" Bitcoin ETF Exposure Ticks Down for Schonfeld
Schonfeld Strategic Advisors, a New York-based hedge fund, has sold 20% of its Bitcoin ETF holdings in the second quarter of 2024, reducing its stake to approximately $384 million.
The firm's position was initially valued at around $479 million, primarily in BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC). However, by the end of Q2, that total had been cut to the $360-384 million range.
Schonfeld's decision to maintain exposure across multiple Bitcoin ETF products, including ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB), suggests that the reduction was a sizing decision rather than a shift in conviction about the product category itself.
The Q2 rebalancing trend is not unique to Schonfeld. Millennium Management, another major multi-strategy fund, cut its Bitcoin ETF holdings by approximately 40% over the same period.
Key Takeaways:
- Schonfeld Strategic Advisors reduced its spot Bitcoin ETF position by 20% in Q2 2024.
- The firm's stake is now valued at approximately $384 million.
- Schonfeld maintains exposure across multiple Bitcoin ETF products, including ARKB and BITB.
- The Q2 rebalancing trend is part of a broader wave of institutional rebalancing in the Bitcoin ETF space.
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