St. Petersburg, Fla.-based Dynasty Financial Partners is offering its partner RIAs access to a bitcoin separately managed account (SMA) run by cryptocurrency-focused investment firm Eaglebrook Advisors.
Eaglebrook, based in Washington, D.C., launched its bitcoin SMA in March of 2020 with backing from Mariner Wealth Advisors chief executive Marty Bicknell, Lefteris Acquisition Corp. chairman Mark Casady and Refinitiv’s global head of wealth management Joseph Mrak. Mariner Wealth Advisors in Overland Park, Kansas, also offers the SMA to its clients.
A Dynasty spokesperson specified the SMA currently holds bitcoin and ethereum – the two largest cryptocurrencies by market cap – ‘with a plan to add additional assets.’ Assets in the SMA are custodied with Gemini Trust Company in New York, the Winklevoss-owned financial services firm.
Dynasty’s senior vice president of investments Nick Gerace said in a statement that the decision to partner with Eaglebrook is a response to growing demand for bitcoin and other cryptocurrencies.
‘The addition of Eaglebrook’s SMAs to our network provides advisors with an efficient way to obtain safer, customized access to this emerging asset class,’ he said.
Dynasty specializes in recruiting advisors from wirehouses such as Merrill Lynch and Morgan Stanley and providing them with ongoing tech support and middle- and back-office assistance as they set up their own independent RIAs. Dynasty’s network currently comprises 46 firms and more than 160 financial advisors throughout the U.S. It has a combined $60bn in assets on its core services platform and another $30bn on its TAMP.
Bitcoin has taken a significant dip since reaching highs of nearly $59,000 earlier this month. As of about 11:30am ET today, the price was hovering around $43,700. Meanwhile, ethereum has skyrocketed in the last month, gaining more than $1,000 since late April. It currently sits around $3,370.
