Skip to content

Idaho-based financial advisor discloses 6% of its portfolio in Bitcoin ETF

Idaho-based financial advisor discloses 6% of its portfolio in Bitcoin ETF

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 bookRich Dad Poor Dad,’ and an outspoken Bitcoin, gold, and silver bull.

Buy stocks now with eToro – trusted and advanced investment platform

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts