Financial services company the Carlson Group has reportedly expanded its offerings for registered investment advisers (RIAs) by adding four out of the 10 Bitcoin exchange-traded funds (ETFs). The $30 billion investment firm focused on asset growth, trading volume, and low fees when selecting funds from BlackRock, Fidelity, Bitwise, and Franklin Templeton, according to a report by Bloomberg on February 23.
Since its launch on January 11, BlackRock’s iShares Bitcoin Trust (IBIT) has attracted a total of $6.6 billion in investments, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) has seen $4.8 billion in inflows. Among the issuers, the Bitwise Bitcoin ETF (BITB) and Franklin Bitcoin ETF (EZBC) have the lowest fees, charging 0.2% and 0.19% respectively.
Grant Engelbart, the vice president and investment strategist at the Carlson Group, told Bloomberg, “Bitwise and Franklin Templeton have committed to being the lowest-cost providers in the space, and have also seen large inflows and trading volumes. Both firms also have established in-house digital asset research teams and expertise that we feel are beneficial to the continuing growth and management of the products, as well as adviser research and education.”
Financial advisor platforms play a crucial role in introducing cryptocurrency products to new audiences, with large trading firms like LPL Financial Holdings currently reviewing the recently approved Bitcoin ETFs. If approved, these funds will be available to over 19,000 independent financial advisers overseeing $1.4 trillion in assets. The ETFs are already accessible to financial advisers at Fidelity and Charles Schwab.
According to Bloomberg ETF analyst James Seyffart, the adoption of the Bitcoin funds may be delayed due to due diligence processes carried out by trading platforms. “A lot of the big institutions, these warehouses, these platforms where brokers or advisers work, they can’t just buy anything they want. There’s an approved list and a not approved list,” Seyffart explained.
In other news, there is a discussion about whether children should be exposed to Bitcoin through books targeting young readers.