Wall Street brokers will only accept spot ETFs for major crypto assets, predicts Cathie Wood

Cathie Wood, CEO of ARK Invest, believes cable companies will only be interested in exchange-traded funds (ETFs) for major digital assets.

In a new interview with Peter McCormack at the crypto Consensus 2024 conference, Wood said that large brokers will likely only adopt spot Bitcoin (BTC) ETF and an Ethereum (ETH) AND F.

To date, only Bitcoin ETFs have been launched. But it now appears possible that ETH ETFs will launch later this year. Crypto Insiders believe ETFs for other crypto assets may soon follow.

“I don’t think the wirehouses will accept – there could be two, these two [BTC and ETH ETFs]. Maybe Solana. Maybe. But I don’t think the wirehouse platforms will want to do more than the majors, simply to offer their clients exposure to this new asset class.

What I think is, and we have a few, private funds will sift through thousands of funds and probably find 20 or 30, but you’ll have to do a lot of due diligence because , like you say, there’s a lot of stupidity going on there.

Wood also says that since spot BTC ETFs were approved – ARK is among those that launched an ETF for Bitcoin – wire companies have been doing due diligence on the crypto king and she thinks they will start offering the product to their customers.

“What has changed is that we are now addressing the large platforms. We call them wirehouses. So, Morgan Stanley, UBS, Merrill Lynch, Wells Fargo, and they go through extensive due diligence like, “Okay, what is this? »…

And while no major platform has yet placed any of us spot Bitcoin ETFs on their platform, we believe it’s coming. We can see this from the type of questions they ask.

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