Capula Investment Management’s Bitcoin ETF Holdings

Hedge fund giant Capula Investment Management has reported owning $464 million in spot bitcoin ETF shares, according to a filing with the U.S. Securities and Exchange Commission, dated Monday.

According to the filing, Capula owned shares in spot bitcoin ETFs issued by both BlackRock and Fidelity. The filing reflected the firm’s holdings as of the end of Q2, or June 30.

With bitcoin’s value declining in recent days, the price of both BlackRock and Fidelity’s bitcoin-based ETFs has also dropped. As of 1:11 p.m. EST on Monday, Capula’s total position as of June 30 would be worth closer to $420 million.

Capula Investment Management is a London-based firm and one of Europe’s largest hedge fund managers. Other large hedge funds have also reported owning spot bitcoin ETF shares, including Millennium Management, which reported earlier this year it owned nearly $2 billion worth of shares in the crypto-based exchange-traded funds.