LPL Financial to evaluate spot Bitcoin ETFs ‘three months’ before joining the market
LPL Financial, the largest U.S. independent broker-dealer, takes a measured approach, conducting a three-month evaluation before entering the spot Bitcoin ETF market. The San Diego-headquartered broker-dealer is planning a thorough three-month evaluation before deciding to join the spot Bitcoin exchange-traded fund (ETF) market , citing concerns that some of the ETFs might eventually shut down, causing problems for advisers. In an interview with Bloomberg, Rob Pettman, executive vice president of products and platform management at LPL Financial, said that the $1.4 trillion investment giant wants first to see “how they work in the market s,” before decide which funds the firm wants to offer. Pettman added that the firm will open doors for financial advisers to purchase Grayscale‘s GBTC ETF given the fund existed in a trust structure and was available on LPL Financial before converting to an ETF. However, speaking of the other nine funds, including BlackRock, Pettma...