Latest news with #InvescoGalaxyBitcoinETF
Yahoo
16-06-2025
- Business
- Yahoo
Invesco Hires Crypto Product Leader from JPMorgan
Invesco means business when it comes to crypto. The asset manager last week brought on a global head of digital assets, hiring JPMorgan alum Kathleen Wrynn for the newly created position. Wrynn, who most recently was executive director of global technology strategy at JPMorgan, oversees the strategic direction and management of Invesco's digital asset portfolio. That extends beyond the firm's $1.6 billion in digital assets ETFs, including tokenized assets and cryptocurrencies more broadly, a company spokesperson told ETF Upside. 'She will work closely with the global technology organization to identify and lead opportunities to leverage blockchain technology, such as initiatives to tokenize our funds and integrate digital assets into our investment strategies,' the spokesperson said. READ ALSO: Who Benefits Most from Dual-Share Class ETFs? and Single-Stock ETF Market Swells With Firehose of New Products The hiring is a result of the company's new global product leadership team, an organization Invesco announced in April. That team will help the company continue to build products across 'active and rules-based, public and private capabilities,' according to Invesco. Across the industry, digital assets have not been a priority for most firms, but that may be changing: The Trump administration's Securities and Exchange Commission is openly friendly to crypto and may soon approve a variety of new ETFs. Data from Cerulli Associates show: 11% of asset managers said digital assets were a priority area for products in 2024, compared with just 3% who said so in 2023 but 19% saying the same in 2022. Financial advisors are increasingly using crypto. This year, 21% said they use or discuss it with clients, up from 11% two years ago. Over half of those who do, 55%, use spot-price crypto ETFs. Universe of ETFs: Invesco's lineup includes three ETFs focused on the blockchain and crypto world as well as three spot-price funds. The firm touts its Invesco Galaxy Bitcoin ETF (BTCO) 'as having a relatively low tracking difference and one of the tightest average intraday premium discount spreads of spot bitcoin ETFs,' the spokesperson said. This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter. Sign in to access your portfolio
The Star
16-05-2025
- Business
- The Star
Institutional investors juggle bitcoin ETF holdings, US filings show
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/ File Photo (Reuters) -A number of high-profile asset managers cut their stakes in spot bitcoin exchange-traded funds amid a 12% drop in the cryptocurrency's price in the first quarter of 2025, according to recent regulatory filings. This marks a shift from previous quarters when asset managers had typically increased their holdings in spot bitcoin ETFs, as shown in previous quarterly 13-F filings with the Securities and Exchange Commission. Spot bitcoin ETFs, which made their market debut in January 2024, now paint a more complex picture. Hedge funds trimmed their holdings while some financial advisory firms and wealth funds boosted or rebalanced their positions. "What we witnessed in the first quarter was the collapse of the premium that people were paying for bitcoin futures, which had set up a very lucrative basis trade," said Matt Hougan, chief investment officer of Bitwise Asset Manager. Hedge funds seeking to profit from the spread between spot and futures prices could capture annualized yields in the region of 15%, Hougan said. "But that premium collapsed and reached its nadir around the end of March," he said. "So I'm not surprised to see hedge funds trim their holdings." Millennium Management LLC cut its holdings of iShares Bitcoin Trust ETF by 41% to 17.6 million shares and exited its position in the Invesco Galaxy Bitcoin ETF. It increased its stake in only two ETFs, boosting its holdings of the ARK 21 Shares Bitcoin ETF and the Grayscale Bitcoin Mini Trust. Jersey-based Brevan Howard trimmed its stake in the iShares ETF by 15.6%. The State of Wisconsin Investment Board, one of the earliest institutional investors to make a significant allocation to spot bitcoin ETFs in the first quarter of 2024, sold its entire six million share position in the iShares Bitcoin Trust in the first three months of this year. Meanwhile, Brown University made its first foray into cryptocurrency ETF ownership during the same period, acquiring a stake in the same ETF, worth $4.9 million at the end of March. Neither the state pension fund nor representatives from Brown University responded to requests for comment on their moves. Abu Dhabi's Mubadala sovereign wealth fund added to its holdings of the iShares ETF in the first quarter, bringing its total position to 8,726,972 shares, valued at $408.5 million. "What will be most important for me is whether, when all the data is finally in and we can analyze it, more investment advisory firms are stepping in," said Hougan. "That wave of adoption may be a slow-moving train, but it has forward momentum." (Reporting by Suzanne McGee; editing by Diane Craft)
Yahoo
15-05-2025
- Business
- Yahoo
Institutional investors juggle bitcoin ETF holdings, US filings show
By Suzanne McGee (Reuters) -A number of high-profile asset managers cut their stakes in spot bitcoin exchange-traded funds amid a 12% drop in the cryptocurrency's price in the first quarter of 2025, according to recent regulatory filings. This marks a shift from previous quarters when asset managers had typically increased their holdings in spot bitcoin ETFs, as shown in previous quarterly 13-F filings with the Securities and Exchange Commission. Spot bitcoin ETFs, which made their market debut in January 2024, now paint a more complex picture. Hedge funds trimmed their holdings while some financial advisory firms and wealth funds boosted or rebalanced their positions. "What we witnessed in the first quarter was the collapse of the premium that people were paying for bitcoin futures, which had set up a very lucrative basis trade," said Matt Hougan, chief investment officer of Bitwise Asset Manager. Hedge funds seeking to profit from the spread between spot and futures prices could capture annualized yields in the region of 15%, Hougan said. "But that premium collapsed and reached its nadir around the end of March," he said. "So I'm not surprised to see hedge funds trim their holdings." Millennium Management LLC cut its holdings of iShares Bitcoin Trust ETF by 41% to 17.6 million shares and exited its position in the Invesco Galaxy Bitcoin ETF. It increased its stake in only two ETFs, boosting its holdings of the ARK 21 Shares Bitcoin ETF and the Grayscale Bitcoin Mini Trust. Jersey-based Brevan Howard trimmed its stake in the iShares ETF by 15.6%. The State of Wisconsin Investment Board, one of the earliest institutional investors to make a significant allocation to spot bitcoin ETFs in the first quarter of 2024, sold its entire six million share position in the iShares Bitcoin Trust in the first three months of this year. Meanwhile, Brown University made its first foray into cryptocurrency ETF ownership during the same period, acquiring a stake in the same ETF, worth $4.9 million at the end of March. Neither the state pension fund nor representatives from Brown University responded to requests for comment on their moves. Abu Dhabi's Mubadala sovereign wealth fund added to its holdings of the iShares ETF in the first quarter, bringing its total position to 8,726,972 shares, valued at $408.5 million. "What will be most important for me is whether, when all the data is finally in and we can analyze it, more investment advisory firms are stepping in," said Hougan. "That wave of adoption may be a slow-moving train, but it has forward momentum." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
