Boston-based hedge fund Bracebridge Capital has made a substantial investment of $363 million in spot Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs), solidifying its position as the largest holder of ARKB.

As the top holder of ARKB, the hedge fund's move signifies a significant endorsement of digital assets.

Traditional banks like UBS and Edmond de Rothschild are also entering the Bitcoin ETF market, indicating broader institutional adoption.

Despite fluctuations in ETF performance, this institutional backing reflects a long-term confidence in the potential of cryptocurrencies.