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South Carolina-Based Burkett Financial Services Tests the Bitcoin Waters Through ETFs

Major U.S. financial planner bets on two Bitcoin ETFs

Burkett Financial Services, a South Carolina-based financial planner, has disclosed investments in two Bitcoin exchange-traded funds (ETFs) on April 1. According to the firm's latest Form 13F filing, Burkett holds 602 shares of BlackRock's iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, with holdings valued at $24,363. The company also holds 630 shares of ProShares' Bitcoin Strategy ETF (BITO), which invests in Bitcoin futures, with a total value of $20,344.

While Burkett's crypto-related holdings comprise just a small portion of the $194 million of investments disclosed in its 13F filing, the firm is among the first traditional financial institutions to gain exposure to Bitcoin via ETFs. Burkett's other holdings include traditional exchange-traded funds (ETFs) and large-cap stocks such as Microsoft and Apple, among other investments.

Experts predict significant growth for Bitcoin ETFs

News of Burkett's investment comes amidst discussions suggesting that Bitcoin ETFs will gain significant traction in the near future. Bitwise CIO Matt Hougan stated that Bitcoin spot ETFs could experience $1 trillion in inflows if global wealth managers allocate just 1% of their portfolios to Bitcoin.

Ark Invest CIO and CEO Cathie Wood has also predicted that Bitcoin could be worth significantly more than $1.5 million if institutions allocate more than 5% of their portfolios to the cryptocurrency, building on an earlier prediction for 2030. Such inflows could positively impact the price of Bitcoin.

As of April 1, spot Bitcoin ETFs held $74 billion in assets under management (AUM), comprising over 5% of Bitcoin's circulating supply, assuming a market cap of $1.48 trillion. During the week leading up to April 1, Bitcoin ETFs saw over $800 million in inflows, according to a report from CoinShares head of research James Butterfill.