Bitcoiners are eagerly awaiting the first quarter 13F filings to see which investment managers have embraced the digital asset. With the launch of spot Bitcoin ETFs in January, this marks the first quarter where investors can see who has been “orange-pilled” and invested in Bitcoin. However, just because well-known firms like Blackrock’s iShares Bitcoin Trust or Fidelity’s Wise Origin Bitcoin Fund show up in filings, it doesn’t necessarily mean it’s a reason to celebrate.
A 13F filing is a quarterly requirement by the SEC for institutional investment managers with at least $100 million in qualifying assets. These filings disclose the U.S.-traded stocks, options, and now Bitcoin ETFs that managers own as of the last day of the quarter. However, it’s important to remember that these filings only provide a snapshot of holdings as they stood at the end of the period and do not include any transactions made in the middle of the quarter.
Various types of investment managers, including hedge funds, mutual funds, index funds, and large corporations like Berkshire Hathaway, are required to submit 13F filings. Hedge funds are known for their aggressive strategies and flexibility, mutual funds pool resources from many investors to buy a broad portfolio, index funds track specific market barometers, and corporate giants like Berkshire Hathaway have diverse investment strategies.
Not all 13F filings signal true investment conviction. Market makers and high-frequency trading firms like Citadel Securities and Renaissance Technologies also have to file, but their holdings often reflect high-volume trading rather than a long-term belief in the assets. Banks may also list Bitcoin ETFs in their filings, but this involvement might be more about market mechanics than a bet on Bitcoin. Some bank disclosures may include shares held by private wealth clients, which can be a bullish signal.
Some notable positions in the BlackRock and Fidelity Bitcoin ETFs disclosed in the first quarter 13F filings include a $40 million position by Yong Rong Asset Management and a significant allocation to the BlackRock ETF by Context Capital Management. The deadline for filing for the first quarter is May 15, so Bitcoiners will have to wait to see which investment managers have truly embraced the digital asset in their portfolios.
