Steven Cohen's Point72 also owns Bitcoin through spot ETFs

Hedge fund Point72, founded by Steven Cohen, also known as the owner of the New York Mets baseball team, held assets worth $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC). This information was made available from documentation filed at the end of the first quarter of 2023.

Point72 is not alone in its decision to invest in spot Bitcoin ETFs. Several other hedge funds also disclosed their holdings in these financial instruments. Notable among them are Elliott Capital, run by Paul Singer, and Millennium Management, led by Izzy Englander. The latter fund is the largest institutional holder of the new Bitcoin spot ETFs, holding approximately $2 billion in assets as of March 31, 2023.

In the first quarter of 2023, 13 of the 25 largest U.S. hedge funds invested in spot Bitcoin ETFs, according to data compiled by brokerage firm River. These funds also included Fortress Investment Group and Schonfeld Strategic Advisors. This indicates the growing interest of institutional investors in cryptocurrency assets.

While buying spot ETFs may indicate a long-term bet on Bitcoin's growth, there are other reasons for such investments. Hedge funds may purchase these instruments to make markets, hedge risks, generate profits, or even for short-term transactions. These varied strategies highlight hedge funds' multifaceted approach to investing in cryptocurrency assets.

Hedge fund Steven Cohen's Point72 investment in the Fidelity Wise Origin spot Bitcoin ETF confirms the growing interest of large institutional investors in Bitcoin. Joining a number of other large hedge funds, Point72 demonstrates that cryptocurrencies are becoming an important part of the investment strategies of leading financial players.