South Carolina-based financial planner Buckett Financial Services disclosed investments in two Bitcoin exchange-traded funds (ETFs) on April 1.
Burkett’s latest Form 13F filing shows that he owns 602 shares of BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF. The company’s holding value is $24,363.
The company also holds 630 shares of ProShares’ Bitcoin Strategy ETF (BITO), which invests in Bitcoin futures. The total value of BITO shares is $20,344.
Burkett’s two cryptocurrency-related holdings represent only a small portion of the $194 million investments disclosed in the 13F filing. The company’s other holdings include traditional exchange-traded funds (ETFs) and large-cap stocks such as Microsoft and Apple.
Burkett is the first traditional financial institution to gain exposure to Bitcoin through an ETF.
ETF Growth
News of Burkett’s investment comes on the heels of other discussions about spot Bitcoin ETFs that suggest the investment category is about to gain traction.
Some commentators expect Bitcoin ETFs to see more inflows in the future. Bitwise CIO Matt Hougan said the Bitcoin spot ETF could experience $1 trillion in inflows if: The global asset manager allocates 1% of its portfolio to Bitcoin..
These inflows may also boost the Bitcoin price. Ark Invest CIO and CEO Cathie Wood said that based on initial projections for 2030, Bitcoin could be worth much more than $1.5 million if institutions allocate more than 5% of their portfolios to Bitcoin.
As of April 1, spot Bitcoin ETFs had $74 billion in assets under management (AUM). This represents over 5% of Bitcoin’s circulating supply, assuming a market capitalization of $1.48 trillion.
More than $800 million in funds flowed into Bitcoin ETFs in the week ending April 1, according to a report by James Butterfill, head of research at CoinShares.
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