Posted: January 12, 2024 4:59 AM Updated: January 12, 2024 4:59 AM
Correction and fact check date: January 12, 2024, 4:59 AM
briefly
UBS and Citi announced that they will allow certain customers to trade Bitcoin ETFs.
Swiss banking and financial services company UBS announced that it will allow certain customers to trade Bitcoin exchange-traded funds (ETFs) under certain conditions. The bank said it would not be able to promote such transactions and accounts with low risk tolerance would be restricted from purchasing Bitcoin ETFs.
Similarly, Citigroup, another prominent US banking and financial services company, said it is now providing access to its recently approved Bitcoin ETF with a focus on execution and asset servicing for institutional clients. The bank is also in the process of assessing the potential inclusion of these products for individual Wealth clients.
Prior to these updates, clients of investment firms Citi, Merrill Lynch, Edward Jones, and UBS reported difficulties purchasing spot Bitcoin ETFs on their respective platforms. The recent disclosures have caused confusion among customers and sparked broader concerns, especially following Vanguard’s decision to ban spot Bitcoin ETF purchases on its brokerage platform.
Vanguard announced that a spot Bitcoin ETF is inconsistent with its focus on asset classes such as stocks, bonds, and cash, which it considers the fundamentals of a balanced long-term investment portfolio. The company did not join the 14 issuers that have applied for a spot Bitcoin ETF in 2023.
Bitcoin ETF garners attention on debut date
The Bitcoin ETF generated considerable enthusiasm upon its debut on Thursday, with billions of dollars worth of transactions taking place on its first day. Prominent asset management firms including Grayscale, BlackRock, and Fidelity are now among those offering Bitcoin ETFs.
Recently, major US brokerage Charles Schwab announced that it would allow customers to trade these ETFs, reflecting the growing trend of traditional financial firms entering the Bitcoin ETF market. Optimists believe that Bitcoin ETFs have the potential to significantly expand the investor base for Bitcoin since acquiring them is considered more accessible than purchasing Bitcoin directly. .
Recent announcements from major financial institutions UBS and Citigroup highlight a decisive step in navigating the new digital asset landscape amid the evolving dynamics of the Bitcoin ETF market.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles