$30B Financial Advisor Platform Approves Only Four Bitcoin ETFs: Bloomberg

In what is likely another boon for the new Bitcoin ETF spot market, financial advisor platform Carson Group has approved four of the instruments, according to Bloomberg.

Spot Bitcoin ETFs offered by BlackRock, Fidelity, Franklin Templeton and Bitwise are the four approved by the Carson Group that will become available to financial advisors and their clients, the report said. Carson Group is a $30 billion registered investment advisor, or RIA, platform, also according to report.

“Access to platforms for financial advisors and their retail clients has huge implications for the companies behind the project. Bitcoin BTC

+0.88%

ETFs, which are eager to reach a new audience,” Bloomberg said.

Spot bitcoin ETFs from BlackRock and Fidelity were the most popular in terms of capital inflows. Franklin Templeton recently told The Block that endorsements like this from the Carson Group are on the way. However, Carson Group failed to approve several spot Bitcoin ETF funds, including the Ark 21Shares Bitcoin ETF, which has more than $1.5 billion in assets under management, according to data from The Block.

Products offered by Franklin Templeton and Bitwise, which so far lag far behind top-performing ETFs, could get a boost from the Carson Group’s endorsement. Total trading volume for spot Bitcoin ETFs exceeded $50 billion this week.

Disclaimer: The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About the Author

RT Watson is a senior reporter at The Block covering a wide range of topics including US-based businesses, blockchain gaming and NFTs. Formerly covered entertainment at the Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while primarily focusing on technological disruption in media. Previously, he covered Brazilian economic, economic and political news at Bloomberg. RT has interviewed a wide range of characters, including CEOs, media moguls, high-profile influencers, politicians, blue-collar workers, drug dealers and convicted felons. Holder of a master’s degree in Digital Sociology.