Carlson Group Incorporates Four Bitcoin ETFs into Investment Advisor Offerings
Summary:
Carlson Group, a financial services firm, has incorporated four Bitcoin exchange-traded funds (ETFs) from BlackRock, Fidelity, Bitwise, and Franklin Templeton into its offerings for registered investment advisers. The firm selected these funds based on factors like asset growth, trading volume, and low fees. It's reported that these platforms, catering to financial advisors, play a crucial role in introducing cryptocurrency products to new audiences.
Carlson Group, a financial services company, has integrated four out of the 10 available Bitcoin (BTC) exchange-traded funds (ETFs) into its product suite for registered investment advisors (RIAs), according to sources. The investment firm, which manages $30 billion in assets, chose these funds based on factors like asset growth, trade volume, and low costs. The funds are backed by BlackRock, Fidelity, Bitwise, and Franklin Templeton. Bloomberg first reported this news on February 23.
Since its launch on January 11, $6.6 billion has been invested into the iShares Bitcoin Trust (IBIT) by BlackRock. In contrast, Fidelity's Wise Origin Bitcoin Fund (FBTC) has attracted $4.8 billion. The lowest fees among the issuers are found in Bitwise Bitcoin ETF (BITB) and Franklin Bitcoin ETF (EZBC), charging 0.2% and 0.19% respectively.
Grant Engelbart, the company's VP and investment strategist, told Bloomberg that both Bitwise and Franklin Templeton are committed to offering the lowest costs in the sector. They have also seen a significant influx of funds and trading volumes. Both companies have formed in-house teams to carry out digital asset research, which is advantageous to the growth and management of these products.
On February 24, BitMEX Research reported a net inflow of $232.3 million with the GBTC outflow at its lowest since January 11.
Platforms that cater to financial advisors are important in introducing cryptocurrency products to a newer audience. LPL Financial Holdings, among the larger trading firms, is examining Bitcoin ETFs that have recently been approved. Upon approval, these will be available to over 19,000 financial advisors managing assets worth $1.4 trillion. These ETFs are already open to financial advisors working with Fidelity and Charles Schwab.
Bloomberg ETF analyst James Seyffart cautioned that the Bitcoin fund's adoption could experience delays due to due diligence checks from trading platforms. Seyffart explained that advisors or brokers cannot simply purchase any investment option; these platforms have approved lists to adhere to.
Published At
2/24/2024 9:52:29 PM
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