03.13.24

Bitcoin Funds Are Still Waiting for Buy-In from Financial Advisors

by: Vicky Ge Huang

Bitcoin exchange-traded funds (ETFs) have drawn billions of dollars from investors since they launched in January, but their target market, financial advisors who oversee trillions in client assets, has resisted the allure thus far. Investors have poured more than $20 billion into nine new “spot” bitcoin ETFs since they started trading Jan. 11. Registered investment advisors, who are influential in directing capital to ETFs, have limited access to the bitcoin funds, for now. The wealth-management platforms at Morgan Stanley, Merrill Lynch, UBS and Wells Fargo offer the funds only on an unsolicited basis, meaning advisors can't actively pitch them to clients but can offer them to those who ask.

Read the full article on Wall Street Journal