New York-based hedge fund Schonfeld Strategic Advisors trimmed its spot Bitcoin ETF position by approximately 20% in Q2 2024, reducing holdings from roughly $479 million to approximately $384 million, according to 13F filings made public in August 2024. In Q1 2024, the firm’s Bitcoin ETF exposure was split between BlackRock’s iShares Bitcoin Trust (IBIT) at roughly $248 million and Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $231.8 million. Schonfeld manages over $22 billion in assets overall, meaning even its peak Bitcoin ETF position represented a relatively small slice of its total portfolio. The firm maintained exposure across four separate products, including FBTC, IBIT, ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB), suggesting the reduction was a sizing decision rather than a shift in conviction about the asset class. Millennium Management, another major multi-strategy fund, also cut its Bitcoin ETF holdings by approximately 40% over the same period.
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