May 6, 2024 - Economy

🤠 An RIA chief describes what it's like to be early

Chad Koehn, chief of registered investment adviser United Capital Management, described the picture that usually hangs behind him during his Zoom meetings — a burning $100 bill.

  • "Bitcoin is still a dangerous topic even today," he says, adding that it's easy to "get stereotyped," and that he's not a maxi in the same breath.

Catch up quick: Koehn's Salina, Kansas-based firm got attention last month for its just-under 5% holding of Fidelity Wise Origin Bitcoin Fund (FBTC), but he tells Axios in an interview that it was a bit of a misunderstanding.

  • UCM was already in crypto — it was just moving assets to FBTC from an existing bitcoin position in a different ETF.

UCM is an RIA — meaning it has a fiduciary duty to offer advice in its clients' interest — and is investing in bitcoin ETFs for its discretionary assets under management.

Zoom in: Koehn said getting into crypto requires guts and resolve.

  • "It's probably our rugged individualism, upbringing, that attracts us to this from the very beginning," he said, adding: "I tell people all the time... it's still a cold and lonely world in this space."
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