Though traditional financial giants have often maintained a rather hostile attitude toward Bitcoin (BTC) and cryptocurrencies in general, there has been a parallel trend of them quietly investing in digital assets and, more frequently, related stocks and funds.
A particularly stark example of this was the revelation that the traditionally antagonistic Vanguard has been making substantial investments in BTC mining firms.
More recent developments have, however, helped many of these firms step into the broadened space of the crypto markets more openly with few events being as impactful as the approval of 9 spot Bitcoin exchange-traded funds (ETFs) that came in early January 2024.
The ETFs have since proven fairly popular – likely partially driven by a significant rise in the price of Bitcoin, which has taken it to new highs in March – to the point that several major asset managers have themselves made large investments in the funds.
Recent filings show that a company called Legacy Wealth Management, LLC, based in Boise, Idaho, is at the top of the list, having wagered as much as 6% of its portfolio – $20 million – on the fortunes of the Wise Fidelity Origin Bitcoin Fund (FBTC).
Another similar company, United Capital Management of Kansas, Inc. – surprisingly based in Kansas – is a close second with as much as 4.9% of its assets invested – also amounting to $20 million – in the same Bitcoin ETF.
Bitcoin ETFs’ rising popularity
Despite some turbulence along the way – not the least of which being the significant Bitcoin correction ahead of the halving which saw the world’s premier cryptocurrency drop below $60,000 at times – BTC ETFs have proven exceptionally popular since their approval early in 2024.
The popularity is highlighted by the performance of BlackRock’s (NYSE: BLK) iShares Bitcoin Trust (IBIT), which has, by April 22, seen a 69-day-long streak of inflows, according to Bloomberg’s ETF analyst, Eric Balchunas.
Still, not everyone has been keen on investing in the new funds with one of the more prominent rejectors being Robert Kiyosaki, the famous investor, author of the best-selling personal finance book ‘Bogati tata, jadni tata, and an outspoken Bitcoin, gold, and silver bull.
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Source: https://finbold.com/idaho-based-financial-advisor-discloses-6-of-its-portfolio-in-bitcoin-etf/