Key Points
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In Q3 2023, hedge fund billionaires Philippe Laffont and Steven Schonfeld sold significant portions of Amazon stock, while increasing their investments in the iShares Bitcoin Trust.
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Laffont sold 1.4 million shares of Amazon (14% reduction) and acquired 76,100 shares of the iShares Bitcoin Trust. Schonfeld sold 253,700 shares of Amazon (72% reduction) and purchased 1.1 million shares of the Bitcoin fund (20% increase).
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Amazon’s projected earnings growth is estimated at 19% annually over the next three years, trading at 34 times earnings, while Bitcoin’s market trends show a steady increase in institutional holdings.
In the third quarter of 2023, hedge fund billionaires Philippe Laffont of Coatue Management and Steven Schonfeld of Schonfeld Strategic Advisors sold $1.12 billion worth of Amazon (NASDAQ: AMZN) stock while significantly increasing their stakes in the iShares Bitcoin Trust (NASDAQ: IBIT). Laffont trimmed his Amazon position by selling 1.4 million shares, while Schonfeld reduced his holdings by 253,700 shares, simultaneously increasing investments in Bitcoin, reflecting a broader trend among institutional investors.
Wall Street predicts a 19% annual earnings growth for Amazon over the next three years, positioning its current valuation as fair at 34 times earnings. In contrast, Bitcoin continues to gain ground among institutional investors, with a significant rise in holdings of the iShares Bitcoin Trust, indicating a growing market interest despite Bitcoin’s volatility and recent price conformation challenges.
