Hightower Advisors, SouthState Bank Invest In Spot Bitcoin ETFs

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As a researcher with a background in finance and experience following institutional investment trends in the cryptocurrency space, I find these filings by Hightower Advisors and SouthState Bank to be significant indicators of growing institutional adoption of Bitcoin through spot Bitcoin ETFs.

In their most recent significant Bitcoin deal, Hightowers Advisors revealed a $68 million commitment to purchasing spot Bitcoin Exchange-Traded Funds (ETFs), as stated in a document submitted on May 6th.

In addition to holding investments with Hightower Advisors, Southgate Bank has revealed that they have invested a total of $577,198 in two different Bitcoin exchange-traded funds (ETFs) that trade Bitcoin spots.

Hightower Advisors, Southgate Bank Disclose BTC Investments 

Based on Hightower Advisors’ 13F filing, this investment firm owns approximately 709,956 shares of Grayscale’s GBTC, valued at around $44.8 million. Additionally, they hold 200,084 shares of FBTC, worth about $12.4 million. Their portfolio also includes 188,397 shares of BlackRock’s IBIT, worth roughly $7.6 million, and 19,129 shares of Franklin Templeton’s EZBC, representing a value of around $788,000. The total value of these six Bitcoin ETF investments amounts to merely $68 million out of the firm’s overall $61.7 billion asset base. “Breaking: Hightower, a $130 billion asset manager, publicly reveals acquisition of approximately $68 million in Bitcoin ETFs.”

Investing in a diverse range of Bitcoin spot ETFs fuels optimism for Bitcoin’s future, with Hightower Advisors being a prominent RIA firm that assists in expanding financial advisory businesses and linking clients to qualified financial advisors.

SouthState Bank’s Investment 

In a separate 13F filing, SouthState Bank revealed that it held investments amounting to $577,198 in two Bitcoin Exchange-Traded Funds (ETFs). Specifically, the bank acquired 6,606 shares of Grayscale’s GBTC, worth approximately $417,301, and 3,901 shares of BlackRock’s IBIT, valued at around $159,897. These Bitcoin ETF investments represent a minor portion of the bank’s total reported assets of $1.3 billion.

Institutions Queuing Up To Invest 

As a crypto investor, I’m excited to see Hightower Advisors and SouthState joining the ranks of institutions entering the spot Bitcoin ETF market. With over $130 billion in assets under management (AUM), Hightower Advisors is one of the largest registered investment advisors and wealth management firms based in the US. On the other hand, SouthState, a Florida-based bank, announced a merger with CenterState Bank, bringing their combined AUM to $34 billion. These institutions are making moves in the Bitcoin ETF market, which could potentially lead to increased institutional adoption of Bitcoin and broader market growth.

Following recent disclosures about investments in Bitcoin spot Exchange-Traded Funds (ETFs), BNP Paribas, Burkett Financial Services, Legacy Wealth Asset Management, and United Capital Management have confirmed their own such investments. On May 2nd, BNP Paribas announced its investment in IBIT, while Burkett Financial Services reported April purchases. The other two firms made their Bitcoin ETF investments at undisclosed dates. Additionally, Raymond James & Associates and Raymond James Financial Services Advisors have been revealed to have bought shares of Grayscale’s GBTC.

As a crypto investor, I’m excited to hear that BlackRock’s head of digital assets anticipates an uptick in investments from financial institutions in the form of spot Bitcoin Exchange-Traded Funds (ETFs) in the coming months. This could potentially lead to increased demand for Bitcoin and potentially higher prices.

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2024-05-07 12:34