Financial services company the Carlson Group has reportedly expanded its offerings for registered investment advisers (RIAs) by adding four of the 10 Bitcoin exchange-traded funds (ETFs). The firm, which manages $30 billion in assets, prioritized asset growth, trading volume, and low fees in its selection process. The chosen funds are from BlackRock, Fidelity, Bitwise, and Franklin Templeton, according to Bloomberg.
BlackRock’s iShares Bitcoin Trust (IBIT) has attracted $6.6 billion in investments since its launch on January 11, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) has seen $4.8 billion in inflows. The Bitwise Bitcoin ETF (BITB) and Franklin Bitcoin ETF (EZBC) have the lowest fees among issuers, charging 0.2% and 0.19% respectively.
Grant Engelbart, the vice president and investment strategist at the Carlson Group, explained that Bitwise and Franklin Templeton have positioned themselves as low-cost providers in the space, while also experiencing significant inflows and trading volumes. He noted that both firms have established in-house digital asset research teams and expertise, which the Carlson Group finds beneficial for the growth and management of the products, as well as for adviser research and education.
Financial adviser platforms play a crucial role in introducing cryptocurrency products to new audiences, and major trading firms like LPL Financial Holdings are currently assessing the recently approved Bitcoin ETFs. If approved, the 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.
However, Bloomberg ETF analyst James Seyffart pointed out that due diligence from trading platforms could potentially delay the adoption of Bitcoin funds. He explained that these platforms often have approved lists of investments and restrictions on what they can purchase.
In related news, there has been a discussion about whether it is beneficial to educate children about Bitcoin through books. Some argue in favor of “orange pilling” children, referring to the act of introducing them to the concept of Bitcoin at an early age.