Quantitative trading firm Susquehanna International Group made significant investments in Bitcoin-related assets during the first quarter of 2024, as revealed in its 13F-HR filing submitted to the SEC on May 7. The company disclosed ownership of over $1 billion worth of spot Bitcoin exchange-traded fund (ETF) shares, primarily comprising holdings in the Grayscale Bitcoin Trust (GBTC) and Fidelity Wise’s Origin Bitcoin Fund (FBTC).
In detail, Susquehanna reported owning 17,271,326 shares of GBTC, amounting to a market capitalization of approximately $1.09 billion as of March 31, 2024. Additionally, it held 1,349,414 shares of FBTC, valued at around $83.74 million on the same date. The firm also expanded its holdings in the ProShares Bitcoin Strategy ETF (BITO), with 7,907,827 shares valued at approximately $255.42 million, marking a significant increase from previous filings.
Furthermore, Susquehanna indirectly participated in Bitcoin spot prices through its ownership of MicroStrategy stock (MSTR), a company holding a substantial amount of BTC on its balance sheet. However, the firm decreased its stake in MicroStrategy by nearly 15% during a portfolio rebalancing, reducing its holdings to 244,863 shares by March 31 from 287,180 shares in February. Despite its substantial Bitcoin exposure, Susquehanna's cryptocurrency holdings represent only a fraction of its overall portfolio, valued at over $575.8 billion by the end of Q1.
Apart from Bitcoin-related assets, Susquehanna's diversified investment strategy encompasses various sectors and instruments. Notable investments include holdings in Nvidia Corporation and the SPDR S&P 500 ETF Trust. Additionally, the firm acquired new positions in convertible debt company Convertible Zero, bonds of NRG Energy Inc, and preferred stock of Albemarle Corporation during the last quarter.
The increasing adoption of Bitcoin funds by trading firms and financial advisors underscores the growing interest in digital assets among traditional investors. In April, Fidelity’s Bitcoin ETF attracted significant funding from established financial advisors like Legacy Wealth Management and United Capital Management of Kansas, each investing $20 million in FBTC. These advisors, catering to a substantial portion of the wealth held by baby boomers, signify a broader acceptance of cryptocurrency investments within traditional financial circles.
