Top US Investment Managers With $27T in AUM Eyes BTC and Crypto

Top Investment Managers in the US including BlackRock and Fidelity are beginning to eye an entry into BTC and the crypto space

BlackRock and seven other investment asset management firms seeking exposure to Bitcoin (BTC) and other cryptocurrencies have a cumulative asset under management (AUM) of $27 trillion. While their AUM is considerably huge, it is worth noting that only a fraction of these assets would be allocated to crypto investments in the long run.

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Investors are still cautious of the fact that the crypto industry is a nascent space which still holds significant risks. At the same time, it is safe to say that there has been a growing acceptance and recognition of the potential of digital assets and the crypto ecosystem.

CoinShares CSO Spotlights Institutional Interest in Crypto

CoinShares’ Chief Strategy Officer (CSO) Meltem Demirors spotlighted the eight top United States financial institutions that have made moves towards crypto including Fidelity’s crypto wealth management solutions and BlackRock’s spot Bitcoin Exchange Traded Fund (ETF) filing.

Other investment managers which he mentioned are JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America.

This increased institutional interest in crypto is a crucial move which shows that the potential of the digital asset ecosystem is getting recognized. It seems that investors in the investment landscape have now acknowledged that crypto is a valuable addition to their portfolios. 

Multiple Spot BTC ETF Application from Investment Managers

Noteworthy, BlackRock’s application for a spot BTC ETF from the Securities and Exchange Commission (SEC) is billed to engage Coinbase Custody and also use the exchange’s spot market data for pricing.

BNY Mellon is the cash custodian for the ETF. The spot BTC ETF application has spurred many to make similar filings. WisdomTree also reapplied after its application was rejected in October 2022. Based on the filing, WisdomTree BTC Trust would be listed on Cboe BZX Exchange under the ticker BTCW.

Also, the Delaware-based subsidiary of Valkyrie Investments Inc. filed an updated spot BTC ETF with the SEC. Although it already offers BTC Strategy ETF and BTC Miners ETF, the new application plans to list shares on the Nasdaq exchange under the ticker BRRR.

Institutional Crypto Adoption in Early Stage

Considering all these multiple applications, Demirors highlighted that institutional adoption is still in its early stages. However, he also noted that bridging the gap between traditional finance and the crypto ecosystem is an ongoing process. 

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