Hightower Advisors, SouthState Bank disclose investments in spot Bitcoin ETFs Hightower Advisors, SouthState Bank disclose investments in spot Bitcoin ETFs
Hightower has invested $68 million, while SouthState Bank has invested $577,000 in several spot BTC ETFs.
1 min read
Updated: May. 7, 2024 at 2:32 am UTC
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Hightower Advisors disclosed a $68 million investment in spot Bitcoin ETFs in a May 6 filing.
The 13F filing indicates that the firm holds 709,956 shares of Grayscale’s GBTC worth $44.8 million, 200,084 shares of FBTC worth $12.4 million, 188,397 shares of BlackRock’s IBIT worth $7.6 million, and 23,964 shares of Ark Invest’s ARKB worth $1.7 million.
It also disclosed two smaller investments: 25,449 shares of Bitwise’s BITB worth $988,000 and 19,129 shares of Franklin Templeton’s EZBC worth $788,000.
Hightower’s investment in the six spot Bitcoin ETFs represents a small fraction of the $61.7 billion total disclosed in its latest filing.
SouthState buys GBTC, IBIT
Another financial institution, SouthState Bank, disclosed investments in two spot Bitcoin ETFs worth $577,198 combined through a 13F filing.
The company reported 6,606 shares of Grayscale’s GBTC worth $417,301, plus 3,951 shares of BlackRock’s IBIT worth $159,897.
SouthState Bank’s spot Bitcoin ETF investments represent a small part of the $1.3 billion total reported in its filing.
Institutional investment continues
Each filing represents continued institutional entry into the spot Bitcoin ETF market.
Hightower is one of the largest US-based registered investment advisors and wealth management firms, with $130 billion of assets under management (AUM).
SouthState Bank is a Florida-based bank. Following a merger with CenterState Bank, the two entities have a combined $34 billion in assets under management.
The latest reports follow several other similar filings. French banking giant BNP Paribas disclosed an investment in IBIT on May 2. Burkett Financial Services reported investments in April, while Legacy Wealth Asset Management and others also reported investments in the same month.
BlackRock’s head of digital assets, Robert Mitchnick, has predicted that financial institutions will increasingly invest in and trade spot Bitcoin ETFs in the coming months. The various recent disclosures from financial institutions support his claim.
Spot Bitcoin ETFs currently have $53 billion in assets under management.
Mentioned in this article
Bitcoin 
iShares Bitcoin Trust 
Grayscale Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 
Bitwise Bitcoin ETF 
Franklin Bitcoin ETF 
ARK 21Shares Bitcoin ETF Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
The Bitwise Bitcoin ETF (BITB) is a newly launched exchange-traded fund that provides investors with exposure to Bitcoin.
The Franklin Bitcoin ETF, also known as EZBC, is an exchange-traded fund offered by Franklin Templeton, a trusted investment firm with a 75-year history.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).