Crypto News – A $30 billion network of Registered Investment Advisors (RIAs) has authorized Bitwise Bitcoin ETF Trust (BITB) as an investment option.
Bitwise Bitcoin ETFs Get Approval from RIAs
On February 19, Bitwise CEO Hunter Horsley made this revelation on social media platform X. He points out that advisers in the network are now able to distribute money via BITB, usually in the range of 1% to 5%. Although Horsley said he was excited to introduce these advisers to cryptocurrency, the precise RIA network is still unknown.
BITB was selected and approved for full access to advisors at a $30 billion nation-wide RIA on Friday, one of the largest in the country,
Horsley
What Will Be the Impact of Authorization on the Crypto Sector?
The fact that RIAs have endorsed the BITB is indicative of institutional investors’ increasing acceptance of cryptocurrencies. Such investment vehicles will gain more legitimacy and general recognition as reputable advisors endorse them.
The move was praised as indicative of market demand by Tyrone V. Ross, president and founder of 401 Financial, an RIA firm. He also highlighted the approvals from RIA aggregators and acquirers, which were incremental but important.
Leave a comment