Susquehanna Invests $1.2 Billion in Bitcoin (BTC): Wall Street Giant’s Major Crypto Leap

• Wall Street giant Susquehanna International Group has significantly increased its Bitcoin (BTC) exposure, amassing a $1.2 billion position in Q1 2024.
• The firm now holds 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC) and 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC).
• Susquehanna’s Bitcoin ETF portfolio extends beyond these core holdings, with stakes in prominent funds offered by BlackRock, ARK Invest, Bitwise, Valkyrie, Invesco Galaxy, VanEck, and WisdomTree.

Susquehanna International Group significantly increases its Bitcoin exposure, amassing a $1.2 billion position in Q1 2024, with stakes in prominent Bitcoin ETFs.

Susquehanna’s Increased Bitcoin Exposure

Susquehanna International Group, known for its vast trading volume across global financial products, has significantly increased its exposure to Bitcoin. According to a recent 13-HR filing with the U.S. Securities and Exchange Commission (SEC), the firm now holds a massive 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at roughly $1.09 billion as of March 31. Additionally, it holds 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC), valued at approximately $83.74 million.

Expansion into Bitcoin ETFs

The firm has also significantly increased its stake in the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to Bitcoin futures contracts. Susquehanna’s BITO holdings jumped 57.59% since February, currently sitting at 7,907,827 shares valued at roughly $255.42 million. The firm’s Bitcoin ETF portfolio extends beyond these core holdings, with stakes in prominent funds offered by BlackRock, ARK Invest, Bitwise, Valkyrie, Invesco Galaxy, VanEck, and WisdomTree.

Bitcoin’s Market Recovery

The move by Susquehanna comes at a time when Bitcoin’s price is seemingly recovering from a significant downturn that saw its price drop below the $57,000 mark before recovering. BTC is now trading at $62,200. Arthur Hayes, the founder of popular cryptocurrency derivatives trading platform BitMEX, has recently shared his analysis of the recent turmoil in the cryptocurrency markets. He predicted a local bottom has been hit and suggests upcoming rangebound action.

Conclusion

Susquehanna’s increased exposure to Bitcoin signifies a cautious yet significant foray into the digital asset space. With Bitcoin’s price recovering and predictions of a local bottom being hit, the firm’s move could be seen as a strategic investment decision. As the cryptocurrency market continues to evolve, it will be interesting to see how other financial institutions respond.