$200B Financial Group Cetera Approves 4 Spot Bitcoin ETFs on Its Platform
Cetera Financial Group, a platform with $475 billion in assets under administration and $190 billion in assets under management, has approved four U.S. spot bitcoin exchange-traded funds (ETFs) for use in brokerage accounts on its platform. “We are prudently embracing bitcoin ETFs and we prioritized developing this important guidance to help our financial professionals implement these products in client portfolios,” said Cetera’s head of investment products.
Cetera Approves 4 Spot Bitcoin ETFs
Cetera Financial Group announced Thursday that it has introduced a new policy regarding the usage of spot bitcoin exchange-traded funds (ETFs) in brokerage accounts. “The policy includes education and resources designed to help affiliated financial professionals guide their clients in incorporating bitcoin ETFs into their investment portfolios,” the company stated.
Owned by Cetera Holdings, Cetera Financial Group is a platform that is home to more than 12,000 financial professionals and their teams. Cetera oversees more than $475 billion in assets under administration and $190 billion in assets under management, as of Dec. 20, 2023. Matt Fries, head of investment products and partner solutions at Cetera, commented:
We are prudently embracing bitcoin ETFs and we prioritized developing this important guidance to help our financial professionals implement these products in client portfolios.
The four approved spot bitcoin ETFs are Blackrock’s Ishares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC). ”The selected funds are sponsored by leading ETF providers with track records of successfully launching new product strategies, and are well positioned with established resources, tools, and knowledge,” Cetera explained.
Spot bitcoin ETFs have gained much popularity since they launched on Jan. 11. Galaxy Digital CEO Mike Novogratz said last week that there’s “runway momentum” in spot bitcoin ETFs, pushing the price of bitcoin higher. He also sees “tremendous global demand for bitcoin.” The nine approved spot bitcoin ETFs have repeatedly broken records in terms of trading volumes and inflows.
Bank of America’s Merrill Lynch and Wells Fargo have reportedly begun offering spot bitcoin ETFs to select clients. In addition, a $30 billion investment platform, Carson Group, also approved four spot bitcoin ETFs on its platform.
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