Published on 11 Apr 2024 on Fortune via Yahoo Finance
VanEck CEO says brokerage platforms aren’t yet recommending Bitcoin ETFs: ‘There’s a long ways to...
The approval of spot Bitcoin ETFs in January kicked off a frenzy as investors poured billions of dollars into the brand-new investment vehicles launched by financial mainstays like BlackRock and Fidelity. But even as the total trading volume of the asset class passed $200 billion, Jan van Eck, CEO of asset manager VanEck, one of the major issuers, said that Bitcoin ETFs are still in their infancy.
Speaking to Fortune on the sidelines of Paris Blockchain Week, van Eck said brokerage platforms aren’t yet allowing advisors to recommend Bitcoin ETFs, though there have been reports that firms such as Morgan Stanley are evaluating them. “Those are our biggest customer bases,” van Eck told Fortune. “So there’s a long ways to go.”
For now, the demand has mainly come from retail customers, although he expects that to change as platforms gain approval to start pushing Bitcoin ETFs. “Paper moves first in this world, and then decisions get made,” van Eck said, predicting that the shift could come this quarter.