Finance
Look who’s bringing crypto back: Fidelity, BlackRock, and their Wall Street friends – The Boston Globe
Among the financial titans cleared to sell “exchange traded funds” that invest directly in bitcoin are Boston’s Fidelity Investments, along with other heavies such as BlackRock and VanEck. On Fidelity’s investment platform, one of the largest in the world, you can now buy these ETFs right alongside regular stocks and bonds.
Franklin Templeton, another investment giant, on Thursday posted a picture of its Ben Franklin avatar featuring the ‘laser eyes’ meme, usually used by crypto superfans on social media to embellish their profile pictures with a tongue-in-cheek, futuristic vibe.
“It’s a very big deal but possibly not for some of the reasons people have been excited on X, and all the memes and jokes of the last few hours,” said Christian Catalini, founder of the MIT Cryptoeconomics Lab. “It’s a very important step toward bitcoin establishing itself as an important, new asset class that traditional finance institutions can directly engage with.”
(Catalini is also cofounder of the bitcoin payments company Lightspark.)
If you have not been paying attention to crypto following the market crushing implosion of the FTX exchange fourteen months ago, this might surprise you: Despite mounting regulatory and economic setbacks, crypto was a top market performer in 2023.
Bitcoin, the largest and most valuable cryptocurrency, surged 154 percent last year. Meanwhile, the Standard & Poor’s 500 index gained 24 percent, and Nasdaq rose some 44 percent.
All this was happening as one-time FTX chief executive Sam Bankman-Fried went on trial — and was convicted — for the fraud associated with his firm’s collapse.
“It’s been a wild ride to see the belief system of this industry come to fruition,” said Dave Balter, chief executive at FlipSide Crypto, a Cambridge firm that specializes in crypto data analysis. “The ‘big deal’ on a personal level’s a spiritual one, where disbelievers and contrarians now recognize why our conviction has never wavered.”
But even as some big names have come along to the crypto world, there are some high-profile holdouts — and they’re airing some of the same critiques that have faced crypto for years. Namely, bitcoin and other cryptocurrencies have always been among the riskiest, most volatile investments — prone to wild swings in value that are difficult to predict.
Vanguard, the bastion of plain-vanilla index funds, said it was not planning to offer bitcoin ETFs through its brokerage even as its competitors rushed to do so.
“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio,” the company said in a statement to The Wall Street Journal.
And lest anyone think crypto had lost its ability to unpleasantly surprise investors, the market took another big hit just days after the ETF approval many boosters had been eagerly awaiting. By Sunday, bitcoin had seen its price drop by upward of 10 percent from its midweek high as investors sought to take profits following the recent runup.
It was just the first week of growing pains in the relationship between bitcoin and the big-time traditional investment firms.
“It’s like communing with the enemy,” said Ryan Shea, a London-based crypto economist at the financial technology firm Trakx. “But for moms and pops to get comfortable in this world, to gain legitimacy, it’s important to get to the next level.”
Traditionally, buying bitcoin or other cryptocurrencies has looked a lot different than trading more familiar investments. Investors often must create accounts with crypto exchanges such as Coinbase (though a handful of stock brokerages offer some crypto services). And for those who want maximum control of their assets’ security, there are a handful of independent “crypto wallets” to use for storage.
Compare that process to the relative ease of investing in one of these new bitcoin ETFs, which you can buy and sell in the same way you’d trade shares in Microsoft or Nvidia. While ETFs for stock and other investments have long been available to brokerage customers, this is the first time one of these funds can actually hold bitcoin.
Already, the 11 funds approved by the SEC are battling it out over the new money in the market, and that could mean lower costs for consumers in the short term. They are competing on fees, which tend to be below 0.5 percent of assets, and some, such as ARK Investment Management, have temporarily waived fees altogether.
Bitcoin-linked products that were on the market before, including derivatives-based funds and trusts, charge as much as 2 to 3 percent.
“It’s a land grab,” said Paul Karger, cohead of Boston’s Twin Focus, a wealth adviser. “A handful of big winners will own most of the Main Street in-flows.”
Given the lower fees, these new funds may hew to the price action of bitcoin more closely. That is something their predecessors, which were largely based on futures contracts and have been around for two years and change, have not done. This discrepancy, called ‘tracking error’ in trade lingo, occurs when an ETF’s value diverges from its underlying assets.
Matthew Walsh, of Boston blockchain investor Castle Island Ventures, said that bitcoin futures ETFs have a “tracking error,” that can reach 5 to 10 percent, while he predicts the spot ETFs will have a one-to-one correlation to the underlying price of bitcoin. “It’s a huge win for the retail investor,” Walsh said.
Eric Biegeleisen, partner and deputy investment chief at ETF investor 3Edge, said with this move, bitcoin is a step closer to becoming a “legitimate” asset. While he likes having 11 funds to choose from, now comes the work to figure out which one he likes best. “Certainly, there are concerns right out of the gate,” he added. Chief among them are fraud and asset security.
It is going to take a huge amount of education to get investors comfortable, said Ophelia Snyder, cofounder and president of 21Shares, a financial firm that worked with ARK to create one of the new bitcoin ETFs. But the early signals show there’s a lot of potential.
“Crypto’s never seen money like this. A billion dollars is a lot of money in one day, but we saw that within the first two hours. This isn’t the same ballgame anymore.”
Suchita Nayar can be reached at suchita.nayar@globe.com.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
Finance
Martha Aguirre, former El Paso ISD interim superintendent, resigns as CFO as district finds ‘key financial challenges’
El Paso Independent School District Chief Financial Officer Martha Aguirre, who served as interim superintendent last year, resigned this week as the district said it had discovered “key financial challenges.”
The district issued a news release late Thursday afternoon that lacked details but indicated that a recent review had raised questions about the district’s fund balances, a key indicator of financial health.
“Through this process, key financial challenges were identified that must be addressed prior to closing out the 2025-26 school year including a current budget shortfall that is being actively addressed ahead of the district’s final financial presentation to the Board of Trustees in June,” the news release said.
A CFO is charged with developing a school district’s budget and overseeing its finance department. The EPISD Board of Trustees must adopt a budget for the 2026-27 school year by the end of the fiscal year June 30. The operating budget for the current school year is $547 million.
EPISD Deputy Superintendent David Bates will oversee the budget while the district searches for an interim and permanent CFO, district officials said in a statement.
EPISD Board President Leah Hanany said trustees were notified about Aguirre’s resignation this week. She said the district plans to give the public more information on the current year’s budget during a board meeting later this month.
“The board was also notified of a potential budget shortfall for the 2025 budget, but we don’t have final numbers yet. My understanding is that we are still primed to pass a balanced budget for fiscal year 2026-27 in June,” Hanany said in a statement.
Aguirre could not be reached for comment. EPISD’s CFO makes $148,200 to $209,900 a year, according to the district’s administrative pay plan.
She served as EPISD’s interim superintendent from June to December 2025 after the district’s former superintendent, Diana Sayavedra, resigned under pressure from the board. She returned to her position as CFO when Brian Lusk was hired as EPISD’s new permanent superintendent.
Aguirre’s resignation comes amid an uncertain budget season after a state funding calculation error tied to school property tax breaks caused EPISD to lose out on $17 million in projected revenue. In late April, EPISD officials estimated it would cause the district’s spending to exceed its revenue next year by $10 million.
The district is also considering calling for a bond election in November to upgrade its aging campuses as part of the larger 2024 Destination District Redesign initiative to close schools and improve the ones that remain open.
El Paso Teachers’ Association President Norma De La Rosa said Aguirre’s departure was unexpected.
“We’re right in the middle of the committee meetings for a possible bond and getting ready to get that budget to the June board meeting for next school year. So, to say that I’m highly surprised is an understatement,” De La Rosa told El Paso Matters.
Aguirre started working with the district in 1996 as a general clerk, according to a video published by the district.
-
Entertainment4 minutes agoWriters Guild staff union reaches deal, ending strike after nearly three months
-
Lifestyle10 minutes agoHe’s your ex, not your son. Unconditional love does not apply
-
Politics16 minutes agoCommentary: For all the chatter by mayoral candidates, can anyone fix L.A.’s enduring problems?
-
Sports28 minutes agoPrep talk: Southern Section Division 1 semifinals features matchup of boys’ volleyball powers
-
World40 minutes agoEurope Day: 40 years of ties between Spain and the European Union
-
News1 hour agoFrontier Airlines plane hits person on runway during takeoff at Denver airport
-
New York3 hours agoMan Dies in Subway Attack; Mamdani Orders Inquiry Into Suspect’s Release From Bellevue
-
Detroit, MI3 hours agoPatchy dense fog turns to stronger thunderstorms for Metro Detroit to start the weekend