72% of Nasdaq 500 financial advisors are highly likely to invest client funds in cryptocurrencies if they have access to an appropriate spot ETF-product.
The survey of $26 trillion in assets under management was conducted by 8 Acre Perspective on behalf of Nasdaq.
According to the study, only 38% of respondents are confident that the US Securities and Exchange Commission (SEC) will approve a spot crypto ETF in 2022. 31% of respondents consider such an outcome unlikely.
“The vast majority of advisors we interviewed plan to either start allocating funds to crypto or increase their existing allocation,” said Jake Rapaport, head of digital asset index research at Nasdaq.
Among advisors investing in digital assets, 86% intend to increase the proportion of cryptocurrencies in their portfolios over the next 12 months. Nobody announced plans to reduce. Of the same group, 50% of respondents are already using bitcoin futures ETFs, and 28% plan to start.
According to the survey, only four out of ten advisors have 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 for the first cryptocurrency from VanEck, Valkyrie Investments and ProShares.
In February 2022, Commission Chairman Gary Gensler explained the situation by the inconsistency of the applications received by the department with the standards of the Securities Act to suppress fraudulent or manipulative practices.
Grayscale Investments named the transformation of a bitcoin trust into an ETF as a top priority. The company sent the relevant application to the regulator in October 2021. In February 2022, the SEC delayed its decision.
The company admitted that the Commission violated the law when approving bitcoin futures ETFs, and declared its readiness to sue the department in case of refusal to convert GBTC into ETFs.
Recall that Bloomberg analysts admitted that the SEC will approve a spot bitcoin ETF in mid-2023.
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