А Bitcoin (BTC) exchange-traded fund (ETF) will eventually come to market according to Ric Edelman, founder of advisory firm Edelman Financial Engines in an interview with CNBC on Feb. 11.

Edelman stated that a Bitcoin ETF is “virtually certain,” while “the only question is when,” adding:

"The SEC [Securities and Exchange Commission] has several legitimate thoughtful concerns that the industry has to overcome but I'm confident they will. Eventually, we will see a Bitcoin ETF, and it's at that stage that I will be much more comfortable recommending that ordinary investors participate."

In general, ETFs are securities that track a basket of assets proportionately represented in the fund’s shares. A Bitcoin ETF is seen by some a holy grail for the cryptocurrency and its adoption.

Edelman said, “Fidelity has made a major announcement in the custody issue. We've got Kingdom Trust and a number of other very serious players on the custody side. I'm confident that, in very short order, VanEck or Bitwise will satisfy the custody concern to the SEC."

The SEC has previously expressed concern about the lack of a secure chain of custody as well as governance in overseas trading platforms. Edelman further stated that he puts Bitcoin in the same category as oil and gold, which he said are “globally-traded assets beyond the reach of the SEC.”

Established in 2018, Edelman Financial Engines was formed by the merger of advisory firms Edelman Financial Services LLC and Financial Engines Advisors LLC. Edelman Financial Engines operates as a financial advisory firm, reportedly having $205 billion in assets under management.

In the same interview, Tom Lydon, editor in chief of ETFTrends.com, stated that he has already noticed profound interest in at Bitcoin ETF, further saying that "we interview advisors all the time. Seventy-four percent say they've talked to clients about their interests in Bitcoin so they need to step up when this happens because that money is going to go elsewhere." Edelman concluded:

“Technologically, regulation-wise it could happen tomorrow. There is no particular motivation because the ‘powers that be’ in the fund industry have no incentive to give up their market share.”

In January, the Chicago Board Options Exchange’s, along with investment firm VanEck and financial services company SolidX, re-applied with the SEC for a rule change to list a Bitcoin ETF, which it had previously withdrawn. A CBOE spokesperson told Cointelegraph that the decision to withdraw its request was the result of the United States government shutdown.