Financial Advisors Eye Cryptocurrency

In an intriguing turn of events, a recent survey conducted by Nasdaq has revealed a strong appetite among financial advisers for a spot Bitcoin exchange-traded fund (ETF). The survey, involving 500 advisers overseeing a whopping $26 trillion in assets, indicates that 72% would be more inclined to allocate their clients’ funds to cryptocurrency should the SEC decide to approve such a product.

The Numbers Don’t Lie

The survey makes it clear: crypto is on the minds of many advisers. Among those already dabbling in crypto investments, an impressive 86% expressed their intention to pump up their allocations within the next year. With almost half of these advisers already invested in Bitcoin futures ETFs, it’s evident that they’re ready to embrace even more exposure.

“The vast majority of advisors we surveyed either plan to begin allocating to crypto or increase their existing allocation,” said Jake Rapaport, Nasdaq’s head of digital asset index research.

What’s Keeping the SEC Busy?

Despite the enthusiasm from financial advisers and the growing demand for crypto solutions, the SEC remains cautious. They have turned down multiple ETF proposals from various firms, including the New York Digital Investment Group and ARK 21Shares, emphasizing the need for robust investor protections against fraud and market manipulation.

Grayscale and the Push for Change

Among the companies pushing the envelope, Grayscale has been particularly proactive. After launching a campaign to rally support for its quest to convert its Bitcoin Trust into a spot ETF, the company has gathered hundreds of comments from eager investors. With a decision from the SEC expected soon, the anticipation is palpable.

Voices from the Crowd