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Burkett Financial Services buys Bitcoin via ETFs

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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 that he owns 602 shares of BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF. The company’s assets are valued at $24,363.

The company also owns 630 shares of ProShares’ Bitcoin Strategy ETF (BITO), which invests in Bitcoin futures. His BITO shares are valued at $20,344 in total.

Burkett’s two crypto-related holdings represent only a small portion of the $194 million in investments disclosed in his 13F filing. The company’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 ETFs.

Growth of ETFs

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

Some commentators expect Bitcoin ETFs to see larger inflows in the future. Matt Hougan, CIO of Bitwise, said Bitcoin spot ETFs could see $1 trillion in inflows if Global wealth managers allocate 1% of their portfolios to Bitcoin.

These flows could also improve the price of Bitcoin. Cathie Wood, CIO and CEO of Ark Invest, said Bitcoin could be worth well over $1.5 million if institutions allocated 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 represents more than 5% of Bitcoin’s circulating supply, assuming a market cap of $1.48 trillion.

Bitcoin ETFs saw more than $800 million in inflows in the week leading up to April 1, according to a report from CoinShares head of research James Butterfill.

The article Burkett Financial Services Buys Bitcoin Through ETFs appeared first on CryptoSlate.

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