Asset manager Cetera has approved four spot Bitcoin exchange-traded funds (ETFs) that its advisors can now offer to their clients. Cetera oversees assets worth over $190 billion. The platform has selected Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT).
Cetera Takes a Notable Step
According to the announcement, these ETF providers have a successful history of launching new product strategies. Matt Fries, President of Investment Products and Solutions at Cetera, stated in relation to the matter:
“As expected, we are adopting Bitcoin ETF funds cautiously and have prioritized developing this important guide to assist our financial experts in implementing these products in client portfolios.”
Cetera will start providing training on Bitcoin ETF funds to its 12,000 affiliated financial professionals on March 25. According to The Wall Street Journal, Cetera will offer Bitcoin ETF funds only to commission-based accounts and will limit investments according to clients’ risk appetites.
Key Details About the ETF Process
The United States Securities and Exchange Commission approved 11 spot Bitcoin ETF funds on January 10. The introduction of new financial products and a return to a bull market have led to a tremendous influx of cash into Bitcoin, and as institutional interest grows, the market is expected to continue receiving funds despite minor corrections.
Cetera is not the first asset manager to step into spot Bitcoin ETF funds. Bloomberg reported that Charles Schwab and Robinhood Markets began offering their products as soon as they were available in February, and UBS offered them in a more limited capacity. Bank of America’s Merrill and Wells Fargo’s brokerage division were providing offers to asset management clients upon request.
Meanwhile, political opposition to spot Bitcoin ETF funds is emerging in the United States. On March 11, two Democratic senators wrote to SEC Chairman Gary Gensler, urging him not to approve any more spot crypto asset ETF funds. According to Cetera, as of February, 50 million people owned Bitcoin, an increase of 20 million from the previous year.
