tl;dr
Bloomberg Senior ETF analyst Eric Balchunas predicts that Charles Schwab, a $8.5 trillion financial giant, may soon offer a low-fee Bitcoin spot fund, positioning itself to claim the second spot in the competitive Bitcoin spot ETF market. This comes as top asset managers compete for the top spot, wi...
Bloomberg Senior ETF analyst Eric Balchunas predicts that Charles Schwab, a $8.5 trillion financial giant, may soon offer a low-fee Bitcoin spot fund, positioning itself to claim the second spot in the competitive Bitcoin spot ETF market. This comes as top asset managers compete for the top spot, with BlackRock's Bitcoin fund nearing $2 billion in assets under management. Schwab customers can currently invest in all 11 Bitcoin spot products through the company's official website and the thinkorswim platform. While Schwab has not disclosed plans to offer its own proprietary Bitcoin spot fund, the company has recently changed its stance on crypto assets and currently has indirect exposure to the market.
Since the SEC approved the launch of multiple Bitcoin spot exchange-traded funds (ETFs), top asset managers have stiffly competed for the top spot. Interestingly, BlackRock is currently in the top position, with its Bitcoin fund approaching nearly $2 billion in assets under management (AUM).
The Bitcoin spot ETF market competition could heat up soon, as Bloomberg Senior ETF analyst Eric Balchunas recently predicted that top asset manager Charles Schwab might roll out its BTC fund. The ETF analyst speculated that Schwab could achieve this feat by offering its own Bitcoin fund, combining its scale and lower fee pricing strategy. Notably, Balchunas said he would not be surprised if Schwab decided to offer a Bitcoin fund with a fee as low as 0.10% in a few months. This move could give Schwab a competitive edge in the market.
In the meantime, Schwab has not disclosed plans to offer its own proprietary Bitcoin spot fund. However, customers of the financial giant can invest in all 11 Bitcoin spot products through the company’s official website (schwab.com) and the thinkorswim platform. Schwab, which previously wrote off crypto as being too speculative, has recently changed its stance and currently has indirect exposure to crypto assets. Last year, Schwab, alongside major financial giants like Fidelity and Citadel Securities, backed EDX Markets, a crypto exchange offering Bitcoin, Ethereum, Bitcoin Cash, and Litecoin trading. The asset manager also offers an ETF that invests in companies affiliated with crypto, including Coinbase and MicroStrategy.
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