Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Cryptocurrency

New SEC filings show which institutions are chasing the crypto economy’s upside with multimillion-dollar bets on COIN.

Bridgewater, Citadel, Even Tennessee’s Treasury Among Coinbase COIN Whales

Some of the biggest names on Wall Street and even a handful of U.S. states ended Q2 with multimillion-dollar bets on Coinbase, possibly the ultimate crypto proxy stock.

A review of regulatory documents reveals that a parade of megabanks, including Goldman Sachs, JPMorgan, CitiGroup and Bank of America; asset managers such as Millennium Management, BlackRock, Miller Value Partners and Bridgewater; and even states such as Tennessee’s Treasury, have told securities regulators they held COIN on June 30.

The investments speak to the exploding demand for exposure to the crypto economy, not just the assets themselves. In COIN, one of the largest crypto exchanges and certainly the best-known one on Nasdaq, these institutional investors sought a comfortable in.

Ken Griffin’s Citadel Advisors LLC had over $1.3 billion in COIN on June 30 but over $1 billion of that was in calls and puts. Lesser-known but no less massive quant firm Susquehanna International Group also placed nearly $1.3 billion in COIN bets with most of that in hedges.

Still, more straight-laced institutional types – namely state-run investment entities – held notable Coinbase positions last quarter. Pennsylvania’s public school employee retirement fund was long on $2.6 million while the Wisconsin Investment Board held $6.4 million, the state of Tennessee $1.7 million and Utah Retirement Systems $13.2 million.

Featured

Technology

The company unveiled a new stylish hardware wallet designed by a former Apple engineer at a Paris event today Bitcoin and cryptocurrency hardware wallet...

Bitcoin Mining

According to a Coindesk report, “The industry has found itself in a fight with the local grid operator provider, Ande, and some members of the...

Finance

People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittance payments in local currency through Bitcoin’s Lightning Network. Bitcoin payments app Strike...

Finance

Although the crypto winter of 2022 has disrupted the entire crypto industry, traditional banking giants are showing confidence in the sector. Japanese banking giant...