Farallon Capital discloses $85 million in GBTC, Cetera discloses $22 million in GBTC

Farallon Capital Management, Cetera Investment Advisers, and BigSur Wealth Management have all recently disclosed significant investments in Bitcoin exchange-traded funds (ETFs) during the first quarter. San Francisco-based hedge fund manager, Farallon Capital, revealed an $85.2 million investment in Grayscale’s GBTC on May 24, positioning the firm among the top 10 holders of GBTC. Cetera Investment Advisers, an independent wealth hub, disclosed a $22.6 million investment in GBTC on the same day, placing them among the top 25 holders. BigSur Wealth Management reported a $3.3 million investment in BlackRock’s IBIT on May 22, making them one of the top 80 holders of IBIT. These filings contribute to the overall industry totals for the first quarter. Notably, Cetera Investment Advisers also disclosed an 83% increase in their position in ProShares Bitcoin Strategy ETF (BITO) from the previous quarter. The growing interest from major global banks and institutions in Bitcoin ETFs is further evidenced by investments made by JP Morgan Chase, Wells Fargo, BNP Paribas, Morgan Stanley, and BNY Mellon. Susquehanna, Horizon Kinetics, and Morgan Stanley currently hold the largest GBTC positions, while Millennium and Schonfeld Strategic Advisors hold the largest IBIT positions. With the recent approval of 19-b4 filings for spot Ethereum ETFs, the crypto sector is now eagerly awaiting their launch, which JP Morgan believes will occur before November.