Cetera, a wealth management firm with over $190 billion in assets under management, has given its approval for four Bitcoin exchange-traded funds (ETFs) to be offered to its clients. The selected ETFs are the Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT). Cetera chose these providers due to their successful track records in launching new product strategies. Starting March 25, Cetera will provide training on the spot BTC ETFs to its 12,000 affiliated financial professionals.
According to The Wall Street Journal, Cetera will only make the BTC ETFs available to commission-based accounts, with investment limits based on clients’ risk preferences. On January 10, the United States Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs. The availability of these financial products, coupled with the return of a bull market, has led to significant cash inflows into BTC. This trend is expected to continue, despite minor corrections in the BTC market, as institutional and corporate interest continues to grow.
Cetera is not the first wealth manager to offer spot BTC ETFs. Charles Schwab and Robinhood Markets began offering these products as soon as they became available, while UBS offered them on a more limited basis. Bank of America’s Merrill and Wells Fargo’s brokerage unit also provided these ETFs to their wealth management clients upon request.
However, there is emerging political opposition to spot BTC ETFs in the United States. Two Democratic senators wrote to SEC Chair Gary Gensler on March 11, urging him not to approve any more spot BTC ETFs. According to Cetera, the number of Bitcoin owners increased by 20 million to reach 50 million people in February compared to a year ago.