Ark Invest’s Cathie Wood Expresses Qualms about ETFs beyond BTC and ETH 

Juhi Mirza
ARK Invest Sells $2.5M in Grayscale GBTC Amid BTC Price Surge
Source: Investor’s Business Daily

The wild wave of BTC and ETH ETFs has taken the cryptocurrency space by storm. Shortly after the launch, Spot Bitcoin ETFs jumped to a magnificent start, smashing several records. 

However, when it comes to launching ETFs beyond Bitcoin and Ethereum, it could be off to a rocky start, a sentiment that was recently explored by Cathie Wood, CEO of Ark Invest. 

Also Read: ARK Sells ~250,000 Coinbase Shares Amid Staking Vulnerability

Wood’s stance on launching ETFs beyond Bitcoin and ETH

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Cathie Wood, the CEO of Ark Invest, has always been known to have a blunt stance on a variety of subjects. Her recent comments have come to light, where Wood expressed her qualms about SEC green-lighting ETFs beyond BTC and ETH. 

While attending the Wall Street Journal’s “Take on the Week” podcast, Wood shared her opinion on launching other crypto ETFs. She expressed her doubts, adding that it would be “surprising” to see the SEC approve other ETFs that are not backed by either BTC or ETH. 

“We’d be surprised to see anything but Bitcoin and Ethereum being approved by the SEC.”

The skepticism caught pace after Franklin Templeton, an investment giant with approximately $1.5 trillion worth of assets under its belt, filed to launch a spot Ethereum ETF. 

Wood’s Opinion on Bitcoin as a Potential Substitute for Gold

With a record-breaking start, spot Bitcoin ETFs have proved to be a lucrative asset for investors to explore. 

Keeping the trend in mind, Ark Invest CEO Cathie Wood has further shared how investors have already started to move from gold to bitcoin after the launch of spot ETFs. 

Also Read: Cathie Wood Predicts SEC’s Approval of Multiple Bitcoin ETFs in One Go

“Relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin, and we think that is going to continue now that there is a less friction-filled way to access Bitcoin.” 

Wood has always been known to be a staunch Bitcoin proponent. In an interview with CNBC, Wood reiterated her bullish stance on BTC. She later shared her positive Bitcoin predictions. According to Wood, BTC’s market value will reach $1,500,000 by 2030. 

“We think the probability of the bull case has increased with this SEC approval. This is a green light.” Wood later said.