Schonfeld Trims $95M From Bitcoin ETF Holdings

Schonfeld Strategic Advisors, one of New York's larger multi-strategy hedge funds, has trimmed its spot Bitcoin ETF exposure during the second quarter of 2024. The firm's position fell from roughly $479 million to approximately $384 million, a reduction of around 20%.

This decrease in holdings was revealed in 13F filings made public in August 2024. At the peak, Schonfeld's combined stake in Bitcoin ETFs represented a small slice of its total book, which manages more than $22 billion in assets.

The firm maintained exposure across multiple products, including Fidelity's Wise Origin Bitcoin Fund (FBTC), BlackRock's iShares Bitcoin Trust (IBIT), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB). This suggests the reduction was a sizing decision rather than a shift in conviction about the product category itself.

Another major multi-strategy fund, Millennium Management, cut its Bitcoin ETF holdings by approximately 40% over the same period. It's worth noting that 13F filings only show long equity positions and have a 45-day lag after the quarter closes.