Susquehanna International Group 將 10 億美元的比特幣 ETF 加入投資組合中

量化交易公司 Susquehanna International Group 在 2024 年第一季向比特幣 (BTC) 交易所交易基金 (ETF) 投資了超過 10 億美元，收購了 Grayscale Bitcoin Trust (GBTC)、Fidelity Wise Origin Bitcoin Fund (FBTC) 和ProShares 比特幣策略ETF (BITO)。儘管減少了 MicroStrategy (MSTR) 的持有量，Susquehanna 的加密貨幣投資仍只佔其龐大投資組合的一小部分。比特幣基金在貿易公司和金融顧問中越來越受歡迎，例如堪薩斯州的 Legacy Wealth Management 和 United Capital Management，他們投資了 FBTC，讓嬰兒潮世代的客戶接觸到數位資產。

Susquehanna International Group: A Quantitative Trading Behemoth

薩斯奎哈納國際集團：量化交易巨頭

Susquehanna International Group, a titan in quantitative trading, has surged into the cryptocurrency market, acquiring over $1 billion worth of Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024. This colossal bet on digital assets signals the growing institutional adoption of Bitcoin, as well as Susquehanna's confidence in its long-term value.

量化交易巨頭Susquehanna International Group 已進軍加密貨幣市場，在2024 年第一季收購了價值超過10 億美元的比特幣交易所交易基金(ETF)。越多採用比特幣。

Grayscale Bitcoin Trust: A Gateway to Bitcoin Exposure

灰階比特幣信託：接觸比特幣的門戶

The firm's primary Bitcoin investment lies in the Grayscale Bitcoin Trust (GBTC), a closed-end fund providing indirect exposure to Bitcoin. Susquehanna amassed 17,271,326 shares of GBTC, representing a staggering $1.09 billion as of March 31, 2024. This substantial holding reflects Susquehanna's belief in the potential of GBTC to track the price movements of Bitcoin.

該公司主要的比特幣投資在於灰階比特幣信託基金（GBTC），這是一種提供比特幣間接投資的封閉式基金。截至 2024 年 3 月 31 日，Susquehanna 持有 17,271,326 股 GBTC，價值高達 10.9 億美元。

Beyond GBTC: Diversifying with Other Bitcoin ETFs

超越 GBTC：透過其他比特幣 ETF 多元化

Susquehanna's Bitcoin exposure extends beyond GBTC. The firm has also invested in the Fidelity Wise Origin Bitcoin Fund (FBTC), a Bitcoin ETF that tracks Bitcoin futures contracts. As of March 31, Susquehanna held 1,349,414 shares of FBTC, valued at roughly $83.74 million. This investment suggests that Susquehanna is seeking diversification within the Bitcoin ETF landscape.

Susquehanna 的比特幣風險敞口超出了 GBTC 範圍。該公司還投資了 Fidelity Wise Origin Bitcoin Fund (FBTC)，這是一款追蹤比特幣期貨合約的比特幣 ETF。截至 3 月 31 日，Susquehanna 持有 1,349,414 股 FBTC，價值約 8,374 萬美元。這項投資表明 Susquehanna 正在比特幣 ETF 領域尋求多元化。

ProShares Bitcoin Strategy ETF: A Foray into Futures Contracts

ProShares 比特幣策略 ETF：進軍期貨合約

Susquehanna has also expanded its Bitcoin holdings to include the ProShares Bitcoin Strategy ETF (BITO). The fund offers investors exposure to Bitcoin futures contracts, providing a different avenue for gaining exposure to the underlying asset. Susquehanna's ownership of 7,907,827 shares of BITO, valued at approximately $255.42 million, highlights the firm's strategic approach to Bitcoin investing.

Susquehanna 也擴大了其比特幣持有量，將 ProShares 比特幣策略 ETF (BITO) 納入其中。該基金為投資者提供比特幣期貨合約的投資機會，為獲得標的資產提供了不同的途徑。 Susquehanna 擁有 7,907,827 股 BITO 股票，價值約 2.5542 億美元，凸顯了該公司的比特幣投資策略方針。

Indirect Exposure through MicroStrategy

透過 MicroStrategy 間接曝光

In addition to direct investments in Bitcoin ETFs, Susquehanna has maintained an indirect exposure to Bitcoin through MicroStrategy stock (MSTR). MicroStrategy holds a significant amount of Bitcoin on its balance sheet, making it a unique investment vehicle for gaining exposure to the digital asset. However, Susquehanna has reduced its stake in MicroStrategy by nearly 15%, suggesting that the firm is adjusting its overall exposure to Bitcoin.

除了直接投資比特幣 ETF 之外，Susquehanna 還透過 MicroStrategy 股票 (MSTR) 間接投資比特幣。 MicroStrategy 的資產負債表上持有大量比特幣，使其成為獲得數位資產風險的獨特投資工具。然而，Susquehanna 已將其在 MicroStrategy 的股份減少了近 15%，這表明該公司正在調整其對比特幣的整體曝險。

Bitcoin: A Tiny Fraction, a Huge Opportunity

比特幣：很小的一部分，巨大的機會

Despite its significant investment in Bitcoin ETFs, Susquehanna's cryptocurrency allocation remains a relatively small fraction of its overall portfolio, which stood at over $575.8 billion at the end of the first quarter. Nonetheless, the firm's foray into digital assets highlights the growing institutional interest in Bitcoin and its potential as a legitimate asset class.

儘管對比特幣 ETF 進行了大量投資，但 Susquehanna 的加密貨幣配置在其整體投資組合中仍只佔相對較小的比例，截至第一季末，其整體投資組合超過 5,758 億美元。儘管如此，該公司進軍數位資產凸顯了機構對比特幣日益增長的興趣及其作為合法資產類別的潛力。

NVDA and SPY: Diversification Beyond Bitcoin

NVDA 和 SPY：比特幣以外的多元化

While Bitcoin ETFs have garnered substantial attention, Susquehanna's other investments demonstrate the firm's diversified approach. The company's top investments include NVIDIA Corporation, a semiconductor giant, and the SPDR S&P 500 ETF Trust (SPY), an index-tied fund tracking the performance of the S&P 500 index. This diversification underscores Susquehanna's long-standing commitment to a balanced and diversified portfolio strategy.

雖然比特幣 ETF 引起了廣泛關注，但 Susquehanna 的其他投資展示了該公司的多元化策略。該公司的頂級投資包括半導體巨頭 NVIDIA Corporation 以及追蹤 S&P 500 指數表現的指數掛鉤基金 SPDR S&P 500 ETF Trust (SPY)。這種多元化凸顯了薩斯奎哈納對平衡和多元化投資組合策略的長期承諾。

Growing Popularity of Bitcoin Funds

比特幣基金越來越受歡迎

The surge in institutional adoption of Bitcoin ETFs has been driven by several factors. These funds offer a convenient and regulated way to access Bitcoin, eliminating the technical complexities and security concerns associated with buying and holding the asset directly. Additionally, Bitcoin ETFs provide diversification benefits and offer the potential for long-term appreciation, making them attractive to a wide range of investors.

機構採用比特幣 ETF 的激增是由多個因素推動的。這些基金提供了一種便捷且受監管的方式來存取比特幣，消除了與直接購買和持有資產相關的技術複雜性和安全問題。此外，比特幣 ETF 具有多元化的優勢，並具有長期升值的潛力，對廣大投資者俱有吸引力。

Legacy Wealth Management and United Capital Management Embrace Bitcoin

傳統財富管理公司和聯合資本管理公司擁抱比特幣

The recent investment in Fidelity's Bitcoin ETF by Legacy Wealth Management and United Capital Management of Kansas further strengthens the case for institutional adoption. These two traditional financial advisers, managing billions of dollars in assets, have recognized the potential of Bitcoin and its role in a diversified investment portfolio.

Legacy Wealth Management 和堪薩斯州 United Capital Management 最近對 Fidelity 比特幣 ETF 的投資進一步強化了機構採用的理由。這兩位管理著數十億美元資產的傳統財務顧問已經認識到比特幣的潛力及其在多元化投資組合中的作用。

Conclusion

結論

Susquehanna International Group's billion-dollar investment in Bitcoin ETFs is a testament to the growing institutional adoption of Bitcoin and its recognition as a legitimate asset class. The firm's diversified approach to Bitcoin investing, coupled with its commitment to prudent portfolio management, serves as a compelling example for other institutional players considering exposure to digital assets. As the cryptocurrency market continues to evolve, Bitcoin ETFs are poised to play an increasingly prominent role in providing institutional investors with a reliable and regulated avenue for gaining exposure to Bitcoin.

Susquehanna International Group 對比特幣 ETF 的數十億美元投資證明了比特幣越來越多的機構採用及其作為合法資產類別的認可。該公司多元化的比特幣投資方式，加上其對審慎投資組合管理的承諾，為其他考慮投資數位資產的機構參與者樹立了令人信服的榜樣。隨著加密貨幣市場的不斷發展，比特幣 ETF 預計在為機構投資者提供可靠且受監管的比特幣投資途徑方面發揮越來越重要的作用。