Fun

Fidelity’s Bitcoin ETF draws $40M in largest single investment from advisers

News Feed - 2024-04-24 02:04:57

Ana Paula Pereira6 hours agoFidelity’s Bitcoin ETF draws $40M in largest single investment from advisersFinancial advisers Legacy Wealth Management and United Capital Management of Kansas have each invested $20 million in shares of the Fidelity Wise Origin Bitcoin Fund (FBTC).2367 Total views8 Total sharesNewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksFidelity’s Bitcoin exchange-traded fund (ETF) has achieved a new record as the largest single investment in a Bitcoin fund, attracting $40 million from two traditional United States financial advisers. 


According to Bloomberg analyst Eric Balchunas, financial advisers Legacy Wealth Management and United Capital Management of Kansas have each recently invested $20 million in shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), joining the fund’s top shareholders.


Legacy Wealth Management oversees more than $359 million in assets under management, while United Capital Management of Kansas manages over $436 million. The figures are part of recent 13F form filings submitted by asset managers to the U.S. Securities and Exchange Commission (SEC) for the first quarter of 2024.Source: Eric Balchunas


According to data from investment research firm Fintel, Bitcoin (BTC) represents 6% and 5% of the funds’ portfolios, respectively.


Bloomberg’s Balchunas believes the figures indicate a growing adoption among traditional investors. “This is as Boomer as it gets,” he noted on X in reference to United Capital Management of Kansas.


“Likely a wonderful sight for those hoping to see long-term adoption and an absolute nightmare for the RIA Skeptics Branch of the Underwhelmers Club,” he added.


However, the recent disclosures haveprompted some to express concerns regarding the limited mainstream participation in BTC ETFs.


Jim Bianco, founder of macro research firm Bianco Research, described the first-quarter allocation data as a “disappointment.” “Unrealized gains are shrinking fast,” he added, referring to ETF investor gains versus current Bitcoin prices.


Fidelity’s BTC fund is the second-largest Bitcoin ETF in terms of assets under management, with over $10 billion at the time of writing, just behind BlackRock"s iShares Bitcoin Trust (IBIT), which holds more than $18 billion.


Despite newcomers and growing adoption among traditional investors, Bitcoin ETFs are experiencing a slowdown in demand. CryptoQuant CEO Ki Young Ju noted on X that the demand for BTC funds has stagnated since its peak in March.


On April 15, Bitcoin ETFsexperienced net outflows of $36.7 million. According to Farside Investors, only Grayscale and BlackRock recorded positive flows on April 12 and April 15, while all other funds saw outflows.


Magazine: Get Bitcoin or die tryin’: Why hip hop stars love crypto# Bitcoin# Business# Investments# AdoptionAdd reaction

News Feed

Data points to Ethereum price making a short-term rally to the $3.2K level
Marcel Pechman6 hours agoData points to Ethereum price making a short-term rally to the $3.2K levelETH’s onchain and derivatives data are looking stronger even as macroeconomic data remains concerning.3007 Total views1
Erhan Kahraman10 hours agoIslamic finance and Web3 take stage at Istanbul Blockchain WeekIstanbul Blockchain Week made some necessary modifications this year to reflect the change in the overall crypto market.3379 Total
Crypto Marketplace Purse.io to Dissolve Operations After 6 Years
Crypto Marketplace Purse.io to Dissolve Operations After 6 YearsOn April 16, the crypto firm Purse.io announced the company is planning to dissolve after six years of operation. The
Morgan Stanley’s Bitcoin ETF push a ‘death wish,’ says former SEC official
Ciaran Lyons5 hours agoMorgan Stanley’s Bitcoin ETF push a ‘death wish,’ says former SEC officialFormer United States Securities and Exchange Commission official John Reed Stark believes Morgan Stanley’s Bitcoin
Judge finds Ripple Labs liable for $125M penalty in SEC case
Turner Wright3 hours agoJudge finds Ripple Labs liable for $125M penalty in SEC caseRipple’s civil case with the SEC has been ongoing since December 2020, when the regulator alleged the blockchain firm used XRP as an u
Dogecoin Is Bullish Long-Term, but Short-Term Screams Caution. Here’s Why Meme Index Presale Can 100X as a Result.
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Despite Negative Mining Malware Press, Privacy-Focused Crypto Monero Jumps 36% in 2 Weeks
Despite Negative Mining Malware Press, Privacy-Focused Crypto Monero Jumps 36% in 2 Weeks The privacy-centric crypto asset monero has seen significant gains during the last two wee
Argentinian Regulator to Propose Anti-Money Laundering Measures for Crypto Firms
Argentinian Regulator to Propose Anti-Money Laundering Measures for Crypto Firms The Argentinian anti-money laundering regulator is reportedly working to force cryptocurrency firms
Pantera Capital seeks $1B for a new crypto fund: Report
Brayden Lindrea4 hours agoPantera Capital seeks $1B for a new crypto fund: ReportThe Pantera Fund V will invest in a range of blockchain-based assets and is slated for launch in April 2025.1583 Total views1 Total sharesN
US-Russia Bitcoin Reserve Race Could Drive Altcoin Markets to Record Highs: Key Tokens to Watch
Este artículo también está disponible en español. A leaked proposal to Russian finance minister, Anton Siluanov on the creation of a bitcoin strategic reserve in Russia,
EigenLayer users fume over restrictive airdrop, others say it’s ‘generous’
Tom Mitchelhill6 hours agoEigenLayer users fume over restrictive airdrop, others say it’s ‘generous’Ethereum restaking protocol Eigenlayer has promised to allocate 15% of EIGEN supply to the community, but not ever
Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows
Institutional Investors Forecast "Strong Year" for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows A new survey shows that institutional investors expect “a strong yea