Choreo Enters Bitcoin ETF Space With $6.5M Investment

Wealth Manager Choreo Discloses Bitcoin ETF Holdings

Choreo LLC, an independent wealth management firm overseeing more than $27 billion in assets, has entered the Bitcoin ETF arena. The firm recently disclosed holdings of approximately $6.5 million spread across several Bitcoin ETFs.

Key Highlights:

• Choreo's largest position is in BlackRock’s iShares Bitcoin Trust ETF (IBIT), with 51,679 shares valued at over $3 million as of June 30.
• The firm also holds 22,976 shares of the Grayscale Bitcoin Trust ETF (GBTC), worth approximately $1.9 million, and 8,314 shares of the Grayscale Bitcoin Mini Trust ETF (BTC), valued at nearly $397,000.
• Choreo owns 13,607 shares of the Fidelity Wise Origin Bitcoin ETF (FBTC), worth around $1.3 million.

These holdings were revealed in a Wednesday SEC filing.

Growing Institutional Interest in Bitcoin ETFs

Choreo's disclosure adds to the growing trend of wealth managers and institutional investors incorporating Bitcoin ETFs into their investment strategies. This move highlights the increasing acceptance of Bitcoin as an asset class within traditional finance.

This trend isn't just limited to fund managers. University endowments are also beginning to explore Bitcoin ETFs. Harvard Management Company, for example, recently disclosed a substantial investment in BlackRock’s iShares Bitcoin ETF.

Harvard's Substantial Investment

Harvard Management Company reported purchasing approximately 1.9 million shares of BlackRock’s IBIT, valued at over $116 million as of June 30. This position ranks as the fifth largest in its $53 billion endowment, trailing only Microsoft, Amazon, Booking Holdings, and Meta.