Opinion: The SEC is certain to approve a Bitcoin-based ETF

CEO Morgan Creek Mark Yusko, in an interview with MarketWatch, expressed firm confidence that the U.S. Securities and Exchange Commission (SEC) will eventually give the green light to bitcoin-based exchange-traded funds.

This will eventually happen; that is our view on ETFs, Yusko stressed.

Among Morgan Creek’s partners is San Francisco-based Bitwise, which filed applications to launch ETFs in 2019 and in 2021.

Similar filings were submitted to the U.S. Securities and Exchange Commission by VanEck, WisdomTree, NYDIG, Bitwise, Valkyrie Digital Assets, SkyBridge Capital and First Trust Advisors. To date, none of the applications has received approval.

Basically, we view Bitcoin as late-stage venture investments, said the head of Morgan Creek. “Instead of buying stock, you are effectively acquiring the protocol itself to own the network.”

What is a cryptocurrency ETF?

Grayscale Investments intends to convert its Bitcoin Trust into an ETF based on the first cryptocurrency.

The company filed its first application to launch an ETF back in 2016, but it was withdrawn due to an inadequate regulatory framework.

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