72% of Nasdaq 500 financial advisors are likely to invest client funds in cryptocurrencies if they have access to a suitable spot. ETFs-product.

The survey of advisors with $26 trillion in assets under management was conducted by 8 Acre Perspective on behalf of the Nasdaq.

According to the results of the research, only 38% of respondents are confident that the US Securities and Exchange Commission (SEC) will approve a spot crypto ETF in 2022. 31% of respondents think such an outcome is unlikely.

“The vast majority of advisors we interviewed plan to either start allocating funds to crypto or increase their current allocation,” said Jake Rapaport, head of research on the Nasdaq digital asset index.

86% of advisors investing in digital assets plan to increase the share of cryptocurrencies in their portfolios in the next 12 months. No one has disclosed any reduction plans. 50% of the same group are already using bitcoin futures ETFs and 28% plan to start.

According to the survey, only four out of ten advisors considered investing in individual cryptocurrencies.

The SEC has yet to approve any application to launch a spot Bitcoin ETF. At the same time, the agency authorized the launch of exchange-traded funds based on futures for the first cryptocurrency from VanEck, Valkyrie Investments, and ProShares.

In February 2022, Commission President Gary Gensler clarified that applications to the agency to suppress fraud or manipulative practices were inconsistent with Securities Act standards.

Grayscale Investments has named the conversion of a bitcoin trust into an ETF as its top priority. The company submitted the relevant application to the regulator in October 2021. In February 2022, the SEC delayed its decision.

The company admitted that the Commission had violated the law when approving Bitcoin futures ETFs and announced that it was ready to sue the department if it refused to convert GBTC into ETFs.

Recall that Bloomberg analysts agreed that the SEC will approve a spot bitcoin ETF in mid-2023.