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Read more: Best Bitcoin ETFs To Buy In 2024
The decision reflects a growing trend among asset managers towards embracing cryptocurrency investments.
The approved Bitcoin ETFs include BlackRock spot Bitcoin ETF (IBIT), Fidelity spot Bitcoin ETF (FBTC), Franklin spot Bitcoin ETF (EZBC), and Invesco spot Bitcoin ETF (BTCO). Notably, Cetera has opted for ETFs from established providers with significant assets under management, such as the BlackRock spot Bitcoin ETF.
Matt Fries, Cetera’s head of investment products and partner solutions, emphasized the firm’s commitment to evaluating Bitcoin ETFs and modifying policies accordingly. Cetera’s move underscores the increasing acceptance of cryptocurrency within traditional financial institutions.
However, Cetera has chosen not to approve the Grayscale Bitcoin Trust ETF (GBTC) due to its higher fee structure, which is preferable for ETFs with lower costs for clients. Similarly, access to Ark 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) has not been granted at this time.
The decision by Cetera aligns with broader industry expectations, as more wealth managers are anticipated to explore cryptocurrency products in the near future. The selected ETFs offer a combination of proven track records and resources, making them attractive options for Cetera’s advisers and clients.
To support advisers in navigating Bitcoin ETFs, Cetera will provide educational training through its AdviceWorks portal starting March 25, 2024. With approximately $190 billion in assets under management, Cetera’s move reflects a significant development in the evolving landscape of wealth management.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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