Posted on 02/29/2024 9:05:11 PM PST by NoLibZone
Bank of America’s Merrill Lynch and Wells Fargo’s wealth management arm have reportedly begun offering some clients access to spot bitcoin exchange-traded funds (ETFs). Other investment platforms that offer some clients access to spot bitcoin ETFs include Fidelity, Charles Schwab, Robinhood Markets, and UBS.
Major Banks Embrace Bitcoin ETFs Bank of America’s investment arm, Merrill Lynch, and Wells Fargo’s wealth management unit have begun offering some clients access to SEC-approved spot bitcoin exchange-traded funds (ETFs), Bloomberg reported Thursday, citing people familiar with the matter. Clients must have brokerage accounts and specifically request the bitcoin ETFs.
A representative for Wells Fargo confirmed to the news outlet that spot bitcoin ETFs have been available for unsolicited purchases since they were approved by the U.S. Securities and Exchange Commission (SEC), either through Wells Fargo Advisors or the bank’s online Wellstrade platform. Bank of America declined to comment.
The SEC approved 11 spot bitcoin ETFs on Jan. 10 and most of them began trading the next day, including Grayscale’s bitcoin trust (GBTC) which converted from a trust into an ETF. On Wednesday, 10 spot bitcoin ETFs shattered inflow and trading volume records. Blackrock’s Ishares Bitcoin Trust (IBIT) led the way, breaking its own personal records multiple times this week.
Several platforms, including Fidelity, Charles Schwab, and Robinhood Markets, began offering spot bitcoin ETFs to clients shortly after they launched. Fidelity also offers its own spot bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC).
UBS Group AG is also offering some SEC-approved spot bitcoin ETFs to certain wealth management clients with brokerage accounts on an unsolicited basis, according to Bloomberg. In addition, there are reports that Morgan Stanley is evaluating whether to add spot bitcoin ETFs to its platform. Recently, Cason Group, an investment platform for financial advisors with $30 billion in assets under management, approved four spot bitcoin ETFs on its platform.
Meanwhile, Vanguard Group stated in January that its platform will not offer spot bitcoin ETFs. “While crypto has been classified as a commodity, it’s an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio,” Vanguard’s global head of ETF Capital Markets .
Real money. Money back by the good faith of people in our government is real.
Joe Biden , Nancy Pelosi, Adam Schiff they ensure the value of our dollar!
Grayscale’s bitcoin trust (GBTC) ‘ had their largest trade of all time today. I wouldn’t be surprised if btc drops, sell high etc, etc. Or there is no gravity and to the moon.
“While crypto has been classified as a commodity, it’s an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio,” Vanguard’s global head of ETF Capital Markets.”
Correct answer.
Unlike egold.
A digital currency backed by gold that the govt took down as soon as it became remotely threatening.
The timing hadn’t crossed my mind until this moment-
egold was govt destroyed almost immediately before btc arrived.
Things that make you go hmmmmmm.
Disclaimer: I own btc and fully expect to lose money as happened with egold.
WOO HOOO ...that's the truth ...
I had a blast the last couple days with IBIT
It's a wild ride when your dragging trailers up an down the board ... memories of the good old days ..
my in is 35 now with a reduced position ... ... ended up being the play , It's more like work then I'm used to ,so I'll probably just build a position and wait for options.
I bet I had forty lines on my card today ..
I'm still learning this one ... a learning curve... I think I'm the guy that bought some at 36.87 (or close to that) but I have humped it and stayed close ..it's 35.11 now
On the fundamental side ..Other then a “swan” ... I am not seeing anything that will stop the upward momentum over time .... but it looks like a lot of track for an every day ride.
I'm sure I'll be focused on the Qtrain tomorrow ..
But I'll be keeping an eye on IBIT
Thanks for all the info here
Which is why crypto is a thing in the first place.
“Buying gold, silver, platinum, or other precious metals is sometimes touted as a way to hedge the risks of more traditional investments. However, the prices of these metals can be extremely unpredictable and volatile.
Trading in commodities and futures is very specialized and not available through Vanguard.”
Vanguard doesn’t believe in gold silver oil or any commodity or futures
Vanguard will likely get on board within a year. This is probably Vanguard doing their Jamie Dimon impression; bash it publicly, buy it privately.
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