Investment giant Millennium Management has recently announced adjustments to its Bitcoin Exchange-Traded Funds (ETFs). Notably, they have lowered their position on Spot Bitcoin ETFs in the second quarter.
Reduction of Shares
Millennium Management reduced its positions in Bitcoin ETFs, including Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock's iShares Bitcoin Trust ETF (IBIT), and Grayscale's Grayscale Bitcoin Trust (GBTC). The largest reduction was in GBTC, with shares decreased by 52%.
Increase in Shares
While the firm lowered shares in some Bitcoin ETFs, it significantly increased its positions in assets such as MicroStrategy (MSTR) and Prime Blockchain Inc (BITB). The increases were 8837% in MSTR and 71% in BITB, respectively.
Context of Changes
According to the disclosed reports, the reduction in Bitcoin ETF positions is accompanied by substantial increases in other Bitcoin-related assets, indicating a strategic adjustment by the company in its cryptocurrency investments.
Millennium Management continues to adjust its investment portfolios in response to changes in the Bitcoin asset market. These actions reflect a more balanced and strategic approach to managing cryptocurrency investments.
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