Israel Englander‘s Millennium Management purchased Bitcoin BTC/USD and Ethereum ETH/USD exchange-traded funds in the fourth quarter, according to a February 14 13F-HR filing with the U.S. Securities and Exchange Commission, but these investments have significantly declined in value.

What Happened: The $75 billion hedge fund acquired positions in the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Mini Trust ETF, which have both suffered substantial losses as of Wednesday.

The firm’s 768,911 units of the Bitcoin ETF dropped from $43.11 to $37.38 per unit, resulting in a value drop from $33.1 million to $28.7 million – a 13.25% loss of approximately $4.39 million.

The Ethereum investment fared worse, with 1,702,038 units falling from $25.74 to $14.96 per unit. This reduced the total value from $43.8 million to $25.5 million, marking a steep 41.86% decline amounting to roughly $18.34 million.

In total, Millennium's crypto ETF investments have lost an estimated $22.7 million.

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Why It Matters: These losses come amid broader challenges for Millennium, which reportedly suffered approximately $900 million in losses this year due to market volatility impacting its index rebalancing strategy. Despite these setbacks, the firm was down less than 1% through February.

Millennium, founded by Englander in 1989 with just $35 million, employs multiple investment strategies including relative value, equity arbitrage, fixed income, and quantitative approaches.

Englander, who began his career as a floor broker and trader on the American Stock Exchange, has maintained 100% ownership of Millennium since its inception.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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