根据13F文件

我检查了13F文件，根据我的计数，在2024年第四季度，有1,573个机构在比特币中担任长期职位。

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.

根据向美国证券交易委员会（SEC）提交的13F文件，2024年第四季度，有1,573个机构在比特币中担任长期职位。

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

这些机构包括银行，对冲基金，注册投资顾问（RIA），家庭办事处，捐赠基金，养老基金，主权财富基金和其他资产经理。

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.

机构在美国股票和与股票有关的资产（例如ETF，REIT，期权和可转换债券）中披露了长期头寸。这些文件中未包括债券，房地产，商品，贵金属，贵金属，贵金属，投资，期货，现金，现金，外国股票/货币和短职位。

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.

机构的13F备案并未完全反映其整体投资组合。没有披露机构在其他资产类别中的持股规模，或者是否没有披露在其他地方的短期职位。

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.

在这13F文件中，所有机构的中位比特币持有量仅为0.13％。这是一个很小的百分比……但是一个积极的信号。它表明，机构之间的比特币采用仍处于很早的阶段。

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.

一些机构的比特币分配比率明显高于同行。他们的经理都是该行业的最高资产管理专家，其经验丰富的投资绩效。

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

这是一些最著名的13F文件，值得特别关注...

1) Horizon Kinetics

1）地平线动力学

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币（16.16％），暴露约13亿美元。该公司由投资界最杰出的人物之一默里·斯塔尔（Murray Stahl）领导。该公司在第四季度的2024年审查中解释了为什么他们不重新平衡自己的比特币持有量。

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.

该公司最大的持股是比特币（23.6％），暴露约3.34亿美元。由南希·齐默尔曼（Nancy Zimmerman）领导的布雷斯布里奇资本（Bracebridge Capital）由基金会，养老金，高价值个人（HNWIS）的资产管理，负责管理过去20年中两个表现最好的捐赠基金的部分资产：耶鲁大学和耶鲁大学和耶鲁大学和普林斯顿大学。

3) Tudor Investment Corp

3）都铎投资公司

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.

都铎王朝的最大持有是比特币（1.625％），暴露约4.36亿美元。该文件成为一些头条新闻，确实值得注意。保罗·都铎·琼斯（Paul Tudor Jones）是这一代人中最伟大的投资者之一。上个月，他还谈到了为什么仍然持有比特币。

4) Fortress Investment Group

4）要塞投资小组

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.

该公司的第四大持有是比特币（11.2％），暴露约7,000万美元。值得注意的是，阿布扎比的主权财富基金（Mubadala）去年收购了堡垒的68％，并成为其控制股东。

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

因此，实际上，这只是阿联酋投资比特币的另一步骤。

5) Brevan Howard

5）布雷文·霍华德（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).

该公司的第二大股份是比特币（8.74％），暴露约14亿美元。布雷文·霍华德（Brevan Howard）的团队多年来一直是比特币的坚定支持者，这个大型宏观对冲基金清楚地了解了长期持有的艺术（霍德林）。

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

比特币在2022年的熊市中跌落了50％，但亿万富翁艾伦·霍华德（Alan Howard）仍然坚定地……

6) Discovery Capital Management

6）发现资本管理

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.

该公司的第五大持有量是比特币（4.6％），暴露于6800万美元。 Discovery是由罗伯特·塞朗（Robert Citrone）领导的，罗伯特·塞朗（Robert Citrone）曾与朱利安·罗伯逊（Julian Robertson）和乔治·索罗斯（George Soros）合作，并且是匹兹堡钢人队的少数股东。

He once explained why he is interested in Bitcoin.

他曾经解释过为什么他对比特币感兴趣。

7) Jericho Capital

7）耶利哥资本

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.

该公司的第五大持有量是比特币（5.4％），暴露约3.78亿美元。杰里科（Jericho）由乔什·雷斯尼克（Josh Resnick）领导，该基金的增长轨迹令人印象深刻 - 从2009年的3600万美元到今天管理的70亿美元资产。

8) Hudson Bay Capital Management

8）哈德逊湾资本管理

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.

该公司持有0.15％的比特币头寸，暴露约4400万美元。但是真正有趣的不是这个职位，而是臭名昭著的比特币短币诺里尔·鲁比尼（Nouriel Roubini）实际上是公司的高级顾问。

Good thing they didn’t take his Bitcoin advice!

好东西，他们没有接受他的比特币建议！

9) State of Wisconsin Investment Board

9）威斯康星州投资委员会

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

这里的重大新闻是，该州的养老基金在最后一个季度将其比特币持有量增加了三倍。

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

问题2：9900万美元，2,898,051股（0.26％）

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

问题3：1.04亿美元，2,889,251股（0.26