Burkett Financial Services buys Bitcoin via ETFs

by e_cash_top

Burkett Financial Services, a South Carolina-based financial planner, disclosed investments in two Bitcoin exchange-traded funds (ETFs) on April 1.

Burkett’s latest Form 13F filing indicates it holds 602 shares of BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF. The firm’s holdings are valued at $24,363.

The company also holds 630 shares of ProShares’ Bitcoin Strategy ETF (BITO), which invests in Bitcoin 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 via the ETFs.

ETF growth

News of Burkett’s investment comes shortly after other discussions around spot Bitcoin ETFs that suggest that the investment category will gain traction.

Some commentators expect Bitcoin ETFs to see more significant inflows in the future. Bitwise CIO Matt Hougan said that Bitcoin spot ETFs could experience $1 trillion in inflows if global wealth managers allocate 1% of their portfolios to Bitcoin.

Those inflows could also improve the price of Bitcoin. Ark Invest CIO and CEO Cathie Wood has stated that Bitcoin could be worth significantly more than $1.5 million if institutions allocate more than 5% of their portfolios to Bitcoin, building on an earlier prediction for 2030.

As of April 1, spot Bitcoin ETFs held $74 billion in assets under management (AUM). This comprises over 5% of Bitcoin’s circulating supply, assuming a market cap of $1.48 trillion.

Bitcoin 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.

The post Burkett Financial Services buys Bitcoin via ETFs appeared first on CryptoSlate.

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