Two financial advisors announced investments in spot Bitcoin ETFs on April 9.
Signal Advisors, a Michigan-based startup serving independent financial advisors, has announced ownership of 20,571 shares of BlackRock iShares Bitcoin Trust (IBIT).
Wedmont Private Capital, a Philadelphia-based registered investment advisor (RIA), announced ownership of 3,471 shares of Fidelity Bitcoin ETF (FBTC).
Spot Bitcoin ETF shares comprise a small portion of each company’s investments. Wedmont has over $1.3 billion in assets under management (AUM), while Signal’s AUM is approximately $403 million.
The companies’ remaining assets consist primarily of traditional exchange-traded funds (ETFs), stock investments and other assets.
Advisors are starting to stack Bitcoin
Investments from Signal and Wedmont provide evidence that financial advisors and related firms are beginning to invest in spot Bitcoin ETFs. The two companies are among the first to add Bitcoin to their portfolios based on known revelations.
Another company, Burkett Financial Services, announced on April 1 that it owned shares of both IBIT and ProShares’ Bitcoin Strategy ETF (BITO).
Industry experts believe that this is just the beginning of similar revelations in the coming days. Independent financial commentator Macroscape predicted bigger disclosures as other companies will file similar documents in the “coming weeks.”
In March, Cetera Financial Group launched a new initiative to help financial advisors incorporate spot Bitcoin ETFs into investment strategies to meet the rising demand for Bitcoin investment options. Cetera is a major force in the U.S. asset management industry with a network of more than 12,000 financial advisors and approximately $475 billion in assets under management.
The influx is increasing
The inflows also show strong performance from spot Bitcoin ETFs, in addition to recent demand from private companies. Farside data from April 9 shows that spot Bitcoin ETFs have collectively recorded total inflows of $12.3 billion as of April 10 – including GBTC outflows.
The two largest funds have raised billions in the first three months of their launch, with IBIT currently at $14.7 billion in total inflows, while Fidelity FBTC has surpassed $7.9 billion.
The two funds have set multiple records in the ETF market and have not seen a single day of outflows in more than 60 trading days.
Short-term data from CoinShares on April 8 indicated that Bitcoin ETFs saw high inflows of $646 million in the first week of April, despite a red start to the month.
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