"invest in the company that sells pickaxes" People are starting to catch on. Even if an exchange’s management & track record is so-so, they can still win simply by existing. They’ve already overcome the barrier to entry and can now bask in the network effects.https://twitter.com/IamNomad/status/1339997990803664896 …
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On the one hand, it’s a growing pie and one of the only ways to publicly play crypto. On the other hand, versus other exchanges like the vertical silos, it’s low quality. The product is interoperable. It will be long-term be treated like equities and options venues by investors
The question is obviously how large does the pie grow + how fast. They can also grow their data business out & get involved in the create/redeem process once an ETF is approved.