Schonfeld Advisors sells 20% of Bitcoin ETF holdings, drops to $384M

Schonfeld Strategic Advisors, one of New York’s larger multi-strategy hedge funds, quietly 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% that showed up in 13F filings made public in August 2024. How the position broke down In Q1 2024, Schonfeld’s Bitcoin ETF exposure was split between two products: roughly $248 million in BlackRock’s iShares Bitcoin Trust (IBIT) and $231.8 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC). That combined $479 million stake made the firm one of the largest institutional holders in the space right out of the gate, in the weeks immediately following the January 2024 ETF approvals. By the end of Q2, that total had been cut to the $360-384 million range. The firm maintained exposure across multiple products, including FBTC, IBIT, ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB), suggesting the reduction was a sizing decision rather than a shift in conviction about the product category itself. Schonfeld manages more than $22 billion in assets overall, which means even its peak Bitcoin ETF position repres...