- Bitwise Bitcoin ETF Trust (BITB) has been given the green light as an investment vehicle for a vast network of Registered Investment Advisors (RIAs).
- RIAs play a crucial role in providing investment advice and managing portfolios for clients.
- Bitwise’s commitment to transparency is evident through its recent disclosure of the Bitcoin address holding its ETF holdings.
The Bitwise Bitcoin ETF Trust (BITB) has been given the green light as an investment vehicle for a vast network of Registered Investment Advisors (RIAs). This network, overseeing a substantial $30 billion in combined assets, can now consider allocating funds to BITB, as announced by Bitwise CEO Hunter Horsley in a post on X (formerly Twitter) on February 20, 2024.
“BITB was selected and approved for full access to advisors at a $30B nation-wide RIA on Friday, one of the largest in the country,” said Horsley in the post. “Excited to be a partner to advisors as they navigate the space,” he added.
Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!
RIAs and Details Behind the Approval
Registered Investment Advisors (RIAs) play a crucial role in providing investment advice and managing portfolios for clients. Their endorsement of BITB underscores the increasing mainstream acceptance of cryptocurrencies, particularly Bitcoin, as a legitimate investment asset. RIAs typically conduct thorough due diligence before endorsing any investment product, ensuring compliance with regulatory standards and evaluating its overall health.
The approval of BITB by this expansive RIA network adds to the momentum behind Bitcoin ETFs, which have been witnessing significant inflows since receiving approval from the United States Securities and Exchange Commission (SEC) last month. This surge in traditional involvement, particularly from a network of this size, could potentially sway skeptics and further drive adoption of Bitcoin investment products.
Bitwise’s commitment to transparency is evident through its recent disclosure of the Bitcoin address holding its ETF holdings. The company revealed that it held 11,858.63 BTC in Trust, valued at approximately $465 million at the time of disclosure. Since then, the address has received a total of 18,886.6 BTC, amounting to over $987 million at current market rates. This transparency not only instills confidence but also serves as an additional incentive for investors considering BITB.
Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!
ETFs Continue to Gain Traction
Meanwhile, Bitcoin ETFs continue to attract significant inflows, reflecting the growing demand for cryptocurrency exposure among investors. BlackRock Inc’s IBIT ETF leads the pack with $191.4 million in inflows recorded last Friday, despite its relatively low fee of 0.12%. Ark Invest’s ARKB and Fidelity’s FBTC also saw substantial inflows at $140 million and $116.7 million, respectively. However, Grayscale, with a higher fee of 1.5%, experienced outflows exceeding $150 million on the same day, indicating shifting investor preferences within the cryptocurrency investment landscape.
The approval of BITB by a nationwide network of RIAs marks a significant milestone in the integration of cryptocurrencies into traditional investment portfolios. With growing institutional interest and increasing inflows into Bitcoin ETFs, the cryptocurrency market continues to evolve, offering new opportunities for investors seeking exposure to digital assets.
Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!
Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass
Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.
