Cetera, a wealth management company with over $190 billion in assets under management, has given the green light to four spot Bitcoin (BTC) exchange-traded funds (ETFs) that can now be offered to its clients. The selected ETFs for Cetera’s platform are the Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT), all of which have a track record of successfully launching new product strategies. Starting on March 25, Cetera will provide training on these 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, along with the return of a bull market, has resulted in significant cash inflows into BTC. This trend is expected to continue, even with minor corrections in the BTC market, as institutional and corporate interest grows.
Cetera is not the first wealth manager to venture into spot BTC ETFs. Charles Schwab and Robinhood Markets began offering these products as soon as they became available, and UBS offered them on a more limited basis. Bank of America’s Merrill and Wells Fargo’s brokerage unit also provided spot BTC ETFs to their wealth management clients upon request.
However, political opposition to spot BTC ETFs is emerging 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 in February compared to a year ago.