More traditional finance firms in the United States are jumping on the crypto bandwagon and giving their clients access to the burgeoning sector. This is seen in the increasing portfolio allocation given to crypto investment products.
A tweet by Bloomberg exchange-traded fund (ETF) analyst Eric Balchunas has revealed that two U.S. investment advisors, Legacy Wealth Asset Management and United Capital Management, from Minnesota and Kansas, respectively, have allocated 6% and 5% of their portfolios to the Fidelity Wise Origin Bitcoin Fund (FBTC).
Asset Managers Up BTC Allocation
These asset management firms’ portfolio allocations saw them invest more than $20 million each into FBTC, surpassing the $17 million a rival injected into BlackRock’s ETF, IBIT.
Balchunas tagged their allocations a “new high water mark” for investment into Bitcoin ETFs, adding that such development is a nightmare for “the RIA Skeptics Branch of the Underwhelmers Club.” On the other hand, the “pretty
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