Prospective bitcoin ETF issuers are not letting up.
The Securities and Exchange Commission acknowledged yet another bitcoin ETF proposal last week, this one from VanEck. It’s the latest of more than a dozen tried-and-failed proposals from numerous firms over the years, and VanEck’s second.
The SEC now has 45 days to approve, deny or prolong its review of the proposal. But with the Biden administration appointing officials to the SEC who have expertise in cryptocurrency markets, approval may be closer than ever, said John Davi, CEO and chief investment officer at Astoria Portfolio Advisors.
“It’s just a matter of time,” he told CNBC’s “ETF Edge” on Monday. “I think the time has come and there is a place in people’s portfolio for digital assets.”
Though Davi recommended investors put no more than 5% of their portfolios toward crypto assets, “it’s better to have a listed, pooled vehicle as opposed to going on an exchange and paying tons,” he said.
“There’s plenty of other ETFs in the ecosystem which are much more obscure, triple-levered — you know, natural gas … and VIX futures — so, I just think it’s the time for it,” Davi said.
