Ken Griffin’s Citadel Ready To Venture Into Crypto ETFs
New York-based company is reportedly building its own cryptocurrency trading ecosystem
Citadel Securities, a New York-based market-making firm headed by billionaire Ken Griffin, is poised to make a foray into exchange-traded cryptocurrency funds, Bloomberg reports:†
Kelly Brennan, head of the ETF for Citadel Securities, said the Wall Street trading firm was awaiting regulatory approval to launch such a product.
Proponents of Bitcoin have been trying to launch a spot-based ETF for years. The Winklevoss twins first tried to achieve such a feat in 2013.
Still, the SEC has so far refrained from approving such a product due to concerns about market manipulation. The regulator has rejected applications from Fidelity, SkyBridge Capital and other major financial players.
The SEC approved several Bitcoin futures ETFs last year, but they did not gain much traction.
Grayscale is currently trying to convert its fund into an ETF after reportedly having fruitful discussions with the regulator.
As reported by U.Today, Griffin recently admitted he was wrong about cryptocurrencies after criticizing the asset class in the past.
At the time, the billionaire financier hinted that he would make a foray into the cryptocurrency market, despite remaining skeptical about it.
Last May, Griffin compared cryptocurrencies to abstract art, arguing that value is in the eyes of the beholder.
Earlier today, Coindesk reported that Citadel Securities was working on a cryptocurrency trading market that would make it easier to access liquidity. The controversial crypto firm reportedly enlisted to choose executives for its crypto efforts.