Point72 Invests $77.5M in Bitcoin ETF

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Thirteen of the 25 largest U.S. hedge funds bought Bitcoin ETFs in Q1 2024. Steven Cohen’s $34 billion hedge fund, Point72, held $77.5 million in the Fidelity Wise Origin Spot Bitcoin ETF. This investment trend also extends to other significant hedge funds like Paul Singer’s Elliott Capital and Izzy Englander’s Millennium Management, which holds $2 billion. Data from brokerage River highlight that this increase in adoption among leading hedge funds indicates a growing institutional interest in BTC, holding it for market-making, hedging, and yield generation.