Burkett Financial Services, a South Carolina-based financial planner, disclosed investments in two Bitcoin (
$110,171.00 ) exchange-traded funds (ETFs) on April 1.
Burkett’s latest Form 13F filing indicates it holds 602 shares of BlackRock’s iShares Bitcoin ( $110,171.00 ) Trust (IBIT), a spot Bitcoin ( $110,171.00 ) ETF. The firm’s holdings are valued at $24,363.
The company also holds 630 shares of ProShares’ Bitcoin ( $110,171.00 ) Strategy ETF (BITO), which invests in Bitcoin ( $110,171.00 ) futures. Its BITO shares are valued at $20,344 in total.
Burkett’s two crypto-related holdings comprise just a small portion of the $194 million of investments it disclosed in its 13F filing. The firm’s other holdings include traditional exchange-traded funds (ETFs) and large-cap stocks such as Microsoft and Apple, among other investments.
Burkett is the first traditional financial institution to gain exposure to Bitcoin ( $110,171.00 ) via the ETFs.
ETF growth
News of Burkett’s investment comes shortly after other discussions around spot Bitcoin ( $110,171.00 ) ETFs that suggest that the investment category will gain traction.
Some commentators expect Bitcoin ( $110,171.00 ) ETFs to see more significant inflows in the future. Bitwise CIO Matt Hougan said that Bitcoin ( $110,171.00 ) spot ETFs could experience $1 trillion in inflows if global wealth managers allocate 1% of their portfolios to Bitcoin ( $110,171.00 ) .
Those inflows could also improve the price of Bitcoin ( $110,171.00 ) . Ark Invest CIO and CEO Cathie Wood has stated that Bitcoin ( $110,171.00 ) could be worth significantly more than $1.5 million if institutions allocate more than 5% of their portfolios to Bitcoin ( $110,171.00 ) , building on an earlier prediction for 2030.
As of April 1, spot Bitcoin ( $110,171.00 ) ETFs held $74 billion in assets under management (AUM). This comprises over 5% of Bitcoin ( $110,171.00 ) ’s circulating supply, assuming a market cap of $1.48 trillion.
Bitcoin ( $110,171.00 ) ETFs saw over $800 million in inflows during the week leading up to April 1, according to a report from CoinShares head of research James Butterfill.
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