Susquehanna International Group 将 10 亿美元的比特币 ETF 添加到投资组合中

量化交易公司 Susquehanna International Group 在 2024 年第一季度向比特币 (BTC) 交易所交易基金 (ETF) 投资了超过 10 亿美元，收购了 Grayscale Bitcoin Trust (GBTC)、Fidelity Wise Origin Bitcoin Fund (FBTC) 和ProShares 比特币策略 ETF (BITO)。尽管减少了 MicroStrategy (MSTR) 的持有量，Susquehanna 的加密货币投资仍然只占其庞大投资组合的一小部分。比特币基金在贸易公司和金融顾问中越来越受欢迎，例如堪萨斯州的 Legacy Wealth Management 和 United Capital Management，他们投资了 FBTC，让婴儿潮一代的客户接触到数字资产。

Susquehanna International Group: A Quantitative Trading Behemoth

萨斯奎哈纳国际集团：量化交易巨头

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.

量化交易巨头 Susquehanna International Group 已进军加密货币市场，在 2024 年第一季度收购了价值超过 10 亿美元的比特币交易所交易基金 (ETF)。这种对数字资产的巨额押注标志着机构越来越多地采用比特币。比特币，以及萨斯奎哈纳对其长期价值的信心。

Grayscale Bitcoin Trust: A Gateway to Bitcoin Exposure

灰度比特币信托：接触比特币的门户

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.

该公司的主要比特币投资在于灰度比特币信托基金（GBTC），这是一种提供比特币间接投资的封闭式基金。截至 2024 年 3 月 31 日，Susquehanna 持有 17,271,326 股 GBTC，价值高达 10.9 亿美元。这一大量持股反映了 Susquehanna 对 GBTC 追踪比特币价格走势潜力的信念。

Beyond GBTC: Diversifying with Other Bitcoin ETFs

超越 GBTC：通过其他比特币 ETF 实现多元化

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 的比特币风险敞口超出了 GBTC 范围。该公司还投资了 Fidelity Wise Origin Bitcoin Fund (FBTC)，这是一款追踪比特币期货合约的比特币 ETF。截至 3 月 31 日，Susquehanna 持有 1,349,414 股 FBTC，价值约 8374 万美元。这项投资表明 Susquehanna 正在比特币 ETF 领域寻求多元化。

ProShares Bitcoin Strategy ETF: A Foray into Futures Contracts

ProShares 比特币策略 ETF：进军期货合约

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 还扩大了其比特币持有量，将 ProShares 比特币策略 ETF (BITO) 纳入其中。该基金为投资者提供比特币期货合约的投资机会，为获得标的资产提供了不同的途径。 Susquehanna 拥有 7,907,827 股 BITO 股票，价值约 2.5542 亿美元，凸显了该公司的比特币投资战略方针。

Indirect Exposure through MicroStrategy

通过 MicroStrategy 间接曝光

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.

除了直接投资比特币 ETF 之外，Susquehanna 还通过 MicroStrategy 股票 (MSTR) 间接投资比特币。 MicroStrategy 的资产负债表上持有大量比特币，使其成为获得数字资产敞口的独特投资工具。然而，Susquehanna 已将其在 MicroStrategy 的股份减少了近 15%，这表明该公司正在调整其对比特币的整体敞口。

Bitcoin: A Tiny Fraction, a Huge Opportunity

比特币：很小的一部分，巨大的机会

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.

尽管对比特币 ETF 进行了大量投资，但 Susquehanna 的加密货币配置在其整体投资组合中仍只占相对较小的比例，截至第一季度末，其整体投资组合超过 5758 亿美元。尽管如此，该公司进军数字资产凸显了机构对比特币日益增长的兴趣及其作为合法资产类别的潜力。

NVDA and SPY: Diversification Beyond Bitcoin

NVDA 和 SPY：比特币之外的多元化

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.

虽然比特币 ETF 引起了广泛关注，但 Susquehanna 的其他投资展示了该公司的多元化策略。该公司的顶级投资包括半导体巨头 NVIDIA Corporation 以及跟踪 S&P 500 指数表现的指数挂钩基金 SPDR S&P 500 ETF Trust (SPY)。这种多元化凸显了萨斯奎哈纳对平衡和多元化投资组合战略的长期承诺。

Growing Popularity of Bitcoin Funds

比特币基金越来越受欢迎

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.

机构采用比特币 ETF 的激增是由多个因素推动的。这些基金提供了一种便捷且受监管的方式来访问比特币，消除了与直接购买和持有资产相关的技术复杂性和安全问题。此外，比特币 ETF 具有多元化的优势，并具有长期升值的潜力，对广大投资者具有吸引力。

Legacy Wealth Management and United Capital Management Embrace Bitcoin

传统财富管理公司和联合资本管理公司拥抱比特币

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 和堪萨斯州 United Capital Management 最近对 Fidelity 比特币 ETF 的投资进一步强化了机构采用的理由。这两位管理着数十亿美元资产的传统财务顾问已经认识到比特币的潜力及其在多元化投资组合中的作用。

Conclusion

结论

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 对比特币 ETF 的数十亿美元投资证明了比特币越来越多的机构采用及其作为合法资产类别的认可。该公司多元化的比特币投资方式，加上其对审慎投资组合管理的承诺，为其他考虑投资数字资产的机构参与者树立了令人信服的榜样。随着加密货币市场的不断发展，比特币 ETF 有望在为机构投资者提供可靠且受监管的比特币投资途径方面发挥越来越重要的作用。