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Trading Giant Susquehanna Holds $1 Billion in Bitcoin ETFs

Philadelphia-based trading firm Susquehanna International Group (SIG), which was co-founded by American billionaire businessman Jeff Yass, holds more than $1 billion in Bitcoin exchange-traded funds (ETFs), according to its most recent portfolio update.    

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SIG is a market maker in more than 600 public companies, including Microsoft and JPMorgan Chase. 

Yass, who co-founded SIG back in 1987, is known for making small bets that offer outsized payouts. In the mid-2000s, he started betting heavily on various Chinese startups. 

Notably, the secretive trading giant owns roughly 15% of TikTok owner ByteDance, according to the Wall Street Journal. Its stake is reportedly worth an astonishing $40 billion.  

However, Yass’s TikTok fortune is currently under threat due to a bill that could ban the popular video app in the US. 

SIG has also made some cryptocurrency bets, For instance, popular cryptocurrency exchange KuCoin secured $10 million worth of funding from the Philadelphia-based trading behemoth. 

More Bitcoin ETF inflows  

After weeks of bleeding, Bitcoin ETFs have now managed to record net gains for the second consecutive day. On Monday, they managed to attract $217 million worth of inflows. Even Grayscale’s GBTC was in the green once again. 

As reported by U.Today, BlackRock’s Robert Mitchnick recently predicted growing demand for Bitcoin ETFs from institutional investors. Major institutions are preparing to dip their toes into the newfangled asset class by performing due diligence. 

SOURCE

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