As Cointelegraph reported, US-based financial institutions are “actively” taking steps to expose users to Bitcoin (BTC $30,370) and cryptocurrencies. These institutions are expected to hold around $27 trillion in assets.
The sources revealed that on June 26, 2023, Meltem Demirors, chief strategy officer at CoinShares, a digital asset-based asset manager, mentioned that some eight financial institutions contributed to the digital asset space. Some of the steps taken included the introduction of BlackRock spot Bitcoin ETFs and Fidelity's crypto wealth management solutions, among others, Cointelegraph added.
“Between HSBC, Blackrock, Fidelity and Schwab we are talking about $25 trillion in assets under management that will soon be able to buy Bitcoin,” explained Will Clemente, co-founder of Reflexivity Research.
It is believed that many institutional investors are already showing interest in Bitcoin-related funds. Additionally, the ProShares Bitcoin Strategy ETF (BITO) experienced its highest weekly flow in a year, taking its assets under management to over $1 billion, Cointelegraph concluded.
(With information from Cointelegraph)
