Susquehanna Invests $1B In Epic Spot Bitcoin ETF Bet

Susquehanna International Group (SIG), a Philadelphia-based trading firm has joined the spot Bitcoin ETF bandwagon. In the latest portfolio update, Co-Founder Jeff Yass revealed holding over $1 billion in shares of major spot Bitcoin ETF issuers.

SIG Hidden Fortunes

Yass, one of the co-founders of SIG since 1987, has gained a reputation for making calculated bets that yield substantial returns.

https://twitter.com/PhoenixTrades_/status/1787905495992246598

In the mid-2000s, he made significant investments in a range of Chinese startups, displaying his keen eye for promising opportunities.

The trading giant is an enigmatic market maker that has an intriguing ownership stake in more than 600 public companies like JPMorgan Chase and Microsoft. Surprisingly, it holds around 15% of ByteDance, the parent company of TikTok. The Wall Street Journal estimates this stake to be worth a staggering $40 billion. 

However, Yass TikTok’s fortune is in jeopardy because of a bill that might outlaw the app in the US. Additionally, SIG has made some cryptocurrency investments, for instance, it provided $10 million in funding to KuCoin, a well-known cryptocurrency exchange.

Bitcoin ETF Meteoric Rise 

After a period of decline, the US spot Bitcoin ETFs have started seeing positive results for the second day in a row. On Monday, the digital asset received a significant influx of $217 million in investments. As of the time of writing, Bitcoin is down by 1.07% in the last 24 hours per data from CoinMarketCap. 

Just like Susquehanna, BGEcrypto reported that BNP Paribas, the second-largest European bank, has also jumped into the Bitcoin market by acquiring a BlackRock spot Bitcoin ETF. 

This decision to disclose the investment aligns with SEC regulations that requires institutional investors managing over $100 million to disclose their holdings quarterly through 13F filings. The allocation to Bitcoin suggests the bank, like Susquehanna might be looking to adopt a Bitcoin-based investment strategy like MicroStrategy. 

After years of consistent Bitcoin accumulation, MicroStrategy, led by Executive Chairman Michael Saylor, has surpassed every country in the world to own a over 214,400 Bitcoin. This holding places it above the United States, the largest country holder with 207,189 BTC.

To complement these major forms buying and holding Bitcoin related assets, BlackRock’s Robert Mitchnick said that institutional investors are getting ready to explore the Bitcoin ETF market.