Wealth manager Cetera adds spot BTC ETF to platform with training
Wealth manager Cetera has approved four positions in Bitcoin (BTC) exchange-traded funds (ETFs), which the managers can now offer to their clients. Cetera has over $190 billion in assets under management.
Cetera has selected Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock iShares Bitcoin Trust (IBIT) for its platform. Those EF suppliers “have a track record of successfully launching new product strategies,” according to a statement. Cetera's head of investment products and partner solutions, Matt Frese, said in a statement.
“As expected, we are cautiously accepting bitcoin ETFs and have made it a priority to prepare this important guide to help our financial professionals implement these products in their client portfolios.”
Cetera will begin training 12,000 associate financial professionals on BTC ETFs on March 25.
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According to The Wall Street Journal, Cetera makes BTC ETFs available only for commission-based accounts, limiting investments based on clients' risk appetite.
The United States Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs on January 10. The newly discovered financial products and the return to the bull market have led to a huge flow of money into BTC, and the flow is expected to continue. Minor corrections in the BTC market, as institutional and corporate interest grows.
Cetera is not the first wealth manager to enter the BTC ETFs space. Bloomberg reported in February that Charles Schwab and Robinhood Markets had begun offering the products as they became available, and UBS offered a limited amount. Bank of America Merrill and Wells Fargo's brokerage division offered wealth management at their clients' request.
Meanwhile, there is political opposition in the United States to identify BTC ETFs. On March 11, two Democratic senators wrote to SEC Chairman Gary Gensler to urge him not to approve any more spot BTC ETFs.
According to Cetera, 50 million people owned bitcoin in February, up from 20 million a year ago.
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