There Are Hidden Giants Investing In The Bitcoin ETFs: Bitwise

Bitwise executives have secret information about massive financial players who are investing in BTC – but they won’t specify which ones.

During an interview published on Tuesday, Bitwise CEO Hunter Horsley discussed how institutional and regulatory acceptance of Bitcoin as an investable asset is evolving faster behind the scenes than most realize.

The Secret Bitcoin Buyers

For one, Horsley confirmed what he’d hinted at in a previous tweet: that a certain nation’s sovereign wealth fund has already broken into Bitcoin mining.

“A remarkable component of the moment is that there are so many important investors, firms, and businesses that are moving into Bitcoin, but a lot of them want to fly under the radar for now,” Horsley explained.

Horsley also eluded to a “large technology company” that’s invested a “meaningful percentage” of its balance sheet into the Bitwise Bitcoin ETF, which now holds $2.3 billion in assets under management. That firm wants to stay private about their purchase.

“If people knew, I think it would be really impactful and help people see that the world is moving in one direction, and it’s moving faster and further than a lot of people realize,” he continued.

The public got a partial look into what institutions were buying the Bitcoin ETFs earlier this month, as many high-net-worth investors disclosed their Q1 securities portfolios in mandatory 13F filings with federal regulators. Some included a $2 billion allocation from heavyweight hedge fund Millennium Management and a $162 million allocation from the State of Wisconsin Investment Board (SWIB).

How Fast Will Firms Buy Bitcoin?

Horsley predicted that by next year, a giant tech firm like Meta may put Bitcoin on its balance sheet, thanks to the ETFs making the asset so much easier to hold.

The next catalyst for Bitcoin’s bull market, he claimed, will be when the public realizes “the extent to which some of the most important, smartest organizations and lawmakers are onboard with Bitcoin.”

“When we get those announcements, and people see it… that will allow things to move a lot faster than in the past when there were less examples,” he concluded.

In a memo last week, Bitwise CIO Matt Hougan said the latest wave of 13F filings has him “incredibly bullish” on Bitcoin ETFs, given that their latest buyers still have substantial room to increase their allocations.