Alkeon Capital holds roughly $49M in GBTC options, far below viral $23B claim

A figure making rounds on crypto social media this week placed Alkeon Capital at the center of a massive Bitcoin ETF bet. The claim: the hedge fund had purchased $23 billion in Bitcoin ETFs and grown its GBTC position by 30% to 1.2 million shares worth $59 million. The actual filings tell a quieter story. Regulatory disclosures show Alkeon Capital Management holds approximately 920,000 call options on the Grayscale Bitcoin Trust ETF, with a total valuation in the range of $48.5 million to $49 million. That is a real position, but it is nowhere near the figures circulating online. What the filings actually say There is an important structural distinction buried in that number. Alkeon’s exposure comes through call options, not direct share ownership. Options give the holder the right to buy shares at a set price, which means the fund is taking a defined-risk bet on GBTC’s direction rather than committing full capital to the trade. GBTC, the Grayscale Bitcoin Trust ETF, trades on NYSE Arca and carries an expense ratio of 1.50%, which is on the higher end for ETF products. The fund converted from a closed-end trust to a spot Bitcoin ETF structure earlier in 2024, bringing it in line wi...