Eight of the largest US financial institutions are “actively” working to provide customers with access to bitcoin and other cryptocurrencies. Their AUM is $27 trillion, according to CoinShares head of strategy Meltem Demirors.
1/ last week’s @blackrock spot Bitcoin ETF filing was big news!
but, it’s not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.
a quick glance — $27 trillion of client assets here! pic.twitter.com/azmHZmUL2a
— Meltem Demirors (@Melt_Dem) June 26, 2023
The specialist cited these figures after BlackRock filed an application with SEC to launch Bitcoin ETF. She called the initiative “just one of the stories.”
Among other institutions:
- Fidelity – trading and storage of bitcoin and Ethereum;
- JPMorgan Chase – transfers of tokenized versions of USD and EUR through JPM Coin;
- Morgan Stanley – access to three bitcoin funds;
- Goldman Sachs – over-the-counter trading in cryptocurrencies;
- BNY Mellon – storage and transfers of bitcoin and Ethereum;
- Invesco is an exchange-traded fund based on the first cryptocurrency in Europe, an application for a similar product in the USA;
- Bank of America – Bitcoin futures trading.
“It’s still a trickle, not a wave. We see bridges being built in real time.”she pointed out.
Reflexivity Research co-founder Will Clemente backed Demirors. The expert noted that the market capitalization of digital gold is less than $600 billion.
“Between HSBC, BlackRock, Fidelity and Schwab, we are talking about $25 trillion in assets under management that will soon be able to buy bitcoin.” he explained.
Between HSBC, Blackrock, Fidelity, and Schwab we are talking about $25 trillion in assets under management that will soon be enabled to buy Bitcoin.
Bitcoin is just a $600 billion market cap asset today, let alone tightly held/lost coins.
It’s not rocket science.
— Will Clemente (@WClementeIII) June 26, 2023
Recall, on June 25, it became known that investors in the ProShares bitcoin futures ETF over the past week have invested the maximum $65.3 million since the beginning of the year.
Earlier, CoinShares experts estimated the inflow of funds into cryptocurrency investment products from June 17 to June 23 at a record $199.1 million since July 2022. The trigger was the actions of BlackRock, they emphasized.
Later, similar applications were filed by WisdomTree and Invesco, as well as Valkyrie Investments.
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