The investment platform Carson Group, with a managed portfolio of 30 billion dollars, has recently approved four exchange-traded funds (ETFs) based on spot Bitcoin.
Among the approved funds are Ishares Bitcoin Trust (IBIT) by Blackrock and Fidelity Wise Origin Bitcoin Fund (FBTC). Carson’s vice president emphasized the importance of offering such products, highlighting the collaboration with two of the main asset managers in the sector.
Let’s see all the details below.
Summary
Carson Group: the partnership with the leading Bitcoin ETFs
As anticipated, the investment platform Carson Group, dedicated to financial advisors, has recently approved four of the 11 new US spot Bitcoin exchange-traded funds (ETFs) for offering on its platform.
As we know, last month, the United States Securities and Exchange Commission (SEC) approved eleven Bitcoin spot ETFs.
On the other hand, with assets under management (AUM) of 30 billion dollars, the Carson Group provides services to over 150 partner companies.
The spot ETFs on Bitcoin now available on Carson’s platform include Ishares Bitcoin Trust (IBIT) by Blackrock, Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin Fund (BITB), and Franklin Bitcoin ETF (EZBC).
Grant Engelbart, Vice President and Investment Strategist at Carson Group, explained that the decision to offer IBIT and FBTC was driven by the “significant growth in assets” and the high trading volume associated with them.
In addition, Bitwise Bitcoin ETF and Franklin Bitcoin ETF have been included for their industry-leading low fees. Engelbart commented:
“We consider it essential to present these products thanks to the partnership with two of the main asset managers in the sector.”
Engelbart then emphasized the commitment of Bitwise and Franklin Templeton to be low-cost providers in the sector, highlighting the significant inflows and trading volumes recorded by both companies.
It also emphasized the presence of internal research teams specialized in digital assets and the skills that will contribute to the continuous growth, management, research, and training of consultants.
The goal of Bitcoin ETF issuers: to conquer financial advisors’ platforms
For spot ETF issuers on Bitcoin, it is crucial to reach financial advisors and their retail clients through their respective platforms to expand their investor base.
Some platforms, like Fidelity and Charles Schwab, have already made some spot Bitcoin ETFs available to registered investment advisors. However, some platforms take a more cautious approach.
Meanwhile, Vanguard has stated that it does not plan to allow the trading of Bitcoin spot ETFs on its platform.
Hunter Horsley, CEO of Bitwise, explained that financial advisors collectively manage trillions of dollars. Furthermore, platform approvals can be a “huge catalyst” for the growth of spot Bitcoin ETFs.
It has also been observed that over half of the wealth in the United States is managed through platforms, and access to a product is only possible after approval. Horsley stated the following:
“Very often we hear: ‘I want to access a spot ETF on bitcoin’, but our platform has not yet given approval. Platforms are busy, but now, with ETFs and some funds exceeding a billion in AUM, they are playing their role.”
The Lima Stock Exchange welcomes Bitcoin ETFs: access for Peruvian investors
The Lima Stock Exchange (BVL), one of the main Peruvian stock exchanges, has opened its doors to Bitcoin Exchange Traded Funds (ETFs) on its platform.
Ishares Bitcoin Trust (IBIT), Vaneck Bitcoin Trust (HODL) and Invesco Galaxy Bitcoin (BTCO) will now be available to Peruvian investors, according to a press release issued by the exchange.
The BVL has emphasized that these instruments listed on the platform are supported by major global asset management companies, including Blackrock, Vaneck and Invesco.
Furthermore, it has been highlighted that eleven of the approved Bitcoin ETF products in the United States in January manage assets exceeding 40 billion dollars.
However, while promoting the inclusion of these investment products, the BVL has warned about the possible price fluctuations of the underlying asset. In the press release, it stated:
“It is essential to note that those who invest in Bitcoin ETFs must be aware of the associated risks. As with other ETFs, the BVL provides links to the respective prospectuses and documents, in compliance with current regulations.”
Julio Cesar Placido, head of the BVL, explained that these tools are “leading to an unprecedented change in our financial ecosystem and in the mindset of market participants.”
Furthermore, it has highlighted that Bitcoin spot ETFs aim to solve the transparency issue in cryptocurrency markets.
Although Bitcoin is still an unregulated asset in Peru, a cryptocurrency bill was introduced in December 2021.
However, the current president of the Central Bank of Peru, Julio Velarde, has defined cryptocurrencies as “highly volatile financial assets” with impacts on climate change.
