Choreo, a wealth management firm managing over $27 billion in assets, recently revealed a significant investment in Bitcoin exchange-traded funds (ETFs). This amounts to roughly $6.5 million spread across several different Bitcoin ETFs.
Breaking Down the Investment
The filing with the SEC showed Choreo’s holdings as of June 30th:
- iShares Bitcoin Trust ETF (IBIT): Over $3 million invested in 51,679 shares. This is their largest Bitcoin ETF holding.
- Grayscale Bitcoin Trust ETF (GBTC):
Around $1.9 million invested in 22,976 shares. - Grayscale Bitcoin Mini Trust ETF (BTC): Nearly $400,000 invested in 8,314 shares.
- Fidelity Wise Origin Bitcoin ETF (FBTC): Approximately $1.3 million invested in 13,607 shares.
The Bigger Picture: Bitcoin ETF Boom
BlackRock’s IBIT ETF, where Choreo has a large stake, is currently the biggest player, boasting over $89 billion in net assets. Spot Bitcoin ETFs have seen a huge surge in popularity, attracting over $17 billion in investments between April and July. Although August saw a slight dip, total net assets in these ETFs have still climbed to over $155 billion – a significant 6.48% of Bitcoin’s total market cap.
It’s not just wealth management firms getting in on the action. Educational institutions and even sovereign wealth funds, like Norway’s, are increasing their Bitcoin ETF exposure. Harvard, for example, recently disclosed a $117 million investment in IBIT.
Institutional Interest and Future Outlook
With Bitcoin trading near record highs (around $120,000 at the time of writing), the institutional interest in Bitcoin ETFs is undeniable. BlackRock’s IBIT ETF reached $70 billion in assets under management in less than a year, showcasing the rapid growth of regulated Bitcoin products.
Even Trump Media is getting involved, recently filing for a new ETF tracking multiple cryptocurrencies. However, regulators are carefully scrutinizing new ETF applications due to the inherent risks associated with crypto assets. At the time of this writing, Bitcoin is trading at $121,444.