Are Hedge Funds Buying Crypto Stocks?

The short answer. Some are, and the clearest recent example is dated. In its Q2 2026 13F, filed in August 2026, Stanley Druckenmiller's Duquesne Family Office disclosed two new positions worth about $87.8 million combined: roughly 4.1 million shares of Bitdeer (BTDR), over $64.7 million, and about 2.9 million shares of Hyperliquid Strategies (PURR), about $23.1 million.

Checked 1 October 2026. Last change to the facts below: the Q2 2026 13F filings of 14 August 2026. If those dates are far apart, the legislative position may have moved since this was last edited.

What did Druckenmiller actually buy?

Both new in the quarter ended 30 June 2026. For scale, Duquesne's disclosed US equity holdings were about $5.21 billion across roughly 95 positions, so the pair is a little under 2% of the book — a real position, not a rounding error, and not a bet-the-fund conviction trade either. That proportion is the part most coverage left out.

Which listed crypto proxies do the funds we track actually own?

Read live from the most recent 13Fs. The list of tickers is ours, not a standard index: COIN, MSTR, MARA, RIOT, CLSK, BTDR, HUT, PURR, GLXY, CIFR. "Crypto stock" is not a sector classification, so any such list is a judgement, and stating it is the only honest way to publish one.

Why does a 13F show crypto exposure at all?

Because a 13F covers US-listed equities. A fund holding bitcoin itself, or a foreign-listed miner, or a private token position, discloses none of it. What shows up is the equity wrapper: exchanges, miners, treasury companies and the listed vehicles that hold tokens on a balance sheet.

So a 13F systematically understates crypto exposure, and the gap is not measurable from the outside. Treat every number on this page as a floor.

Is a listed proxy the same as owning the asset?

No, and the difference cuts both ways. A miner carries energy costs, fleet economics and dilution; a treasury company trades at a premium or a discount to the tokens it holds; an exchange earns fees whether the price rises or falls. Each has a different relationship to the underlying price, and none of them is the price.

What this page cannot tell you

Whether any of these positions are still held, or what they cost. A 13F is a quarter-end snapshot filed up to 45 days later, and a position taken in a fast-moving asset can be gone before it is published.

Educational information, not financial advice. Figures on this page are read from the source filings when the page loads rather than written into the article. Dated events — votes, appointments, filings — are written down with their date and source, because those do not change.