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US-Based Wealth Management Firm Gets Into Bitcoin

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Wed, 10/04/2024 - 18:49
US-Based Wealth Management Firm Gets Into Bitcoin
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Private wealth management firm Wedmont Private Capital has acquired 3,471 shares of Fidelity Wise Origin Bitcoin Fund (FBTC) that are worth $209,336, according to a recent regulatory filing.    

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Wedmount's selling point is its flat fee of $10,000 which is supposed to set it apart from competitors that offer asset-based fees. 

According to its website, the firm is targeting high-net-worth individuals with more than $1 million worth of investable assets. 

The firm was co-founded by Dominic Corabi, a former executive at the Financial Advisor Services division of Vanguard, as well as James Pelletier, former vice president within the UHNW division of UBS.

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The two met each other when they were working for the Switzerland-based global investment bank and financial services firm Credit Suisse.

Fidelity's Bitcoin ETF was approved alongside other competing Bitcoin ETF products in early January. As reported by U.Today, it attracted a modest $3 million worth of Bitcoin on Tuesday, lagging far behind BlackRock's $128.7 million.

According to a survey published by Bitwise, the vast majority of financial advisers who were interested in crypto were specifically waiting for the approval of exchange-traded funds before dipping their toes into crypto. 

As previously noted by Eric Balchunas, senior ETF analyst at Bloomberg, financial advisors do not typically want to deal with "the shady-ness and costs of crypto exchanges." At the same time, they are comfortable with ETF products. 

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