Bridgewater, Citadel, Even Tennessee’s Treasury Among Coinbase COIN Whales

Bridgewater, Citadel, Even Tennessee’s Treasury Among Coinbase COIN Whales

Some of the biggest names on Wall Street and even a handful of U.S. states ended Q2 with multimillion-dollar bets on Coinbase, possibly the ultimate crypto proxy stock.

A review of regulatory documents reveals that a parade of megabanks – Goldman Sachs, JPMorgan, CitiGroup and Bank of America – asset managers – Millennium Management, BlackRock, Miller Value Partners, Bridgewater – and even states – the Tennessee Treasury – have told securities regulators they held COIN on June 30.

The investments speak to the exploding demand for exposure to the crypto economy, not just the assets themselves. In COIN, one of the largest crypto exchanges and certainly the best-known one on Nasdaq, these institutional investors sought a comfortable in.

Not all of the giants are purely long on COIN.

Ken Griffin’s Citadel Advisors LLC had over $1.3 billion in COIN on June 30 but over $1 billion of that was in calls and puts. Lesser-known but no less massive quant firm Susquehanna International Group also placed nearly $1.3 billion in COIN bets with most of that in hedges.

Still, more straight-laced institutional types – namely: state-run investment entities – held notable Coinbase positions last quarter. Pennsylvania’s public school employee retirement fund was long on $2.6 million, the Wisconsin Investment Board $6.4 million, the State of Tennessee $1.7 million and Utah Retirement Systems $13.2 million.