According to a recent filing with regulators, Wedmont Private Capital, a private wealth management firm, purchased 3,471 shares of Fidelity Wise Origin Bitcoin Fund for approximately $209,336 in value.
At Wedmount, we charge a fixed fee of $10,000, which distinguishes us from other companies that bill based on the value of assets.
The company’s website states that they are aiming to attract individuals who have over a million dollars in investible wealth.
Dominic Corabi and James Pelletier, both with prior experience in prominent financial institutions – Corabi from Vanguard’s Financial Advisor Services and Pelletier from UBS’s UHNW division – founded the firm together.
They crossed paths while employed at Credit Suisse, the internationally recognized banking and financial services company based in Switzerland.
Early January saw the approval of Fidelity’s Bitcoin ETF, alongside other Bitcoin ETF applications. As per U.Today’s article, this specific fund managed to accumulate merely $3 million in Bitcoin on a recent Tuesday, paling in comparison to BlackRock’s impressive $128.7 million.)
Based on a study conducted by Bitwise, a significant number of financial advisors expressed interest in cryptocurrencies but were holding back, preferring to wait for regulatory approval of exchange-traded funds (ETFs) before investing.
Previously mentioned by Eric Balchunas, Bloomberg’s senior ETF analyst, financial advisors have expressed apprehensions towards dealing with the questionable nature and expenses associated with crypto exchanges. However, they are accustomed to using ETF (Exchange Traded Fund) products instead.
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2024-04-10 22:00