Wealth manager Cetera adds spot BTC ETFs to its platform, with training. Gala Crypto Now.
Wealth manager Cetera adds spot BTC ETFs to it platform, with training

Cetera Approves Four Spot Bitcoin ETFs for Wealth Managers

Wealth management firm Cetera has given the green light to four spot Bitcoin exchange-traded funds (ETFs) for its managers to offer to clients. With over $190 billion in assets under management, Cetera has selected the Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT) for its platform. According to a statement, Cetera chose these ETF providers due to their successful track records in launching new product strategies.

Head of investment products and partner solutions at Cetera, Matt Fries, stated that the firm will begin providing training on the spot BTC ETFs to its 12,000 affiliated financial professionals on March 25.

As reported by The Wall Street Journal, Cetera will only make the BTC ETFs available to commission-based accounts, with investment limits based on clients’ risk preferences.

The Growing Popularity of Spot BTC ETFs in the Crypto Market

The recent approval of 11 spot BTC ETFs by the SEC on Jan. 10 has caused a surge in cash inflows into BTC and is expected to continue as institutional and corporate interest in the cryptocurrency grows.

Cetera is among the wealth managers who have embraced spot BTC ETFs, joining the likes of Charles Schwab and Robinhood Markets who began offering the products as soon as they became available. UBS also offers them on a limited basis, while Bank of America’s Merrill and Wells Fargo’s brokerage unit offer them to their wealth management clients upon request.

However, not everyone is on board with spot BTC ETFs. On March 11, two Democratic senators wrote to SEC chair Gary Gensler, urging him not to approve any more spot BTC ETFs.

Despite this opposition, the popularity of spot BTC ETFs continues to grow. According to Cetera, the number of people who owned Bitcoin in February reached 50 million, an increase of 20 million from the previous year.

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