Veteran hedge fund manager claims he is 'Bit Wiser' after misstep

Josh Mandell, a longtime Wall Street trader with a track record in government bonds and short-dated options, as well as experience in leading hedge funds, has provided an interesting note this morning, offering a rare glimpse into his investment in crypto — and it has raised a few eyebrows.

Mandell posted on May 27, a screenshot that showed a 2.1 million dollar position in the Bitwise Bitcoin ETF (BITB), with a "tiny" gain of $1,491.80 on the day.

His post on X read, "I've made some bad choices when deciding how to invest in Bitcoin, but today I'm a Bitwiser."

Bitwise is one of the largest firms providing exposure to Bitcoin via a regulated exchange-traded fund (ETF), so there is no need for traditional investors to invest in crypto assets directly, such as wallets and private keys.

Mandell's investment, as shown in the image, consisted of 35,000 shares in the ETF at an average purchase price of $59.98, corresponding to a current trading price of $60.02 for BITB.

A $1,491.80 gain is not notable in isolation, but concerning his $2.1 million investment capital, a 0.07% gain signals Mandell's level of interest in Bitcoin as a long-term store of value.

Josh Mandell has a lengthy history of working in fixed income trading, options trading, and the hedge fund space, serving as a director and head of Caxton Associates, a high-profile investment firm specializing in fund management.

His public embrace of a Bitcoin ETF is indicative of an increasing interest in digital assets among traditional finance veterans.

For retail investors, this represents yet another sign that Bitcoin is slowly but surely becoming a deserving member of the financial mainstream.

Veteran hedge fund manager claims he is 'Bit Wiser' after misstep first appeared on TheStreet on May 27, 2025

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