Chicago Hedge Fund CTC Alternative Holds 685K BlackRock BTC ETF

Chicago-based Hedge Fund CTC Alternative Strategies Ltd has disclosed its recent holdings or exposure to Bitcoin as an asset class. In a 13F-HR filing lodged with the United States Securities and Exchange Commission (SEC), the firm said it holds 685,364 shares of BlackRock’s iShares Bitcoin Trust (IBIT).

More US Firms Enter Bitcoin ETF Train

The unleashing of spot Bitcoin ETF products through the approval of the US SEC in January heralded a new era in the industry. For the first time since 2013 when Satoshi Nakamoto introduced the asset, investors in the traditional financial market could now directly invest in it.

The spot Bitcoin ETF offering is considered a safer asset with regulatory oversight. The companies issuing this product are reportedly subjected to regulatory compliance from the SEC and general market obligations. BlackRock, holds a significant sway in the spot Bitcoin ETF market, recording the biggest inflow since inception to date.

According to the CTC Alternative Strategies filing, its investment in BlackRock shares is worth $27.7 million in dollar valuation.

CTC Alternative Strategies (Chicago) discloses holding $27.7 million of the BlackRock Bitcoin ETF (685,364 shares) as of March 31. This is the second-largest position in the entire portfolio. Value of all reported positions is $160 million.

This makes CTC the second-largest…

— MacroScope (@MacroScope17) May 9, 2024

It remains unclear if the firm has acquired more Bitcoin as the latest report accounts for its holding as of March 31. The CTC Alternative bet on Bitcoin is big. This is because the holdings are the second-largest holding in its entire portfolio.

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Per the reported holdings, the firm’s assets and position are worth $160 million. Thus far, CTC Alternative Strategies comes off as the second-largest IBIT. CTC Alternative Strategies ranks behind Hong Kong’s Yong Rong Asset Management with $38 million in IBIT. Besides these two, other firms also have positions in Bitcoin ETF products. These include Susquehanna International Group (SIG), BNP Paribas, and Hong Kong’s Ovata Capital Management.

BTC To Benefit In The Long Run

The investments into spot Bitcoin ETF products were predicted before now. According to market experts, more firms are bound to unveil their holdings as well, a trend that is bullish for the coin.

If these accumulations are sustained, it will contribute to the supply crunch that entities like MicroStrategy keep driving with their buyups. With this intense demand and reduced supply following the halving event, Bitcoin price is poised to soar in the future.

While many projections suggest a price cap of about $100,000 in this bull cycle, Bitcoin needs to surmount its current bearish headwinds. At the time of writing, the top crypto is changing hands for $62,549.02, up 1.65% in 24 hours. It is, however, down by 9.62% in the past month.

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