Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko

Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko

Morgan Creek Capital Management’s CEO Mark Yusko is determined that a long-awaited Bitcoin ETF will be approved by the U.S. SEC.

Bitcoin ETF

Morgan Creek Capital Management CEO Mark Yusko has revealed his self-confidence that a Bitcoin ETF will finally land on Wall Street.

“Our view on the ETF is it is going to happen,” Yusko said in an interview with MarketWatch.

Amongst Morgan Creek’s partners is Bitwise Possession Management, the San Francisco-based supplier of index crypto funds and an early applicant for a Bitcoin ETF, or exchange-traded fund.

Bitwise initially declared a Bitcoin ETF in January 2019, only to see its application turned down by the U.S. Securities and Exchange Commission (SEC) in October the exact same year.

Ever since Bitwise has increased its properties under management to over $1 billion and recently released its 10 Crypto Index Fund, the first publicly traded crypto index fund in the U.S., which is available on the non-prescription stocks market OTCQX. It has likewise launched the Bitwise DeFi Crypto Fund, created to allow financiers to diversify their portfolios with the assets from the decentralized finance (DeFi) space.

Earlier this year, Bitwise applied with the SEC for Bitwise Crypto Innovators ETF, an alternative investment vehicle tracking the efficiency of ingenious cryptocurrency companies.

Using institutional financiers a series of alternative investment options, Morgan Creek also operates a digital asset division focused on blockchain technology and Bitcoin financial investments. According to Yusko, the company has also invested in a number of crypto companies, consisting of Bitwise and Coinbase, the U.S. cryptocurrency exchange set to go public April 14 through a direct listing.

“We view Bitcoin essentially as a late-stage venture investment,” he told MarketWatch. “Instead of buying stock, you actually buy the protocol itself to own the network.”

A bumpy roadway to a Bitcoin ETF

While Bitcoin ETFs are already available to investors in numerous countries consisting of Canada and Brazil, their American counterparties are still awaiting managed crypto-based items. Over the past few years, the SEC has consistently rejected applications or delayed decisions on several Bitcoin ETFs, mentioning a lack of transparency around trading info, as well as the capacity for market control.

The demand from financiers, however, still persists, and a number of prominent possession managers, including Fidelity, SkyBridge Capital, and VanEck, have recently submitted with the SEC for exchange-traded funds concentrated on Bitcoin.

Others could be about to toss their hat into the ring, too; previously this month Grayscale Investments announced that it’s “100% committed” to converting GBTC– its flagship crypto trust– into a Bitcoin ETF.

Nevertheless, there could be more hold-ups along the road. Previously this week, speaking at the “Buying Crypto” virtual event series, SEC Commissioner Hester Peirce said there’s no assurance the regulator would approve a Bitcoin ETF in 2021. According to Pierce, this is partly because the Commission is presently in a state of transition, with Gary Gensler– President Biden’s choice for the next chairman of the SEC– still waiting for official verification.

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9th April 2021
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