Bitwise Bitcoin ETF Trust (BITB) was recently approved as an investment option for a $30 billion network of Registered Investment Advisors (RIAs).
Bitwise CEO Hunter Horsley revealed this development via social media platform X (formerly Twitter) on Feb. 19, noting that advisors within the network are now authorized to allocate funds with BITB, typically ranging from 1% to 5%.
“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 said.
While Horsley expressed enthusiasm for guiding these advisors into crypto, the specific RIA network remains undisclosed.
Since its launch, BITB has rapidly gained traction, becoming one of the fastest ETFs in history to surpass the $1 billion mark. Notably, the fund has garnered substantial Bitcoin contributions and commendation from the crypto community, particularly for its transparent disclosure of on-chain addresses.
Among the recently launched spot Bitcoin ETFs, Bitwise’s offering holds a prominent position, trailing behind BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Trust (FBTC), and Ark and 21 Shares ETF, according to HeyApollo data.
What does this mean for the industry?
The endorsement of the Bitwise Bitcoin ETF by RIAs reflects the growing acceptance of cryptocurrencies among institutional investors. As trusted advisors recommend such investment vehicles, the credibility and mainstream recognition of Bitcoin will continue to grow.
CryptoSlate Insight identified an uptick in institutional investors’ interest in the rapidly expanding Bitcoin ETFs sector.
Tyrone V. Ross, president and founder of 401 Financial, an RIA firm, hailed the move as reflective of market demand, emphasizing the gradual but significant approvals from RIA aggregators and acquirers.
RIAs, whether individuals or firms, offer financial advice and manage investment portfolios, collectively overseeing approximately $115 trillion in assets for around 62 million clients, as per the Investment Adviser Industry Snapshot of 2023.
