Top 10 Wirehouses will Get Involved in Bitcoin ETFs amid Institutional FOMO: Galaxy Asset Management
Galaxy Asset Management’s global head Steve Kurz expects top wirehouses to increase their involvement in spot Bitcoin (BTC) ETFs within the next year.
“I’d be surprised in the next year if the top 10 wirehouses are not involved in this… We will probably see institutional FOMO,” he told FOX Business on February 19 during the Exchange ETF Conference in Miami Beach, Florida.
The statement came as companies offering spot Bitcoin ETFs have been inundated with queries from financial advisers during the event.
The report noted that some advisers are currently prohibited from recommending spot Bitcoin ETFs to clients until their respective firms conduct due diligence on the products and assess their market performance.
These existing restrictions leave room for potential institutional adoption in the future, as described by Kurz.
The term “wirehouse” lacks a precise definition, making it unclear which firms Kurz specifically expects to embrace spot Bitcoin ETFs.
However, according to Investopedia, prominent wirehouse firms include Bank of America/Merrill Lynch, Goldman Sachs, Wells Fargo, and JP Morgan Chase.
‼️ Grayscale air show on Miami beach for their #Bitcoin ETF.
