Burkett Financial Services, a financial advisor based in South Carolina, announced on April 1 that it has invested in two Bitcoin exchange-traded funds (ETFs).

The most recent Form 13F filing from Burkett shows that it owns 602 shares of BlackRock's iShares Bitcoin Trust (IBIT), which is a Bitcoin ETF. The total value of the firm's IBIT shares is $24,363.

Additionally, Burkett holds 630 shares of ProShares' Bitcoin Strategy ETF (BITO), which focuses on investing in Bitcoin futures. The value of Burkett's BITO shares is $20,344 altogether.

These two investments in cryptocurrencies make up a small part of the $194 million in investments that Burkett disclosed in its 13F filing. The other investments include traditional ETFs and stocks of large companies like Microsoft and Apple.

Burkett is the first traditional financial firm to enter the Bitcoin market through ETF investments.

There is a growing interest in Bitcoin ETFs, given that Burkett's investment comes at a time when there is much talk about spot Bitcoin ETFs gaining more popularity. Analysts predict that Bitcoin ETFs could attract significant investments in the future, with the potential for as much as $1 trillion in inflows if global wealth managers allocate 1% of their portfolios to Bitcoin.

Increased investments in Bitcoin could also drive up the price of the cryptocurrency. Ark Invest's Cathie Wood has suggested that the price of Bitcoin could exceed $1.5 million if institutions allocate more than 5% of their portfolios to Bitcoin in line with her earlier predictions for 2030.

As of April 1, spot Bitcoin ETFs had a total of $74 billion in assets under management (AUM), equivalent to over 5% of the circulating supply of Bitcoin which is estimated at a market cap of $1.48 trillion.

During the week leading up to April 1, Bitcoin ETFs received more than $800 million in new investments according to a report from CoinShares' head of research James Butterfill.