A top European hedge fund has amassed over $420 million dollars in exposure to Bitcoin via exchange-traded funds, according to a regulatory filing with the U.S. Securities and Exchange Commission. 

London-based Capula Management—one of the largest hedge funds in Europe, which oversees about $30 billion in assets—said in a 13F form that it had bought 4,022,346 shares of Fidelity’s Wise Origin Bitcoin Trust and 7,419,108 shares of BlackRock’s iShares Bitcoin Trust (IBIT) ETF. 

In total, the investment is currently worth $422 million. 

The SEC in January approved 11 spot Bitcoin ETFs. The funds—a popular investment vehicle giving investors safe and regulated exposure to the volatile asset class—have been very successful. 

Industry observers have said that the funds would give institutions easy access to Bitcoin, and indeed they have soared, with the funds now collectively holding tens of billions of dollars' worth of BTC as investment has grown in recent months.

American banking giant Wells Fargo back in May revealed investments in multiple Bitcoin ETFs; the State of Wisconsin Investment Board also showed that it had bought shares from both the BlackRock and Grayscale Bitcoin ETFs that month. 

Bitcoin is now down by 9% in the past 24 hours, trading hands for $53.565. Every other major cryptocurrency has also dipped in value in one of the worst crypto market selloffs so far this year.

Edited by Andrew Hayward