Cathie Wood, CEO of ARK Invest, believes wirehouses will only be interested in exchange-traded funds (ETFs) for the best digital assets.
In a new interview with Peter McCormack at the Consensus 2024 crypto conference, Wood say that the major broker-dealers will likely only embrace a spot Bitcoin (BTC) ETF and an Ethereum (ETH) ETF.
So far, only Bitcoin ETFs have been launched. But it now seems possible that ETH ETFs could be launched later this year. Crypto insiders believe ETFs for other crypto assets could soon follow suit.
“I don’t think the wirehouses will accept it. There could be two, these two [BTC and ETH ETFs]. Maybe Solana. Maybe. But I don’t think the wirehouse platforms want to do more than the majors just to introduce their clients to this new asset class.
What I do think is, and we have some, that private funds will search the thousands out there and probably find twenty or thirty, but you’re going to have to do a tremendous amount of due diligence because, as you say, there’s a bunch of nonsense.”
Wood also says that since the approval of spot BTC ETFs – ARK is among those that launched an ETF for Bitcoin – wirehouses are doing their due diligence on the crypto king and she believes they will start offering the product to their customers.
“What has changed is that we are now talking to the big platforms. We call them wire houses. So Morgan Stanley, UBS, Merrill Lynch, Wells Fargo, and they’re in deep due diligence like, ‘Okay, what is this?’…
And while none of the major platforms have listed any of the popular Bitcoin ETFs on their platform yet, we think this is coming. We can see that from the types of questions they ask.”
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