根據13F文件

我檢查了13F文件，根據我的計數，在2024年第四季度，有1,573個機構在比特幣中擔任長期職位。

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.

根據向美國證券交易委員會（SEC）提交的13F文件，2024年第四季度，有1,573個機構在比特幣中擔任長期職位。

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

這些機構包括銀行，對沖基金，註冊投資顧問（RIA），家庭辦事處，捐贈基金，養老基金，主權財富基金和其他資產經理。

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.

機構在美國股票和與股票有關的資產（例如ETF，REIT，期權和可轉換債券）中披露了長期頭寸。這些文件中未包括債券，房地產，商品，貴金屬，貴金屬，貴金屬，投資，期貨，現金，現金，外國股票/貨幣和短職位。

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.

機構的13F備案並未完全反映其整體投資組合。沒有披露機構在其他資產類別中的持股規模，或者是否沒有披露在其他地方的短期職位。

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.

在這13F文件中，所有機構的中位比特幣持有量僅為0.13％。這是一個很小的百分比……但是一個積極的信號。它表明，機構之間的比特幣採用仍處於很早的階段。

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.

一些機構的比特幣分配比率明顯高於同行。他們的經理都是該行業的最高資產管理專家，其經驗豐富的投資績效。

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

這是一些最著名的13F文件，值得特別關注...

1) Horizon Kinetics

1）地平線動力學

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.

Horizo​​n Kinetics的第二大持有量是比特幣（16.16％），暴露約13億美元。該公司由投資界最傑出的人物之一默里·斯塔爾（Murray Stahl）領導。該公司在第四季度的2024年審查中解釋了為什麼他們不重新平衡自己的比特幣持有量。

2) Bracebridge Capital

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.

該公司最大的持股是比特幣（23.6％），暴露約3.34億美元。由南希·齊默爾曼（Nancy Zimmerman）領導的布雷斯布里奇資本（Bracebridge Capital）由基金會，養老金，高價值個人（HNWIS）的資產管理，負責管理過去20年中兩個表現最好的捐贈基金的部分資產：耶魯大學和耶魯大學和耶魯大學和普林斯頓大學。

3) Tudor Investment Corp

3）都鐸投資公司

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.

都鐸王朝的最大持有是比特幣（1.625％），暴露約4.36億美元。該文件成為一些頭條新聞，確實值得注意。保羅·都鐸·瓊斯（Paul Tudor Jones）是這一代人中最偉大的投資者之一。上個月，他還談到了為什麼仍然持有比特幣。

4) Fortress Investment Group

4）要塞投資小組

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.

該公司的第四大持有是比特幣（11.2％），暴露約7,000萬美元。值得注意的是，阿布扎比的主權財富基金（Mubadala）去年收購了堡壘的68％，並成為其控制股東。

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

因此，實際上，這只是阿聯酋投資比特幣的另一步驟。

5) Brevan Howard

5）布雷文·霍華德（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).

該公司的第二大股份是比特幣（8.74％），暴露約14億美元。布雷文·霍華德（Brevan Howard）的團隊多年來一直是比特幣的堅定支持者，這個大型宏觀對沖基金清楚地了解了長期持有的藝術（霍德林）。

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

比特幣在2022年的熊市中跌落了50％，但億萬富翁艾倫·霍華德（Alan Howard）仍然堅定地……

6) Discovery Capital Management

6）發現資本管理

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.

該公司的第五大持有量是比特幣（4.6％），暴露於6800萬美元。 Discovery是由羅伯特·塞朗（Robert Citrone）領導的，羅伯特·塞朗（Robert Citrone）曾與朱利安·羅伯遜（Julian Robertson）和喬治·索羅斯（George Soros）合作，並且是匹茲堡鋼人隊的少數股東。

He once explained why he is interested in Bitcoin.

他曾經解釋過為什麼他對比特幣感興趣。

7) Jericho Capital

7）耶利哥資本

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.

該公司的第五大持有量是比特幣（5.4％），暴露約3.78億美元。傑里科（Jericho）由喬什·雷斯尼克（Josh Resnick）領導，該基金的增長軌跡令人印象深刻 - 從2009年的3600萬美元到今天管理的70億美元資產。

8) Hudson Bay Capital Management

8）哈德遜灣資本管理

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.

該公司持有0.15％的比特幣頭寸，暴露約4400萬美元。但是真正有趣的不是這個職位，而是臭名昭著的比特幣短幣諾里爾·魯比尼（Nouriel Roubini）實際上是公司的高級顧問。

Good thing they didn’t take his Bitcoin advice!

好東西，他們沒有接受他的比特幣建議！

9) State of Wisconsin Investment Board

9）威斯康星州投資委員會

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

這裡的重大新聞是，該州的養老基金在最後一個季度將其比特幣持有量增加了三倍。

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

問題2：9900萬美元，2,898,051股（0.26％）

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

問題3：1.04億美元，2,889,251股（0.26