Business News Report
January 12, 2024

UBS and Citi to Allow Eligible Customers Trade Bitcoin ETFs

UBS and Citi to Allow Some Customers Trade Bitcoin ETFs

Swiss bank and financial services company UBS announced that it will allow certain clients to trade Bitcoin exchange-traded funds (ETFs), subject to specific conditions. The bank stated it can not promote such trades, while accounts with a lower risk tolerance will be restricted from purchasing Bitcoin ETFs.

Likewise, another prominent American bank and financial services corporation Citigroup, stated that it currently offers access to recently approved Bitcoin ETFs for its institutional clients, focusing on execution and asset servicing. Additionally, the bank is in the process of evaluating these products for potential inclusion among individual Wealth clients.

Prior to these updates, customers of investment firms Citi, Merrill Lynch, Edward Jones and UBS had reported encountering difficulties in purchasing spot Bitcoin ETFs on the respective platforms. The recent disclosure led to confusion among customers, particularly in the aftermath of Vanguard’s decision to prohibit the purchase of spot Bitcoin ETFs on its brokerage platform, prompting broader concerns.

Vanguard announced that spot Bitcoin ETFs don’t align with their focus on asset classes such as equities, bonds, and cash, which they consider as the foundational elements of a well-balanced, long-term investment portfolio. The company did not join the 14 issuers who applied for a spot Bitcoin ETF in 2023. 

Bitcoin ETFs Garner Interest on Debut Day

Bitcoin ETFs generated significant enthusiasm upon their debut on Thursday, witnessing the the exchange of billions of dollars’ worth on the first day of their availability. Prominent asset management companies including Grayscale, BlackRock, and Fidelity are now among those offering Bitcoin ETFs.  

Recently, Charles Schwab, a major US brokerage, stated that it would allow clients to trade these ETFs, reflectinig a growing trend of established financial players entering the Bitcoin ETF market. Optimists believe that Bitcoin ETFs have the potential to significantly expand the investor base for Bitcoin, as acquiring ETFs is considered more accessible than purchasing Bitcoin directly.

Recent announcements from major financial institutions UBS and Citigroup highlight their decisive steps in navigating the new digital asset landscape amidst the evolving dynamics in the Bitcoin ETF market.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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