Millennium Management Reduces Shares in FBTC, IBIT, and GBTC: Report

Millennium Management has reduced its positions in Bitcoin ETFs such as FBTC, IBIT, and GBTC.
While the firm lowered shares in GBTC by 52%, IBIT and FBTC positions were lowered by 48% and 14%, respectively.
The firm has increased shares in MSTR and BITB by 8837% and 71%, respectively.

Investment giant Millennium Management has recently announced adjustments to its Bitcoin Exchange-Traded Funds (ETFs). Notably, as per a post shared by Trader T, a prominent voice on X, the hedge fund has lowered its position on Spot Bitcoin ETFs in the second quarter.

Millennium Management lowers its position on Spot Bitcoin ETFs in Q2 (reported value)$FBTC, -14%, owns $589 m$IBIT, -48%, owns $371 m$GBTC, -52% owns $82 m
but, adds more$BITB, +71%, owns $65 m$MSTR, +8837%, owns $121 m pic.twitter.com/Z91ff3A8eL
— Trader T (@pivfund2100) August 15, 2024

To elaborate, Millennium Management lowered 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 highest reduction was seen in GBTC, as Millennium cut down the holdings by 52%, with th…

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Source: https://coinedition.com/millennium-management-reduces-shares-in-fbtc-ibit-and-gbtc-report/