Major institutions reveal significant stakes in BlackRock IBIT ahead of 13F filing deadline

Quick Take

As the 13F filing deadline approaches, all eyes are on institutional investors and their exposure to the Bitcoin ETFs in the US for the first quarter of 2024. According to the SEC, the 13F filing is due 45 days after Dec. 31.

13F Filing Dates 2024: Source: sec.gov

According to data from heyapollo, the three biggest holders of BlackRock’s IBIT ETF filed their disclosures on May 10.

According to the latest 13F filings, Symmetry Investments, with a $61.5 million holding, Rubric Capital, with a $69.7 million investment, and Bracebridge Capital, now the largest IBIT holder with over $100 million invested in shares, have all disclosed their positions.

Interestingly, Bracebridge’s position is offset by a complex set of options valued at over $270 million per the SEC filing. A mix of calls and puts were placed, creating a complex Delta-Neutral Combo trade that combines elements of a Strangle and a Straddle with a bullish bias from extra-long calls. It will profit most if IBIT stages a large rally, but the long puts provide some downside protection. The share purchase helps to hedge the Delta and Theta of the options.

Additionally, BlackRock filed its 13F, revealing a $6.6 million stake in IBIT. This increased institutional interest in Bitcoin ETFs comes as major banks like JPMorgan and Wells Fargo have also gained exposure to these products.