Burkett Financial Services in South Carolina, a financial planner, revealed its 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. Total value of its BITO shares is $20,344
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, a traditional financial institution, is the first to have exposure to Bitcoin using 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.
Commentators predict that Bitcoin ETFs will see greater inflows of capital in the future. Bitwise CIO Matt Hougan has said that Bitcoin ETFs may see inflows of $1 trillion if the price of bitcoins rises. Global Wealth Managers allocate…
