As reported by Cointelegraph, the United States-based financial institutions are “actively” taking steps to expose users to Bitcoin (BTC $30,370) and cryptocurrency. It is expected that these institutions own about $27 trillion of assets.
Sources revealed that on June 26, 2023, Meltem Demirors, Chief Strategy Officer, CoinShares, a digital assets-based asset manager, mentioned about eight financial institutions contributed to the digital assets space. Some of the steps taken were BlackRock’s spot Bitcoin ETF filing 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 enabled to buy Bitcoin,” Will Clemente, co-founder, Reflexivity Research, explained.
It is believed that many institutional investors are already showing interest in Bitcoin-related funds. Furthermore, the ProShares Bitcoin Strategy ETF (BITO) saw its largest weekly inflow for a year, taking its assets under management to over $1 billion, Cointelegraph concluded.
(With insights from Cointelegraph)