Matt Hougan, the Chief Investment Officer at Bitwise, pinpointed May 15 as a crucial date for the Bitcoin and crypto community, emphasizing its importance for stakeholders in Bitcoin ETFs. Bitwise, ranking as the fourth-largest provider of spot BTC ETFs in the United States behind BlackRock, Fidelity, and Ark Invest in assets under management, anticipates revealing details about institutional engagement in Bitcoin ETFs.
The significance of May 15 for Bitcoin ETFs
Hougan highlighted the date in a recent communication on X (formerly Twitter), advising investors and enthusiasts to take note of May 15, when investors managing over $100 million are required to submit their 13-F Filings with the SEC.
He said: “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….”
The focus on May 15 stems from the mandatory SEC filings known as “13-F Filings,” due 45 days after the end of the calendar quarter, revealing institutional investors’ holdings in publicly traded assets.
It is essential to know that 13-F Fillings provide valuable information on the investment decisions of major players in the market. Managers must file Form 13F within 45 days after the end of the calendar quarter. These filings disclose holdings in publicly traded assets, with Hougan suggesting that the disclosed names could positively surprise the market.
This deadline is eagerly awaited as it is expected to shed light on institutional involvement in Bitcoin ETFs, potentially indicating an uptick in interest and investment in the sector.
Hougan’s statements have been supported by crypto analyst @MacroScope17, who agrees that the filings, starting in April and continuing into May, may reveal unexpected names due to funds delaying their filings to the last possible moment: “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.”
However, this strategy is seen as a way to avoid prematurely disclosing investment strategies. Bitwise’s success with Bitcoin ETFs, attracting more than $11.1 billion in net new assets since their U.S. launch, demonstrates significant interest from a range of investors, including individual retail investors, Registered Investment Advisors (RIAs), family offices, hedge funds, venture capital funds, and asset managers.
Bitcoin continues to go mainstream
Undoubtedly, as Bitcoin continues to gain mainstream acceptance, many of the traditional concerns that plagued the cryptocurrency have been largely alleviated. Criminal use, Tether, FTX, Binance, and the possibility of government banning Bitcoin are no longer at the forefront of people’s minds. Even though there are environmental concerns about Bitcoin, it is fading.
Recently, there has been a new topic of conversation emerging among Bitcoin holders – the growing US debt levels. Financial advisors are reporting that their clients are increasingly using Bitcoin as a way to cope with the worry surrounding the US fiscal situation. With the upcoming elections, this concern could become even more pronounced and bring the issue to the forefront of people’s minds.
Despite the concerns around Bitcoin, the cryptocurrency continues to gain acceptance as a viable asset class among investors.
Notably, members of the cryptocurrency community are keeping a close eye on Hougan’s recent hint about the adoption of the spot Bitcoin ETF, especially since his previous prediction in December about Bitcoin reaching a new all-time high has come true.