The cryptocurrency is outperforming a wide variety of bond ETFs.

It all comes down to the arbitrageurs—and the limits thereon.

Former Alerian and Nasdaq executive Robert Hughes is the new CEO of First Trust Direct Indexing, the new brand name for Veriti, taking over for co-founder and Managing Partner James Dilworth.

It’s a promising start for ETFs tracking companies linked to digital assets after a brutal 2022, when such funds were among the year’s biggest losers.

From BNY Mellon to Fidelity and BlackRock, members of the Wall Street establishment are planning for a future in digital-assets.