ARK Make investments CEO Cathie Wooden believes wirehouses will solely have curiosity in exchange-traded funds (ETFs) for high digital property.
In a brand new interview with Peter McCormack on the Consensus 2024 crypto convention, Wooden says that the big broker-dealers will probably embrace solely a spot Bitcoin (BTC) ETF and an Ethereum (ETH) ETF.
Up to now, solely Bitcoin ETFs have launched. But it surely now appears potential ETH ETFs might launch later this yr. Crypto insiders imagine ETFs for different crypto property might quickly observe.
“I don’t suppose the wirehouses will accept- there could possibly be two, these two [BTC and ETH ETFs]. Possibly Solana. Possibly. However I don’t suppose that the wirehouse platforms will wish to do greater than the majors, simply to present their purchasers publicity to this new asset class.
What I do suppose is, and we’ve got a few of these, that non-public funds are going to sift via the hundreds on the market and doubtless discover 20 or 30, however you’re going to need to do an amazing quantity of due diligence as a result of, as you say, there’s lots 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 she or he believes they may begin to supply the product to their purchasers.
“What has modified is we at the moment are speaking to the key 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 predict that’s coming. We will inform from the sorts of questions they’re asking.”
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