“ Wall Street ramped up its exposure to bitcoin in the second quarter, adding positions not only in spot bitcoin exchange-traded funds (ETFs) but also in U.S. stocks closely tied to the cryptocurrency’s price, according to new filings with the Securities and Exchange Commission (SEC).
Brevan Howard nearly doubled its position in BlackRock’s iShares Bitcoin Trust (IBIT) during the second quarter, according to a securities filing. The macro-focused hedge fund held 37.9 million shares at the end of June, up from about 21.5 million in March.
The stake was worth more than $2.6 billion based on IBIT’s closing price on June 28, making Brevan Howard one of the largest reported institutional holders of IBIT alongside Goldman Sachs, which boosted its position to $3.3 billion in IBIT and Fidelity’s Wise Origin Bitcoin Trust (FBTC). The banking giant also held $489 million worth of the iShares Ethereum Trust (ETHA), according to a filing.
Goldman’s ownership of the ETFs isn’t necessarily a direct wager by its trading desk on bitcoin’s price; rather, it more likely represents positions held by Goldman Sachs Asset Management on behalf of its clients.
Brevan Howard, best known for macro trading, however, has long been active in the crypto space and operates a dedicated digital asset division called BH Digital. The unit manages billions in assets and invests in blockchain infrastructure, decentralized finance and related technologies.” https://stocks.apple.com/A_yY6VvHWS2yzUGP1oqJ-lg