Carson Group, a $30 billion registered investment advisory firm, recently announced that it is now offering its clients spot bitcoin exposure for the first time. bitcoin spot exchange-traded funds (ETFs) have bitcoin/crypto-ceo-bombshell-bitcoin-price-muted-post-etfs/” target=”_blank” rel=”noopener nofollow”>become immensely popular even before SEC approval in January. These funds allow investors to gain exposure to bitcoin without actually owning the cryptocurrency.
Of the 10 ETFs that currently exist in the US, Carson has opted for four ETF offerings, with a focus on the considerable asset holdings and profitability of these ETFs.
Carson Group Adds bitcoin Exposure to $30 Billion Portfolio
According to a bitcoin-etfs-for-retail-buyers” target=”_blank” rel=”noopener nofollow”>disclosure by Bloomberg, the Omaha Nebraska-based investment firm has now joined the ranks of traditional investment firms that are making bitcoin mainstream. The four ETFs the company chose are BlackRock iShares bitcoin Trust (IBIT), Fidelity Wise Origin bitcoin Fund (FBTC), Bitwise bitcoin ETF (BITB), and Franklin bitcoin ETF (EZBC).
Grant Engelbart, vice president and investment strategist at Carson Group, highlighted the company's pincer approach in choosing the four ETFs. Engelbart noted that IBIT and FBTC were selected because the company prioritized “significant asset growth” and trading volume when making its selection. No wonder IBIT and FBTC btc-etfs-see-2-2-billion-in-inflows-over-a-week-pumping-market-higher/” target=”_blank” rel=”noopener nofollow”>currently leads the market in daily entries and trading volume.
“We believe it is important to offer these products as a result of two of the largest asset managers in the industry,” Engelbart said.
Carson also looked for profitable properties when making his selection. As a result, the company also opted for the Bitwise bitcoin ETF and the Franklin bitcoin ETF even though both ETFs saw much fewer inflows. BITB and EZBC charge very competitive rates of 0.2% and 0.19% respectively, the smallest in the industry.
bitcoin (btc) is currently trading at $51.630. Chart: TradingView.com
“Bitwise and Franklin Templeton have committed to being the lowest-cost providers in the space and have also seen strong inflows and trading volumes,” Engelbart noted.
What does this mean for bitcoin?
Carson's investment in bitcoin ETFs conveys the growing adoption among traditional investors, putting bitcoin even further on the map for mainstream adoption. This came amid pushback from other investment firms like Vanguard, which have taken a firm stance on not providing their clients with bitcoin ETFs or other cryptocurrency-related products.
On the other hand, bitcoin spot ETFs have continued to attract huge trading volumes and rapid growth in assets under management. bitcoin Spot ETF Cumulative Trading Volume bitcoin/bitcoin-price-tumbles-amid-vaneck-etfs-volume-surge-what-happend/” target=”_blank” rel=”noopener nofollow”>reached 50 billion dollars last week, ending on friday with $232.3 million of net income.
As of this writing, the BlackRock iShares bitcoin Trust (IBIT) has over $6.64 billion in assets, the Fidelity Wise Origin bitcoin Fund (FBTC) with $4.73 billion, and the Bitwise bitcoin ETF (BITB) with $1 .1 billion in assets. The Franklin bitcoin ETF (EZBC) is on the lower end of $100 million in assets.
Featured image from Pixabay, TradingView chart
