Bitwise Bitcoin ETF Granted Approval as Investment Selection for 30 Billion Dollars Investment Advisors Network

Crypto News– The Bitwise Bitcoin ETF Trust (BITB) recently obtained approval as an investment option within a nationwide network of Registered Investment Advisors (RIAs) managing a collective $30 billion in assets. As outlined in a post by Bitwise CEO Hunter Horsley, advisors within this network are now empowered to allocate funds towards investments in BITB. RIAs, firms specializing in providing investment advice to clients, play a pivotal role in offering general financial guidance and assisting clients in managing their investment portfolios. Typically, RIAs undergo thorough due diligence processes before endorsing or committing funds to new investment products, ensuring both the product’s quality and regulatory compliance.

Bitwise Bitcoin ETF Granted Approval as Investment Selection for 30 Billion Dollars Investment Advisors Network

This announcement underscores the increasing interest in Bitcoin (BTC) within traditional financial circles, complementing the significant inflows witnessed by active ETFs since the recent approval by the United States Securities and Exchange Commission (SEC). The heightened involvement of traditional players, particularly a substantial RIA, might sway skeptics towards investing in one of these active funds.

Notably, Bitwise recently disclosed the Bitcoin address for its ETF holdings, revealing a holding of 11,858.63 BTC valued at approximately $465 million at the time. Current blockchain data indicates that the address has since accumulated a total of 18,886.6 BTC, surpassing $987 million at prevailing rates. This move towards transparency not only underscores Bitwise’s commitment but may also bolster investor confidence in BITB.

Meanwhile, ETFs continue to experience significant inflows as clients acquire shares. BlackRock Inc’s IBIT ETF leads the pack with a 0.12% fee and recorded $191.4 million in assets last Friday. Ark Invest’s ARKB followed closely with $140 million, while Fidelity’s FBTC ranked third at $116.7 million. However, Grayscale, with a 1.5% fee, experienced a loss exceeding $150 million on the same day.