DWS, the asset-management arm of Deutsche Bank, will in the coming months launch cryptocurrency-based exchange-traded funds. Bloomberg reports.
In April, DWS agreed with Galaxy Digital to develop a ETF lineup for the European market.
In an interview, DWS’s global head of investments, Bjorn Jesch, noted that among fund managers there are skeptics who still believe that the value of cryptocurrencies is zero. But there is now a group that sees Bitcoin trading around $35 000.
Bloomberg notes that such divergence underscores the fragile balance facing giants of global finance amid a rally in the price of digital gold, driven by optimism about the prospects for US regulator approval of ETFs.
Currently, interest in launching the product has also been expressed by BlackRock Inc. and Fidelity Investments, journalists noted.
In addition to developing crypto ETFs for retail investors, DWS has an expanded mandate to purchase digital assets.
Inflows into crypto investment products from 21 to 27 October totaled $326 million — the highest since July 2022, according to CoinShares.
Earlier, Matrixport analysts forecast growth of digital gold as a result of Bitcoin ETF approval to $42,000-56,000. CryptoQuant saw figures of $50,000-73,000.