Philadelphia-based Susquehanna International Group (SIG), a prominent quantitative trading firm, has revealed a substantial investment in Bitcoin exchange-traded funds (ETFs) during the first quarter of 2024, signaling growing institutional interest in digital assets.

In a 13F-HR filing submitted to the Securities and Exchange Commission on May 7, Susquehanna disclosed ownership of more than $1 billion in Bitcoin ETFs. The firm's crypto portfolio includes significant holdings in various ETFs, reflecting a strategic move to capitalize on the burgeoning cryptocurrency market.

According to the filing, Susquehanna disclosed ownership of 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.09 billion as of March 31, 2024. Additionally, the firm reported owning 1,349,414 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), worth roughly $83.74 million on the same date.

Moreover, Susquehanna revealed an increased stake in the ProShares Bitcoin Strategy ETF (BITO), owning 7,907,827 shares valued at approximately $255.42 million as of March 31, representing a significant uptick from previous filings.

Despite its substantial investments in Bitcoin ETFs, Susquehanna's cryptocurrency holdings constitute only a fraction of its extensive portfolio, which exceeded $575.8 billion by the end of the first quarter. The firm maintains diverse investments across various sectors, including significant holdings in companies like NVIDIA Corporation and investments in convertible zero, bonds, and preferred stocks.

The trend of traditional trading firms and financial advisers turning to Bitcoin ETFs for exposure to digital assets is gaining momentum. In April, Fidelity's Bitcoin ETF attracted $40 million from two traditional financial advisers, Legacy Wealth Management and United Capital Management of Kansas, each investing $20 million in FBTC. This trend underscores increasing institutional adoption of cryptocurrencies, offering promising prospects for long-term advocates of digital assets.

Susquehanna's substantial Bitcoin bet underscores the evolving landscape of institutional participation in the cryptocurrency market, signaling a notable shift towards mainstream acceptance of digital assets within traditional financial circles.