Key Points
- Wealth management firm Cetera approves four Bitcoin ETFs for its platform.
- Cetera plans to provide training on these ETFs to its 12,000 affiliated financial professionals from March 25.
Wealth management company Cetera has given the green light to four Bitcoin (BTC) exchange-traded funds (ETFs).
The firm, which manages over $190 billion in assets, will now offer these ETFs to its clients.
Selection of Bitcoin ETFs
The Bitcoin ETFs chosen by Cetera include the Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT).
These ETF providers have been selected due to their successful track records in launching new product strategies.
Matt Fries, Cetera’s head of investment products and partner solutions, expressed that the company is “prudently embracing Bitcoin ETFs”.
Training and Limitations
Starting from March 25, Cetera will provide training on these Bitcoin ETFs to its 12,000 affiliated financial professionals.
As per The Wall Street Journal, these BTC ETFs will only be available to commission-based accounts, with investment limits based on clients’ risk tolerance.
The United States Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs on January 10.
These new financial products have led to significant cash inflows into BTC, a trend expected to continue despite minor market corrections.
Cetera is not the first wealth manager to offer spot BTC ETFs. Earlier, Charles Schwab and Robinhood Markets started offering these products, with UBS providing them on a more restricted basis.
Bank of America’s Merrill and Wells Fargo’s brokerage unit have also made these products available to their wealth management clients upon request.
However, political opposition to spot BTC ETFs is growing in the United States, with two Democratic senators urging the SEC not to approve any more of these products.
According to Cetera, the number of Bitcoin owners in February was 50 million, an increase of 20 million from the previous year.
