Hightower Advisors Makes $68 Million Investment in Spot Bitcoin ETFs
In a recent filing on May 6, Hightower Advisors disclosed a significant investment of $68 million in spot Bitcoin ETFs. The 13F filing revealed that the firm holds various shares in different Bitcoin ETFs, including 709,956 shares of Grayscale’s GBTC valued at $44.8 million, 200,084 shares of FBTC valued at $12.4 million, 188,397 shares of BlackRock’s IBIT valued at $7.6 million, and 23,964 shares of Ark Invest’s ARKB valued at $1.7 million.
Additionally, Hightower revealed two smaller investments in Bitwise’s BITB and Franklin Templeton’s EZBC, totaling $988,000 and $788,000, respectively. Despite these investments in Bitcoin ETFs, it represents only a small portion of the $61.7 billion total disclosed in Hightower Advisors’ latest filing.
Another financial institution, SouthState Bank, also disclosed investments in spot Bitcoin ETFs worth a combined $577,198 in its 13F filing. The bank reported holding 6,606 shares of Grayscale’s GBTC valued at $417,301 and 3,951 shares of BlackRock’s IBIT valued at $159,897. These investments make up a small fraction of the bank’s total reported assets under management of $1.3 billion.
These recent filings reflect the ongoing trend of institutional entry into the spot Bitcoin ETF market. Hightower Advisors, one of the largest US-based registered investment advisors and wealth management firms with $130 billion in assets under management, is leading the way. SouthState Bank, a Florida-based bank with assets under management totaling $34 billion following a merger with CenterState Bank, is also making waves in the Bitcoin ETF investment space.
The influx of institutional investments in Bitcoin ETFs shows no signs of slowing down. Recent reports from financial institutions like BNP Paribas, Burkett Financial Services, Legacy Wealth Asset Management, and others all indicate a growing interest in investing in spot Bitcoin ETFs. BlackRock’s head of digital assets, Robert Mitchnick, has even predicted a further increase in investments and trading activities in the coming months.
Overall, spot Bitcoin ETFs currently have a total of $53 billion in assets under management, indicating a strong and growing market for institutional investors.
