tl;dr
UBS, a Zürich-based banking giant, will allow some clients to trade bitcoin ETFs with certain conditions, including no solicitation of trades and restrictions on accounts with lower risk tolerance. Meanwhile, Citigroup is currently providing institutional clients access to Bitcoin ETFs and evaluatin...
UBS to Allow Some Clients to Trade Bitcoin ETFs with Conditions
UBS, a Zürich-based banking giant, will allow some clients to trade bitcoin ETFs with certain conditions, including no solicitation of trades and restrictions on accounts with lower risk tolerance. Meanwhile, Citigroup is currently providing institutional clients access to Bitcoin ETFs and evaluating them for individual Wealth clients. On the first day of debut, Bitcoin ETFs were traded in billions, but Vanguard, a large U.S.-based investment firm, will not allow customers to trade them. However, BlackRock, Fidelity, Invesco, and Charles Schwab are offering Bitcoin ETFs, and optimists believe this will significantly broaden the investor base for bitcoin.
UBS, the Zürich-based banking giant, will let some clients who desire to trade bitcoin ETFs do so, subject to some conditions, according to a person familiar with the matter. The conditions, according to the person close to UBS who asked to not be named, include: UBS cannot solicit the trades and accounts with a lower risk tolerance won't be able to buy them.
A UBS spokesperson declined to comment. Citigroup, meanwhile, “currently provides our institutional clients with access to the recently approved Bitcoin ETFs from an execution and asset servicing perspective," a spokesperson told CoinDesk Thursday. The New York-based global bank is "evaluating the products for individual Wealth clients.”
Bitcoin ETFs debuted to enormous excitement on Thursday, with billions of dollars worth traded on the first day they were available. Vanguard, the large U.S.-based investment firm, said Thursday it would not let customers trade them. Some of the largest names in finance are offering bitcoin ETFs, including BlackRock, Fidelity and Invesco. And Charles Schwab, the large U.S. brokerage, confirmed to CoinDesk on Thursday that it will let clients trade them. Optimists believe bitcoin ETFs will dramatically broaden the investor base for bitcoin, since buying ETFs is easier than purchasing bitcoin itself. UPDATE (Jan. 1, 00:05 UTC): Adds details about Citi throughout.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.