Bloomberg: BlackRock is Attracting Major Bitcoin Holders to the Wall Street System
According to ChainCatcher, citing Bloomberg, large bitcoin holders are moving their wealth from the blockchain to Wall Street balance sheets.
The new generation of ETFs offers crypto millionaires a new way to bring their digital wealth into the regulated financial system—without selling bitcoin, and by operating through funds run by major asset management companies such as BlackRock Inc. A regulatory change this summer opened a channel for large investors: they can hand over bitcoin to the ETF in exchange for shares of the fund. This is known as in-kind creation, which is common in most ETFs but was only approved for bitcoin products in July this year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Blackstone (BX.US) injects up to $1.5 billion, providing fresh ammunition for Pfizer (PFE.US) in the weight-loss drug race
Pfizer announced on Wednesday that it has reached an agreement with Blackstone to obtain up to $1.5 billions in funding to support the development of its experimental monthly obesity treatment drug.
Bernstein Downgrades Nvidia Rating and Target Price
Google (GOOGL.US) DeepMind launches AlphaGenome 2: Capable of decoding DNA cells with nearly double the mutation identification capacity
Google DeepMind has released its AI model AlphaGenome 2, which is trained on maps of over 100 millions of cells and has nearly double the ability of its predecessor in identifying gene expression variations.
The White House did not intervene in the decision-making of Nvidia's board of directors.
Crypto prices
More
