Carlson Group Adds Four Bitcoin ETFs to Financial Advisors
Financial services firm Carlson Group has reportedly added four of its 10 Bitcoin (BTC) exchange-traded funds (ETFs) to registered investment advisors (RIAs).
The $30 billion investment firm prioritized asset growth, transaction volume and low fees, selecting funds from BlackRock, Fidelity, BitWise and Franklin Templeton, Bloomberg reported on February 23.
Since its January 11 launch, a total of $6.6 billion has been invested in BlackRock's iShares Bitcoin Trust (IBIT), while Fidelity has pumped $4.8 billion into the Artistic Origins Bitcoin Fund (FBTC). Bitwise Bitcoin ETF (BITB) and Franklin Bitcoin ETF (EZBC) have the lowest fees among issuers, at 0.2% and 0.19%, respectively.
“Bitwise and Franklin Templeton promise to be the lowest-cost providers in the space, and have also seen significant revenue and business volume,” Grant Engelbart, the company's vice president and investment strategist, told Bloomberg. Research and education have established knowledge that we think is important.
Bitcoin ETF Flow – February 24, 2024
All information is now entered, except perhaps for the Galaxy/Invesco product.
Friday was a strong day, with net income of +$232.3m. Also, GBTC outflows were only $44m, the lowest level since January 11 pic.twitter.com/1Q0OtjEJLt
— BitMEX Research (@BitMEXResearch) February 24, 2024
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Financial advisors' platforms are an important gateway to introducing crypto products to new audiences. Large trading firms such as LPL Financial Holdings are exploring recently approved Bitcoin ETFs. If approved, the funds will be available to more than 19,000 independent financial advisors overseeing $1.4 trillion in assets. ETFs are already available to financial advisors at Fidelity and Charles Schwab
According to Bloomberg ETF analyst James Seifert, due diligence from trading platforms could slow Bitcoin fund adoption. “A lot of the big institutions, these warehouses, these platforms where brokers or advisors work, you can't just buy what you want. There is an approved list and an unapproved list,” the analyst explained.
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