Cetera Approves Four Bitcoin ETFs, Offering Training for Its Financial Professionals
Summary:
Wealth management firm Cetera has given the green light to four Bitcoin (BTC) exchange-traded funds (ETFs) to offer its clients. Training on these will be provided to its 12,000 professionals on March 25. These funds are only available to commission-based accounts, with investment restrictions based on clients' risk profile. This decision follows approval of 11 Bitcoin ETFs by the SEC in January, although further approvals face political opposition. The number of Bitcoin owners increased by 20 million over the last year, according to Cetera.
Cetera, a wealth management firm with over $190 billion in managed assets, has green-lighted the inclusion of four specific Bitcoin (BTC) exchange-traded funds (ETFs) to its portfolio offerings. The chosen funds, namely the Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT), were selected owing to their providers' history of effectively rolling out fresh product strategies. Matt Fries, who heads up Cetera's investment products and partner solutions, added a statement asserting the company's calculated consideration of Bitcoin ETFs and mentioned the forthcoming guidance created for Cetera's financial professionals to enable them to integrate these products into client portfolios. On March 25, a training on these specific Bitcoin ETFs will be made available for the 12,000 financial professionals tied to Cetera. A Wall Street Journal report noted that these Bitcoin ETFs will be limited to accounts on a commission basis and subjected to investment limitations based on the risk profile of each client. It was in January when 11 Bitcoin ETFs were given the go-ahead by the US Securities and Exchange Commission (SEC). This development, coupled with the return of a bullish market, instigated an influx of capital into Bitcoin, anticipated to endure despite any minor market setbacks, as corporate and institutional interest burgeons. Cetera is not the solitary entrant into Bitcoin ETFs realm; Charles Schwab, Robinhood Markets, and UBS started offering these products immediately after they were sanctioned, while Bank of America's Merrill and Wells Fargo's brokerage segment were providing the ETFs to their wealth management clientele based on request. Despite these advances, opposition to Bitcoin ETFs is brewing politically in the US. Recently, a pair of Democratic senators exhorted SEC chair Gary Gensler to hold off on approving additional Bitcoin ETFs. According to data from Cetera, Bitcoin's ownership sphere expanded by 20 million, from 30 million to 50 million, over the past year.
Published At
3/15/2024 7:53:53 PM
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