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Digital Asset ETFs: Not Crypto Enough? 

Measuring the cryptocurrency exposure of digital asset ETFs

Nicolas Rabener
10 min read
26 Jul 2021

SUMMARY

  • Digital asset ETFs have outperformed tech stocks in recent years
  • However, they provide no exposure to cryptocurrencies
  • Their returns are explained by market beta and equity factors

INTRODUCTION

Cathie Wood, the founder and CEO of Ark Invest, an ETF manager, is the latest entrant to launching a Bitcoin ETF in the US. The Winklevoss twins of Facebook fame have been trying this for years, but have been turned down by the SEC each time. Oddly enough, this has not deterred Ms. Wood or other firms, and the SEC has received at least six further Bitcoin ETF applications waiting to be reviewed.

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