Seventy-two percent of surveyed Nasdaq 500 financial advisers would, with a high probability, invest client funds in cryptocurrencies if they had access to the corresponding spot ETF product.
The survey of advisers overseeing assets worth about $26 trillion was conducted by 8 Acre Perspective on behalf of Nasdaq.
According to the study, only 38% of respondents are confident that the U.S. Securities and Exchange Commission (SEC) will approve a spot crypto ETF in 2022. 31% of respondents view such an outcome as unlikely.
‘The vast majority of advisers we surveyed plan to either start allocating funds to cryptocurrency or increase existing allocations,’ said Jake Rapaport, head of Nasdaq’s Digital Asset Indexes research.
Among advisers investing in digital assets, 86% intend to increase the crypto share of their portfolios over the next 12 months. No one said they planned to reduce it. Of the same group, 50% already use bitcoin futures ETFs, and 28% plan to start.
According to the study, only four in ten advisers had considered investing in individual cryptocurrencies.
The SEC has yet to approve any application to launch a spot Bitcoin ETF. At the same time, the agency allowed the launch of exchange-traded funds based on futures on the first cryptocurrency from VanEck, Valkyrie Investments and ProShares.
In February 2022, the chairman of the Securities and Exchange Commission, Gary Gensler explained the situation as the applications received by the agency did not meet the standards of the Securities Act designed to curb fraudulent or manipulative practices.
Grayscale Investments called the conversion of the Bitcoin Trust into an ETF a top priority. The company sent the regulator the corresponding application in October 2021. In February 2022 the SEC delayed a decision.
The company argued that the Commission violated the law by approving bitcoin futures ETFs, and stated readiness to sue the agency if the GBTC-to-ETF conversion were denied.
As Bloomberg analysts noted, the SEC would approve a spot bitcoin ETF in mid-2023.
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