In the latest big-name transaction involving Bitcoin, Hightowers Advisors has disclosed a $68 million investment in spot Bitcoin ETFs, disclosed in a May 6 filing.
Besides Hightower Advisors, Southgate Bank has also disclosed investments worth $577,198 in two separate spot Bitcoin ETFs.
Hightower Advisors, Southgate Bank Disclose BTC Investments
According to the 13F filing by Hightower Advisors, the asset manager holds 709,956 shares of Grayscale’s GBTC, which is worth around $44.8 million. It also holds 200,084 shares of FBTC, worth $12.4 million, 188,397 shares of BlackRock’s IBIT, worth $7.6 million, and 19,129 shares of Franklin Templeton’s EZBC, worth $788,000. The investment in the six spot Bitcoin ETFs represents a small fraction of the total $61.7 billion worth of investments disclosed in the filing. “JUST IN: $130 billion asset manager Hightower discloses buying $68 million worth of spot #Bitcoin ETFs.”
Investments in an array of spot Bitcoin ETFs help fuel optimism in the world’s leading cryptocurrency. Hightower Advisors is one of the leading RIA firms in the country, helping grow financial advisory businesses and connecting clients with financial advisors.
SouthState Bank’s Investment
SouthState Bank also disclosed investments worth $577,198 in two spot Bitcoin ETFs through a separate 13F filing. The bank reported that it had purchased 6,606 shares of Grayscale’s GBTC, worth $417,301, and 3,901 shares of BlackRock’s IBIT, worth $159,897. These investments are a small fraction of the total $1.3 billion reported in its filing.
Institutions Queuing Up To Invest
The filings are the latest in a long line of institutions entering the spot Bitcoin ETF market. Hightower Advisors is one of the largest registered investment advisors and wealth management firms based in the US, with around $130 billion in assets under management (AUM). On the other hand, SouthState is a Florida-based bank. It announced a merger with CenterState Bank, with both entities having a combined $34 billion in assets under management.
The filings come on the heels of similar filings disclosing investments in spot Bitcoin ETFs. On May 2, French banking giant BNP Paribas disclosed it had invested in IBIT, while Burkett Financial Services also reported spot Bitcoin ETF investments made in April. Legacy Wealth Asset Management and United Capital Management also made investments in spot Bitcoin ETFs. Other SEC filings have revealed several purchases of Grayscale’s GBTC by the likes of Raymond James & Associates and Raymond James Financial Services Advisors.
Meanwhile, BlackRock’s head of digital assets has predicted that financial institutions will increase their investments in spot Bitcoin ETFs over the next few months.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
