Hedge funds Citadel LLC and Point72 Asset Management have made significant moves in the cryptocurrency space during the first quarter of this year, as recent filings show. Citadel, founded by CEO Ken Griffin, has been actively buying shares and options in various spot Bitcoin exchange-traded funds, including the iShares Bitcoin Trust (IBIT), which is the largest fund in this category with $88 billion in assets. In addition to IBIT, Citadel also invested in smaller Bitcoin funds such as Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF, and Fidelity Wise Origin Bitcoin Fund.
According to the latest 13-F filings, Citadel increased its holdings in IBIT by 2.1 million shares compared to the previous quarter. The hedge fund also made investments in a range of international and domestic equity ETFs during the same period. Point72, founded by Steven Cohen, also increased its holdings in IBIT by 1.4 million shares, amounting to approximately $47.2 million. With assets under management totaling $37.7 billion, Point72 has been actively participating in the cryptocurrency market.
The surge in Bitcoin prices, reaching an all-time high of over $123,000, has attracted the attention of institutional investors like Citadel and Point72. The cryptocurrency has more than doubled in value over the past year and has seen a 27% increase in 2025 alone, currently trading around $116,000. Investors have been pouring money into spot Bitcoin ETFs, with $19.4 billion flowing into these funds so far this year. Since the introduction of these funds in January 2024, total inflows have reached $54.6 billion, driving up fund values.
In addition to their investments in Bitcoin ETFs, Citadel and Point72 have also made moves in other ETFs. Citadel purchased shares in the Franklin Bitcoin ETF and the Invesco Galaxy Bitcoin ETF while divesting its stakes in the Grayscale Bitcoin Trust ETF and the Grayscale Bitcoin Mini Trust ETF. Meanwhile, Citadel significantly reduced its holdings in the SPDR S&P ETF Trust late last year, while Point72 increased its holdings in the same ETF during the first quarter of this year.
Overall, the cryptocurrency market has been witnessing increased interest from institutional investors, with hedge funds like Citadel and Point72 actively participating in the space. As Bitcoin continues to make new highs, it remains to be seen how these investments will fare in the volatile market.
(Source: etf.com & FactSet Data)
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