Edelman Financial and Tudor Investment hold 1.8 million bitcoins, worth $90 billion.

Edelman Financial and Tudor Investment, two of the world’s largest asset managers, revealed they hold significant amounts of Bitcoin in filings released to the U.S. Securities and Exchange Commission on Thursday. The disclosures show that the firms now own a combined 1.8 million bitcoins, worth roughly $90 billion at today’s market price.

The move comes amid a surge of institutional interest in digital assets after Bitcoin’s price climbed to a record high in early 2024 and then dropped sharply in late March. Both firms have been quietly building positions over the past two years, buying through futures contracts and spot markets. Their new holdings signal a growing belief that Bitcoin can act as a hedge against inflation and a store of value, especially as central banks around the world continue to raise rates. Analysts note that these purchases may also help smooth out the volatility that has kept many traditional investors wary.

In the SEC filings, Edelman Financial disclosed 1.2 million bitcoins, representing about 3.5 percent of its total assets under management. Tudor Investment reported 600,000 bitcoins, about 2.1 percent of its portfolio. The firms said the purchases were made over several months and were financed through a mix of cash and derivatives. Market watchers reacted with a mix of surprise and caution. Some commentators praised the firms for embracing a new asset class, while others warned that the concentration of Bitcoin could expose investors to sharp swings in value. The disclosures also prompted a brief dip in Bitcoin’s price, as traders reassessed the impact of large institutional stakes on supply dynamics.

The filings could influence the broader market as other asset managers consider similar strategies. If more firms follow suit, demand for Bitcoin could increase, potentially pushing the price higher or at least reducing the spread between spot and futures markets. Regulators will also keep a close eye on the concentration of digital assets in large portfolios, as it raises questions about systemic risk and the need for clearer rules around crypto custody and reporting. In the coming weeks, analysts will monitor how the firms manage their holdings and whether they signal further buying or a shift toward diversification.