Circle May 15 On Your Calendar

Matt Hougan, Chief Investment Officer at Bitwise, has spotlighted May 15 as a pivotal date for stakeholders in the Bitcoin and crypto community. Hougan’s advisory comes as Bitwise, the firm behind the fourth-largest spot BTC ETF in the United States—trailing only BlackRock, Fidelity, and Ark Invest in assets under management (AUM)—anticipates significant revelations regarding institutional engagement in Bitcoin ETFs.

Why May 15 Matters For Bitcoin

In a detailed communication on X (formerly Twitter), Hougan articulated the significance of the upcoming date for investors and enthusiasts alike. “For everyone wondering ‘who is buying’ Bitcoin ETFs, I’d circle May 15th on your calendar,” Hougan advised.

This date is crucial because it marks the deadline for investors managing over $100 million to submit their 13-F Filings with the SEC, thus disclosing their holdings in publicly traded assets. Hougan underscores the value of these disclosures, stating, “While they don’t capture everyone—and are just a snapshot in time—I think some of the names on those filings will surprise people (to the upside).”

For everyone wondering “who is buying” bitcoin ETFs, I’d circle May 15th on your calendar.

Investors with more than $100m in AUM have to file reports with the SEC called “13-F Filings” disclosing their publicly traded holdings.

Those filings are due 45 days after the end of…

— Matt Hougan (@Matt_Hougan) March 13, 2024

Crypto analyst MacroScope, known on X as @MacroScope17, concurred with Hougan’s anticipation, highlighting the timeline and potential for surprises: “These filings start in April and run into May. In my experience, the most interesting names could come in May, since some funds wait as long as possible in order to not show their hand before required to do by the deadline.”

Previously, Hougan shared insights into the demographics fueling the surge in BTC ETF investments. With more than $11.1 billion in net new assets since their US launch on January 11, these ETFs rank among the most triumphant launches in history.

Hougan revealed, “Bitcoin ETFs have attracted […] Individual retail investors, Registered Investment Advisors (RIAs), Family Offices, Hedge Funds, Venture Capital Funds, [and] Asset Managers.” He further elaborated on the future of Bitcoin ETF investments: “Based on current trends, I’d suspect we’ll see our first significant flows from [Major Wirehouses, Institutional Consultants, and Large Corporations] in Q2 2024.”

Safe Haven Narrative Gains Steam

In a remark on X today, Hougan shared observations from his nationwide roadshow with financial advisors and family offices, noting a broad and sustained interest in Bitcoin ETFs. “I am no longer surprised at the size of the inflows into the Bitcoin ETFs. The demand is widespread and strong, and will persist for a while. Interest is very high among professional investors,” Hougan remarked.

Hougan further highlighted the acceleration in due diligence processes and a shift in concerns traditionally associated with Bitcoin. “One common theme in conversations (which is new compared to past trips) is a visceral concern about rising US debt levels. Many advisors have clients who are worried about the US fiscal situation, and are using bitcoin as a release valve for that concern,” Hougan noted, pointing out the increasing consideration of Bitcoin as a fiscal safe haven.

At press time, BTC traded at $72,798.

Featured image created with DALL·E, chart from TradingView.com