Millennium Management, holding 27,263 BTC worth $1.69 billion, has allocated about 2.5% of its $67.7 billion in total assets under management to Bitcoin.that 13 out of the top 25 United States hedge funds had owned Bitcoin ETFs by the end of Q1 2024. Notable among these is Millennium Management, which had 27,263 BTC worth $1.69 billion, making up about 2.5% of its total assets under management worth $67.7 billion.
Interestingly, Bitcoin’s growing acceptance coincides with a rise in the cash reserves across U.S. companies. Notably, the cash or cash equivalents held by corporations reached a record high of $4.11 trillion in Q1 2024, according to anThis trend indicates that U.S. firms, including hedge funds and corporations, have become more confident in treating Bitcoin as a viable asset for diversification and hedging against traditional market risks.
Notably, BTC’s returns in the first half of 2024 were about 94%. In comparison, the U.S. benchmark S&P 500 index rose 23%, while the Dow Jones Industrial Average grew 14% in the same period.63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K Veteran trader Peter Brandt anticipates Bitcoin’s relevance growing as a hedging asset, particularly against traditional safe havens like gold. HeThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.