In the first quarter of the year, numerous investment firms, including Jaffe Tilchin Investment Partners, reported significant investments in spot Bitcoin ETFs. On May 16, Jaffe Tilchin, based in Florida, announced it had invested $11.3 million in these funds, with $9.8 million in BlackRock’s IBIT and $1.6 million in Grayscale’s GBTC.

Other firms also revealed their investments in spot Bitcoin ETFs. WealthPlan, an investment advisor from Nebraska, disclosed a $2.2 million investment in Grayscale’s GBTC. Meanwhile, Skyview, located in New Jersey, reported a $1.3 million investment in the same fund.

Comerica Bank, based in Texas, shared that it had invested $647,000 across four different funds. This included $361,395 in GBTC, $225,013 in IBIT, $33,219 in Ark’s ARKB, and $28,051 in Fidelity’s FBTC.

The disclosures come amid a broader trend of growing interest in spot Bitcoin ETFs. Major financial institutions such as Millennium Management, Schonfield Strategic Advisors, Morgan Stanley, JP Morgan Chase, Wells Fargo, BNP Paribas, and UBS have also made significant investments.

According to K33 Research senior analyst Vetle Lunde, nearly 1,000 firms have collectively invested over $11 billion in US spot Bitcoin ETFs during the first quarter. Bloomberg ETF analyst Eric Balchunas echoed this, estimating that 929 institutions hold at least one spot Bitcoin ETF, with 414 investors specifically choosing BlackRock’s IBIT.

The SEC’s approval of spot Bitcoin ETFs in January marked a significant milestone, allowing investors to buy these funds for the first time during the first quarter. However, Grayscale’s GBTC was an exception, as it was available before its conversion to an ETF.

In conclusion, the first quarter saw a surge in investments in spot Bitcoin ETFs, reflecting a growing interest among firms and financial institutions in this new investment opportunity.