Summary
Cetera Financial Group approves four bitcoin ETFs for advisers to use in client portfolios. The firm will provide educational training on these ETFs. They have approved BlackRock’s iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, Franklin Bitcoin ETF, and Invesco Galaxy Bitcoin ETF. They have not approved Grayscale Bitcoin Trust due to its high fee. Other wealth managers and investment platforms are likely to follow suit in offering bitcoin ETFs. Wells Fargo allows unsolicited purchases of bitcoin ETFs, while Vanguard does not allow them on its brokerage platform.
Key Points
1. Cetera Financial Group has approved four bitcoin ETFs for advisers to implement into client portfolios, with a focus on larger firms with traditional financial backgrounds.
2. The approved bitcoin ETFs include BlackRock’s iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, Franklin Bitcoin ETF, and Invesco Galaxy Bitcoin ETF.
3. Cetera’s decision not to approve certain bitcoin ETFs, such as GBTC with its high fee, reflects a strategic approach in evaluating and selecting products for client portfolios.