1,573 Institutions Holding Bitcoin in Q4 2024, According to 13F Filings

I checked the 13F filings, and by my count, there were 1,573 institutions holding long positions in Bitcoin in the fourth quarter of 2024.

According to 13F filings with the U.S. Securities and Exchange Commission (SEC), 1,573 institutions held long positions in Bitcoin in the fourth quarter of 2024.

These institutions include banks, hedge funds, registered investment advisors (RIAs), family offices, endowments, pension funds, sovereign wealth funds and other asset managers.

Institutions disclosed long positions in U.S. stocks and stock-related assets such as ETFs, REITs, options, and convertible bonds. Bonds, real estate, commodities, precious metals, raised investments, futures, spot Bitcoin, cash, foreign stocks/currencies, and short positions are not included in these filings.

Institutions' 13F filings do not fully reflect their overall investment portfolios. The size of an institution’s holdings in other asset classes or whether a long position is used to hedge a short position elsewhere is not disclosed.

The median Bitcoin holdings across all institutions in these 13F filings are just 0.13%. This is a very small percentage… but a positive sign. It shows that Bitcoin adoption among institutions is still in a very early stage.

A few institutions have a significantly higher Bitcoin allocation ratio than their peers. Their managers are all top asset management experts in the industry with proven outstanding investment performance.

Here are some of the most notable 13F filings that deserve special attention...

1) Horizon Kinetics

Horizon Kinetics’ second largest holding is Bitcoin (16.16%), with an exposure of approximately $1.3 billion. The firm is led by one of the most prominent figures in the investment community, Murray Stahl. In its Q4 2024 review, the firm explained why they did not rebalance their Bitcoin holdings.

2) Bracebridge Capital

The company’s largest holding is Bitcoin (23.6%), with an exposure of approximately $334 million. Bracebridge Capital, led by Nancy Zimmerman, manages assets exclusively for foundations, pensions, high net worth individuals (HNWIs), and is responsible for managing a portion of the portfolios of two of the best performing endowments of the past 20 years: Yale University and Princeton University.

3) Tudor Investment Corp

Tudor’s largest holding is Bitcoin (1.625%), with an exposure of approximately $436 million. This filing made some headlines and is indeed worth noting. Paul Tudor Jones is one of the greatest investors of this generation. Last month, he also talked about why he still holds Bitcoin.

4) Fortress Investment Group

The company's fourth largest holding is Bitcoin (11.2%), with an exposure of approximately $70 million. It is worth noting that Abu Dhabi's sovereign wealth fund (Mubadala) acquired 68% of Fortress's shares last year and became its controlling shareholder.

So, in reality, this is just a further step for the UAE to invest in Bitcoin.

5) Brevan Howard

The company's second largest holding is Bitcoin (8.74%), with an exposure of approximately $1.4 billion. Brevan Howard's team has been a staunch supporter of Bitcoin for many years, and this large macro hedge fund clearly understands the art of long-term holding (HODLing).

Bitcoin plunged 50% in the 2022 bear market, but billionaire Alan Howard remained firm in his view...

6) Discovery Capital Management

The firm’s fifth-largest holding is Bitcoin (4.6%), with an exposure of about $68 million. Discovery is led by Robert Citrone, who has worked with Julian Robertson and George Soros and is a minority shareholder in the Pittsburgh Steelers.

He once explained why he is interested in Bitcoin.

7) Jericho Capital

The firm's fifth-largest holding is Bitcoin (5.4%), with an exposure of approximately $378 million. Jericho is led by Josh Resnick, and the fund's growth trajectory is quite impressive - from $36 million in 2009 to more than $7 billion in assets under management today.

8) Hudson Bay Capital Management

The company holds a 0.15% Bitcoin position, with an exposure of about $44 million. But what’s really interesting is not this position, but the fact that the notorious Bitcoin short Nouriel Roubini is actually a senior advisor to the company.

Good thing they didn’t take his Bitcoin advice!

9) State of Wisconsin Investment Board

The big news here is that the state’s pension fund more than quadrupled its Bitcoin holdings in the final quarter.

Q2: $99 million, 2,898,051 shares (0.26%)

Q3: $104 million, 2,889,251 shares (0.26