Asset management giant Susquehanna International Group is betting big on the king of cryptos via a palette of Bitcoin ETFs. A strong signal for institutional adoption.
Susquehanna bets 1.2 billion on Bitcoin spot ETFs
The financial behemoth Susquehanna has just struck a major blow on the cryptocurrency market. A filing with the SEC reveals that the firm has invested no less than $1.2 billion in various Bitcoin ETFs in Q1 2024. While still a modest allocation on the scale of its $575 billion portfolio, this marks a decisive step forward.
The choice of Susquehanna has focused on the Grayscale Bitcoin Trust (GBTC), with a stake of over $1 billion for 17.2 million shares. The liquidity and reputation of this vehicle attracted the giant.
The company has also diversified its portfolio with stakes in the Fidelity Bitcoin Spot ETF (FBTC), the ProShares Bitcoin Strategy ETF (BITO) and other leading funds such as BlackRock ETF, ARK21 ETF, Bitwise ETF, Valkyrie ETF, Invesco Galaxy ETF, VanEck ETF Trust and WisdomTree ETF.
Julian Fahrer, CEO and co-founder of Apollo welcomed the decision.
This approval reflects the growing optimism and institutional interest in cryptocurrency investments.
Market impact and future prospects
The arrival of a “whale” like Susquehanna on the Bitcoin ETF market is a strong signal of institutional investors’ growing confidence in cryptocurrencies.
The increase in institutional investment should reinforce Bitcoin’s credibility and stability as a financial asset. It could also stimulate interest from retail investors and encourage wider adoption of cryptocurrencies.
As the crypto market continues to evolve, the entry of “whales” like Susquehanna should bring greater stability and credibility to the ecosystem. Individual and institutional investors will be watching these developments closely, as they will undoubtedly shape the future of the global financial landscape.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
