Edelman Financial Engines has disclosed a $34 million position in spot Bitcoin ETFs — a stake that now exceeds some of the firm’s other holdings in major tech companies.
While the position is still tiny in the investment advisor’s portfolio, it is still larger than its $25 million position in Amazon.
The position — held in BlackRock’s iShares Bitcoin Trust and Grayscale’s flagship product — tracks closely with the public views of its founder, Ric Edelman.
Edelman has been advocating for Bitcoin ETFs since 2019, years before the SEC approved spot products in January 2024. He also founded the Digital Assets Council of Financial Professionals, an organization built to educate financial advisors on crypto and blockchain technology.
And Edelman Financial isn’t the only one: In a filing submitted this afternoon, Tudor Investment Corporation, the firm run by legendary macro trader Paul Tudor Jones, reported owning 688,529 shares of IBIT as of June 30, valued at $22.9 million.
That’s up from the 579,083 shares Tudor reported the previous quarter.
It’s worth remembering that few investors have built a career reading inflation cycles and their historical patterns as successfully as Jones, making the size of the add notable in its own right.