SIG Increases Bitcoin ETF Holdings Above $1.3B, GBTC Now Core Position
Susquehanna International Group (SIG) disclosed in recent SEC 13F filings that its spot Bitcoin ETF exposure has surpassed $1.3 billion, with Grayscale’s GBTC representing the bulk of that allocation. SIG holds more than 17.27 million GBTC shares, valued at roughly $1.09 billion at the reporting date. The firm says this allocation reflects a multi-year, quantitative strategy focused on liquidity, product design and fee structure rather than short-term trading. SIG also reported a bearish position in the Canary XRP ETF (XRPC) via 18,800 put options (≈$366,000 notional). The disclosures come amid recent market weakness: Bitcoin trading near $65,000 after a 3% drop and XRP down about 7% to $1.36, with ETF flows showing recent outflows but a modest rebound ($88.1m inflow reported Friday). The filing reiterates SIG’s long-term conviction in Bitcoin as a store of value while keeping diversified exposure across other digital-asset ETFs.
Neutral
SIG’s increase in spot Bitcoin ETF exposure to over $1.3B, centered on GBTC, signals institutional confidence and a long-term allocation rather than short-term speculation. That is supportive for market sentiment because large, sustained institutional holdings can reduce available supply and underpin price stability. However, the position is concentrated in GBTC — a single product with its own fee structure and discount/premium dynamics — and SIG also holds bearish XRPC puts, showing selective hedging. Current market context (recent BTC decline, ETF outflows with intermittent inflows) tempers immediate bullish implications. Short-term impact: mixed — the disclosure may reduce selling pressure by signaling a steady buyer, but concentration risks and broader risk-off sentiment could keep volatility elevated. Long-term impact: modestly positive — continued institutional accumulation and multi-year quantitative allocations support structural demand for Bitcoin ETFs, which can improve liquidity and adoption. Historical parallels: institutional filings showing large ETF or fund buys (e.g., early institutional ETF accumulation phases) have supported price floors but did not preclude interim drawdowns when macro risk-off events occurred. Traders should watch GBTC flows/discounts, ETF net flows, and whether SIG or peers add to diversified ETF holdings to gauge sustained demand.