ARK Invest CEO Cathie Wood stated that regardless of how much the adoption rate of cryptocurrency wallets grows over the next decade, cryptocurrency exchange-traded funds (ETFs) may maintain their position in the economy.
“I think ETFs are an important stepping stone because, you know, wallets seem too complicated for consumers, there’s too much friction, they just want to press a button,” Cathie said at the Solana Accelerate event held in New York on May 23, 2025.
“For those who want convenience, I don’t think ETFs will lose much luster,” she added. “But they will become a stepping stone to wallet-based solutions.”
“These are insurance policies when problems arise in the traditional world.”
According to Bitbo, there are approximately 200 million active Bitcoin (BTC) wallets globally. Meanwhile, for the trading week ending May 23, the U.S. spot Bitcoin ETF recorded about $2.75 billion in inflows, while Bitcoin reached a historic high of $111,970 on May 22.
Since the launch of the spot Bitcoin ETF in the U.S. in January 2024, approximately $44.49 billion in inflows have been recorded, according to Farside. At the same time, since its launch in July 2024, the spot Ethereum (ETH) ETF has recorded about $2.77 billion in inflows.
Cathie noted that the spot Ethereum ETF “has not been as successful as people expected” because the U.S. Securities and Exchange Commission (SEC) does not allow staking. On May 21, the SEC delayed its decision on Bitwise's application to add staking features to its Ethereum ETF.
However, Cathie still views Ethereum as an entry point for new investors to familiarize themselves with smart contracts before exploring other cryptocurrencies like Solana (SOL).
“They might start their journey into the world of smart contracts with Ethereum, but once they study the technology, focus on developers, and see consumer acceptance, I think they will get there,” Cathie said.
Cathie mentioned that the meme coin Official Trump (TRUMP), launched on the Solana network by U.S. President Donald Trump in January, may lead investors to be skeptical about Solana.
“Institutional investors and the 60-year-old demographic… I think they might feel a bit put off by the Trump meme coin event,” Cathie said. Within days of its launch on January 17, the price of TRUMP dropped by about 50% as the president did not issue a crypto-related executive order on “day one.”
“This might scare them,” Cathie stated. Her comments were a response to a point reiterated by ETF analyst Eric Balchunas, who noted that Bitcoin as “digital gold” is easy to explain to the “baby boomer generation or advisors,” but other cryptocurrencies are “harder.”
Cathie mentioned that her price target for Solana is being formulated, and she will share this target once the research is complete.
In April, ARK raised its Bitcoin “bull market scenario” price target from $1.5 million to $2.4 million, expecting it to be driven by institutional investors and the increasing acceptance of Bitcoin as “digital gold” by the end of 2030.
Related: Bitcoin (BTC) ETF weekly inflows reach $2.75 billion, price remains above $108,000
Original article: “Cathie Wood: Crypto ETFs Won't 'Lose Luster' Due to Wallet Adoption Growth”
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