Charles Schwab, which manages 6 trillion assets, intends to join the BTC ETF competition?

Source: Blockchain Knight

After the US-centric spot BTC ETF accumulated a total trading volume of $25.36 billion in 11 days, concerns about the US multinational financial services company Discussions emerged that Charles Schwab might be involved.

Eric Balchunas, chief ETF analyst at Bloomberg, said: Charles Schwab is not the first to enter the market in anything, but they will have a negative impact as soon as they enter.

There are recent rumors that Charles Schwab is preparing to launch a spot BTC ETF, after 10 US ETFs debuted on January 11, 2024.

Lisa Shidler discussed this development in a published article. She said that Charles Schwab’s attitude towards Crypto assets is very mysterious.

Shidler also dives into how Charles Schwab is leveraging its massive scale and competitive low-fee pricing strategy to make a bold move on a BTC ETF.

Shidler explored this topic further in a discussion with Bloomberg Senior ETF Analyst Eric Balchunas.

Balchunas told Shidler: "This move by Charles Schwab could shock the world and launch a 10 basis point product in a few months. I wouldn't be surprised. After all, no one knows. They have something up their sleeves."

Morningstar analyst Bryan Armor clarified to Shidler: "This approach is typical of Charles Schwab's operating style."

Armour also said: "Overall, this is consistent with what we've seen from Charles Schwab."

They have a more methodical approach to product development than other companies and trade in first-mover advantage A more thoughtful product lineup that can stick around for the long term.

Nate Geraci, co-founder of the ETF Institute, posted a post on social media platform X, agreeing with Balchunas’s point of view.

"Will Charles Schwab join the spot BTC ETF race? I say this is a foregone conclusion. I agree with Eric and believe this will happen sooner or later."

Schwab was founded in 1971, offering a full range of brokerage, banking and financial advisory services, as well as exchange-traded products (ETPs), including complex ETPs, leveraged ETPs and inverse ETPs.

Balchunas explained on social platform X that Fidelity’s significant lead in the competition for spot BTC ETFs may anger Schwab.

Balchunas also said: "Schwab has always been the first to the market, but when they enter the market with extremely low prices and 30 million active brokerage accounts, they have a negative impact .”

And Schwab doesn’t like Fidelity, so the success of FBTC may make them angry and raise objections.