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Anchorage Digital has linked up with crypto SMA platform Eaglebrook Advisors to allow wealth managers easier access to an investment vehicle some expect to take off.\u00a0<\/p>\n
Financial advisers use the Eaglebrook platform to allocate to various crypto strategies. Now, this partnership gives those professionals regulated access to crypto via Anchorage \u2014 a bank chartered by the Office of the Comptroller of the Currency (OCC).<\/p>\n
Anchorage meets the US Securities and Exchange Commission\u2019s definition of a \u201cqualified custodian,\u201d the companies said Wednesday \u2014 a term floated in a February proposal<\/a> by the regulator that would \u201centrust safekeeping of client assets\u201d to such entities.\u00a0<\/p>\n \u201cAfter the recent SEC<\/a> custody proposal, it is more important than ever for [registered investment advisers] to safeguard digital assets with a qualified custodian,\u201d Anchorage Digital CEO Nathan McCauley said in a statement.<\/p>\n Eaglebrook is no stranger to partnerships.\u00a0<\/p>\n Fund giant Franklin Templeton made a strategic investment in Eaglebrook in April 2022 before launching its first crypto SMAs<\/a> \u2014 available to advisers and wealth managers via Eaglebrook\u2019s platform \u2014 that September. Ark Invest then joined forces with Eaglebrook<\/a> in October 2022 for the debut of its crypto SMAs.<\/p>\n The latest partnership comes as various crypto and traditional finance firms are exploring the introduction of spot crypto ETFs as an alternative to separately managed accounts (SMAs).<\/p>\n Unlike such ETFs though, crypto SMAs offer exposure to a range of assets that clients can own directly. Certain accounts may also allow investors to engage in tax-loss harvesting.<\/p>\n Though crypto SMAs have come to the US market in the absence of these ETFs, some believe a bitcoin ETF would boost SMA demand.<\/p>\n Read more:<\/strong> Eaglebrook CEO: Bitcoin ETF would send crypto SMAs \u2018into hyperdrive\u2019<\/a><\/p>\n Asset managers on Eaglebrook\u2019s platform \u2014 including Franklin Templeton and Ark, as well as Bitwise<\/a> and Global X, and ARK Invest \u2014 will be able to launch their SMA strategies on Anchorage Digital.<\/p>\n Those four firms are among the companies with spot bitcoin ETF proposals currently in front of the SEC. An August court win by Grayscale Investments<\/a> over the regulator made such an approval more likely<\/a>, some segment observers believe. \u00a0<\/p>\n The SEC is slated to rule on the proposed Ark 21Shares Bitcoin ETF<\/a> by Jan. 10.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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