Choreo invests $6.5M in Bitcoin ETFs, joining institutions like Harvard as crypto gains traction despite regulatory uncertainty and market volatility.
Choreo, a wealth management firm managing over $27 billion in assets, has entered the Bitcoin exchange-traded fund (ETF) market. The firm invested $6.5 million across several Bitcoin-focused funds. The relocation was disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) on Wednesday. As an example, the single largest holding of Choreo is in the iShares Bitcoin Trust ETF (IBIT) of BlackRock. They also have 51,679 shares worth more than 3 million dollars as of June 30.
Choreo Invests in Grayscale, Fidelity Bitcoin ETFs
Choreo made investments in other Bitcoin ETFs. The company possesses 22,976 shares of the Grayscale Bitcoin Trust ETF (GBTC) with an approximate value of 1.9 million dollars. They also hold 8,314 shares of Grayscale Bitcoin Mini Trust ETF (BTC), worth almost 397,000 dollars. In addition, Choreo has bought 13,607 Fidelity Wise Origin Bitcoin ETF (FBTC) shares at approximately 1.3 million dollars. These investments reflect how Choreo is diversifying its portfolio by investing in digital assets.
In addition, Choreo is not the only one in this trend. A Bitcoin ETF is also being adopted by other institutional investors. As an example, recently, Harvard Management Company made a significant investment. Their investments in the BlackRock iShares Bitcoin ETF, which are worth more than $116 million as of June 30, are 1.9 million shares. This is an indication of the increased mainstream acceptance of cryptocurrencies. Consequently, more and more wealth managers and endowments are turning to ETFs.
Moreover, Bitcoin ETFs are becoming popular since they provide a regulated means of crypto investing. In contrast to direct ownership, ETFs enable investors to get exposure without the management of digital wallets. This attracts them to conventional investors. As a result, companies such as Choreo can provide exposure to crypto to clients in a familiar framework.
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Crypto Market Volatility Persists Amid Growing Institutional ETF Adoption
But there are still some problems. The crypto market is turbulent, and it remains under scrutiny of regulators. SEC has not decided on other crypto ETFs, including those of Solana and XRP. However, the investment by Choreo indicates that it believes in the potential of Bitcoin in the long-term. As an example, the IBIT by BlackRock is among the largest Bitcoin ETFs that handle billions of value.
Finally, the $6.5 million that Choreo has invested in Bitcoin ETFs is a step in the right direction in regards to the firm. Investing in IBIT, GBTC, FBTC, and BTC, Choreo becomes a part of the list of increasingly many institutions taking an interest in crypto. This is an indication that Bitcoin is becoming legitimate by the trend illustrated by the decision by Harvard to invest 116 million in it. By aligning with major players like BlackRock and Fidelity, and following in the footsteps of Harvard’s sizable crypto investment, Choreo underscores growing confidence in the long-term viability of Bitcoin. Nevertheless, the decision of Choreo can encourage other wealth managers to look into digital assets despite all the risks.
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