ARK Make investments CEO Cathie Wooden believes wirehouses will solely have curiosity in exchange-traded funds (ETFs) for prime digital property.
In a brand new interview with Peter McCormack on the Consensus 2024 crypto convention, Wooden says that the big broker-dealers will seemingly embrace solely a spot Bitcoin (BTC) ETF and an Ethereum (ETH) ETF.
Thus far, solely Bitcoin ETFs have launched. But it surely now appears attainable ETH ETFs may launch later this yr. Crypto insiders consider ETFs for different crypto property may quickly comply with.
“I don’t assume the wirehouses will accept- there may very well be two, these two [BTC and ETH ETFs]. Perhaps Solana. Perhaps. However I don’t assume that the wirehouse platforms will wish to do greater than the majors, simply to provide their purchasers publicity to this new asset class.
What I do assume is, and we now have a few of these, that non-public funds are going to sift by way of the 1000’s on the market and doubtless discover 20 or 30, however you’re going to should do an incredible quantity of due diligence as a result of, as you say, there’s plenty of nonsense occurring on the market.”
Wooden additionally says that for the reason that approval of the spot BTC ETFs – ARK is amongst people who launched an ETF for Bitcoin – wirehouses are doing their due diligence on the crypto king and he or she believes they’ll begin to provide the product to their purchasers.
“What has modified is we are actually speaking to the foremost platforms. We name them wirehouses. So, Morgan Stanley, UBS, Merrill Lynch, Wells Fargo, and they’re in deep due diligence like, ‘Okay, what is that this?’…
And whereas no main platform has but put any of us, any of the spot Bitcoin ETFs on its platform but, we expect that’s coming. We will inform from the sorts of questions they’re asking.”
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