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Hightower Advisors’ $68 Million Investment in Spot Bitcoin ETFs
Hightower Advisors recently disclosed a significant $68 million investment in spot Bitcoin ETFs through a filing on May 6. The filing revealed that the firm holds various shares in different Bitcoin ETFs, totaling in millions of dollars.
Details of the Investment
The 13F filing by Hightower Advisors indicated that the firm holds 709,956 shares of Grayscale’s GBTC, valued at $44.8 million. Additionally, they have investments in FBTC, IBIT, ARKB, BITB, and EZBC, totaling to $1.7 million, $7.6 million, $12.4 million, $988,000, and $788,000 respectively. These investments represent a fraction of the total $61.7 billion disclosed in Hightower’s latest filing.
Another financial institution, SouthState Bank, also disclosed investments in two spot Bitcoin ETFs worth a combined $577,198 through a 13F filing. The bank reported holdings in GBTC and IBIT, valued at $417,301 and $159,897 respectively. These investments are part of the $1.3 billion total reported by SouthState Bank.
Continued Institutional Entry
These filings are indicative of the ongoing trend of institutional entry into the spot Bitcoin ETF market. Hightower Advisors, known as one of the largest US-based registered investment advisors and wealth management firms with $130 billion in assets under management (AUM), has demonstrated confidence in the potential of Bitcoin ETFs.
SouthState Bank, a Florida-based bank with a merger with CenterState Bank resulting in a combined $34 billion in assets under management, has also shown interest in the cryptocurrency market through its recent investments.
Other financial institutions, such as BNP Paribas, Burkett Financial Services, and Legacy Wealth Asset Management, have also reported investments in Bitcoin ETFs in recent filings. This collective institutional interest aligns with the predictions of BlackRock’s head of digital assets, Robert Mitchnick, who anticipates a surge in investment and trading activities in spot Bitcoin ETFs.
Currently, spot Bitcoin ETFs hold approximately $53 billion in assets under management, showcasing the growing popularity of digital assets among traditional financial institutions.
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