Philadelphia-based trading firm Susquehanna International Group (SIG), co-founded by American billionaire entrepreneur Jeff Yass, owns more than $1 billion in Bitcoin exchange-traded funds (ETFs), according to its most recent portfolio. update.
Philadelphia-based trading firm Susquehanna International Group (SIG), co-founded by American billionaire entrepreneur Jeff Yass, owns more than $1 billion in Bitcoin exchange-traded funds (ETFs), according to its most recent portfolio. update.
SIG is a market maker in more than 600 public companies, including Microsoft and JPMorgan Chase.
Yass, co-founder of SIG in 1987, is known for placing small bets that offer huge payouts. In the mid-2000s, he began betting heavily on several Chinese startups.
Notably, the secretive business giant owns about 15% of TikTok owner ByteDance, according to the Wall Street Journal. His stake is supposedly worth a staggering $40 billion.
However, Yass’ TikTok fortune is currently under threat due to a bill that could ban the popular video app in the United States.
SIG has also made some bets on cryptocurrencies. For example, popular cryptocurrency exchange KuCoin secured $10 million in funding from the Philadelphia-based trading giant.
More Bitcoin ETF Inflows
After weeks of bleeding, Bitcoin ETFs have managed to post net gains for the second day in a row. On Monday they managed to attract tickets worth $217 million. Even Grayscale’s GBTC was back in the green.
As reported by U.TodayBlackRock’s Robert Mitchnick recently predicted growing demand for Bitcoin ETFs from institutional investors. Major institutions are preparing to dive into this novel asset class by conducting due diligence.
