CEO of Morgan Creek Capital Management, Mark Yusko, has an unbending opinion about the approval by the Security and Exchange Commission for the Bitcoin ETF.
According to the SEC-registered investment advisor, the adoption of Bitcoin in the world is driving the comparison of BTC to late-stage venture investment.
Bitwise Asset among Morgan Creek’s partners, also filed for the Bitcoin ETF at the beginning of 2019. Mark Yusko while expressing his confidence for the approval of the Bitcoin ETF eventually land on Wall Street.
In an interview with MarketWatch, he stated that “ our view on the ETF is it is going to happen.”
While expressing his interest in the BTC ETF, Yusko also mentioned its investments in different crypto companies. He declared that Morgan Creek has invested in Bitwise and Coinbase. He said;
“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.”
Among Morgan Creek’s partners, Bitwise Asset Management, a San Francisco-based provider of index crypto funds is an early applicant for a Bitcoin ETF. After the rejection of the application in the first attempt, Bitwise reapplied soon, but withdrew the filing in Jan 2020 mentioning that the decision was “consistent with the public interest and protection of investors.”
From the latest, another partner Coinbase, the U.S. cryptocurrency exchange set to go public on April 14 via a direct listing.
Oftentimes the SEC has rejected the application concerning transparency in the trading information and volatility in the market. Although Bitcoin ETFs are available to investors in several countries, their American counterparties are still waiting for regulated crypto-based products.
SEC commissioner Hester Peirce earlier this week spoke at the “Investing in Crypto” virtual series, mentioned that there is no guarantee for the approval of exchange-traded funds focused on Bitcoin. There could be more delays on the road.
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