According to U.Today, Wedmont Private Capital, a private wealth management firm, has recently acquired 3,471 shares in the Fidelity Wise Origin Bitcoin Fund (FBTC). The shares are valued at $209,336, as per a recent regulatory filing. Wedmont Private Capital is known for its unique flat fee of $10,000, distinguishing it from competitors who charge asset-based fees. The firm primarily targets high-net-worth individuals possessing over $1 million in investable assets.
The company was established by Dominic Corabi, an ex-executive from the Financial Advisor Services division of Vanguard, and James Pelletier, a former vice president in the UHNW division of UBS. The two founders first met while working for Credit Suisse, a global investment bank and financial services firm based in Switzerland.
Fidelity's Bitcoin ETF was given the green light along with other Bitcoin ETF products in early January. However, as U.Today reported, it only managed to attract $3 million worth of Bitcoin on Tuesday, significantly trailing behind BlackRock's $128.7 million.
A survey by Bitwise revealed that most financial advisors interested in cryptocurrency were specifically waiting for the approval of exchange-traded funds before venturing into the crypto market. Eric Balchunas, a senior ETF analyst at Bloomberg, previously noted that financial advisors typically prefer not to deal with the complexities and costs associated with crypto exchanges, but are comfortable with ETF products.