Cetera Wealth Manager Launches BTC ETFs with Training

Cetera, a wealth management company with over $190 billion in assets under management, has given approval for four spot Bitcoin (BTC) exchange-traded funds (ETFs) that its managers can now offer to clients. The selected ETFs are Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT). These providers have a track record of successfully launching new product strategies. Matt Fries, head of investment products and partner solutions at Cetera, stated that they are embracing bitcoin ETFs and providing guidance to help their financial professionals implement these products in client portfolios. Training on the spot BTC ETFs will begin on March 25 for Cetera’s 12,000 affiliated financial professionals.

Cetera will make the BTC ETFs available exclusively 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, coupled with the return to a bull market, has resulted in significant cash inflows into BTC. This trend is expected to continue, despite minor corrections in the BTC market, as institutional and corporate interest increases.

Cetera is not the first wealth manager to dive into spot BTC ETFs. Charles Schwab and Robinhood Markets began offering these products as soon as they became available, while UBS offered them on a more limited basis. Merrill, a subsidiary of Bank of America, and Wells Fargo’s brokerage unit also offered spot BTC ETFs to their wealth management clients upon request. There is political opposition to these ETFs 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 people owning Bitcoin increased by 20 million in February, reaching a total of 50 million.