Edelman Financial Engines has disclosed a $34 million position in spot Bitcoin ETFs, according to Bitcoin Magazine. The holding is still small relative to the investment adviser’s full portfolio, but it now exceeds some of the firm’s positions in major technology companies, including a $25 million stake in Amazon.
The report said the position is held through BlackRock’s iShares Bitcoin Trust and Grayscale’s flagship Bitcoin product. Bitcoin Magazine tied that exposure to the public stance of Ric Edelman, the firm’s founder.
Ric Edelman’s prior support for Bitcoin ETFs
Bitcoin Magazine said Edelman has backed Bitcoin ETFs since 2019, years before the U.S. Securities and Exchange Commission approved spot Bitcoin ETF products in January 2024. The publication also noted that he founded the Digital Assets Council of Financial Professionals, which it described as an organization created to educate financial advisers about crypto and blockchain technology.
Tudor Investment reports IBIT shares as of June 30
Edelman Financial was not the only firm named in the report. In a filing submitted that afternoon, Tudor Investment Corporation, the firm run by macro trader Paul Tudor Jones, reported owning 688,529 shares of IBIT as of June 30, valued at $22.9 million.
That figure was up from the 579,083 shares Tudor reported in the previous quarter. Bitcoin Magazine added that few investors have built a career on reading inflation cycles and their historical patterns as successfully as Jones, making the size of the increase notable in the publication’s framing.
Source and byline
The story first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.