[U.S. wealth management company gets involved in Bitcoin]
Private wealth management firm Wedmont Private Capital recently filed documents with regulators, revealing that it purchased 3,471 shares of Fidelity Wise Origin Bitcoin Fund (FBTC) worth $209,336. Wedmont differentiates itself from its asset-based competitors by charging a one-time flat fee of $10,000.
Wedmont focuses on serving high-net-worth individuals with more than $1,000,000 of investable funds. The firm was co-founded by Dominic Corabi (former executive director of Vanguard Financial Advisory Services) and James Pelletier (former vice president of UBS UHNW), who first met while working at Credit Suisse.
In early January, Fidelity’s Bitcoin ETF was approved along with other Bitcoin ETF products. The product attracted just $3,000,000 worth of Bitcoin investment on Tuesday, dwarfed by BlackRock’s $128,700,000, the report noted.
Bitwise’s survey shows that most financial advisors interested in cryptocurrencies are waiting for ETF products to be approved before entering the cryptocurrency market. Eric Balchunas, senior ETF analyst at Bloomberg, has noted that financial advisors tend to avoid “the dark side and costs of cryptocurrency exchanges” and feel more comfortable with ETF products.