CoinShares: Wall Street Takes an Interest in Cryptocurrencies

Eight of the largest U.S. financial institutions are actively working to provide clients with access to Bitcoin and other cryptocurrencies. Their AUM stands at $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’s filing with the SEC to launch a Bitcoin-ETF. She called the initiative “only one of the stories.”

Among other institutions:

• Fidelity — trading and custody of Bitcoin and Ethereum;
• JPMorgan Chase — transfers of tokenised versions of USD and EUR via JPM Coin;
• Morgan Stanley — access to three Bitcoin funds;
• Goldman Sachs — over-the-counter trading of cryptocurrencies;
• BNY Mellon — custody and transfers of Bitcoin and Ethereum;
• Invesco — an exchange-traded fund based on the first cryptocurrency in Europe, with a filing for a similar product in the United States;
• Bank of America — trading Bitcoin futures.

“It’s still a trickle, not a wave. We are seeing bridges being built in real time,” — she said.

Co-founder of Reflexivity Research Will Clemente backed Demirors. He noted that the market capitalization of digital gold stands at under $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

As a reminder, on June 25 it was reported that investors in the ProShares futures Bitcoin ETF over the past week invested the largest since the start of the year $65.3 million.

Earlier, CoinShares analysts estimated inflows into crypto investment products from 17 to 23 June at a record $199.1 million since July 2022. They noted that the trigger was BlackRock’s actions.

Subsequently, similar statements were issued by WisdomTree and Invesco, as well as Valkyrie Investments.