According to CoinDesk, UBS, the Zurich-based banking giant, will allow some clients to trade bitcoin ETFs under certain conditions. An anonymous source familiar with the matter revealed that UBS cannot solicit the trades, and accounts with a lower risk tolerance will not be able to buy them. A UBS spokesperson declined to comment on the matter.
Bitcoin ETFs made their debut with great excitement, with billions of dollars traded on the first day of availability. However, Vanguard, a large U.S.-based investment firm, announced that it would not allow its customers to trade them. There were unconfirmed rumors that UBS might join Vanguard in not offering them. Major financial institutions such as BlackRock, Fidelity, and Invesco are offering bitcoin ETFs. Additionally, Charles Schwab, a large U.S. brokerage, confirmed that it would allow clients to trade them. Proponents of bitcoin ETFs believe they will significantly expand the investor base for bitcoin, as purchasing ETFs is easier than buying bitcoin itself.
