“There Is No Pure-Play Venue Today”: David Martin of Cleat Street on Institutional Crypto Collateral Limits

A venture capitalist David Martin has known since 2015 recently called him with an unusual question. The man on the other end had been primarily investing in the Ethereum ecosystem since Martin first met him, a software developer who fell in love with Ethereum and its applications and had never worked in finance. He wanted to know whether he could convert his ETH into an ETF, then use that position on margin to buy crypto-related equities. “I was shocked,” Martin told BeInCrypto in an exclusive interview at Liquidity Summit 2026 in Hong Kong source: https://beincrypto.com/institutional-crypto-collateral-limits-david-martin/