Galaxy executives said the top wirehouse would participate in a spot Bitcoin ETF.
As FOX Business reported on February 19, a representative from Galaxy predicted that spot Bitcoin ETFs would see greater adoption in the coming months.
Steve Kurz, Global Head of Galaxy Asset Management, said:
“I’d be surprised if the top 10 wirehouses aren’t on board here next year. We’ll probably see institutional FOMO.”
FOX Business journalist Eleanor Terrett put these statements into context by noting that companies offering Bitcoin spot ETFs have been “inundated with inquiries from financial advisors.”
She pointed out that some advisors are not currently permitted to recommend spot Bitcoin ETFs to their clients. Because their companies must first conduct due diligence on their products and market performance. Current limitations appear to leave room for future institutional adoption as described above.
Because the term “wirehouse” is not clearly defined, it is not clear exactly which companies Kurz expects to adopt a spot Bitcoin ETF. Investopedia points out that although the term is anachronistic, it lists major financial firms such as Bank of America/Merrill Lynch, Goldman Sachs, Wells Fargo, and JP Morgan Chase.
According to Investopedia, a number of online brokerage and robo-advisor platforms currently trade spot Bitcoin ETFs, including Fidelity, Robinhood, Charles Schwab, eToro, and others.
Galaxy offers the Invesco Galaxy Bitcoin ETF (BTCO). The fund has $314 million in assets under management, making it the sixth largest fund of its kind. Today’s volume was $11.35 million.
Cryptocurrency was the main focus of the Miami event
Terrett obtained Kurz’s comments at the Exchange ETF Conference in Miami Beach, Florida. She added that Bitwise, Grayscale, and Galaxy discussed their successful Bitcoin ETF launches on the panel, calling it “the most attended panel of the entire conference.”
Terrett previously reported the panel’s comments on a spot Ethereum ETF. According to previous reports, executives from all three companies predicted a 50% chance that the U.S. Securities and Exchange Commission (SEC) would approve a spot Ethereum ETF by May.
The SEC is due to decide on VanEck’s spot Ethereum ETF application on May 23 and is expected to rule on other similar applications at the same time. There is no need to approve ETFs at that time.