Crypto Biz: Crypto fever hits wealth managers
This week’s Crypto Biz explores the launch of new crypto ETFs, CleanSpark’s acquisition of new mining sites, another round of conflict between Bitfarms and Riot, and more.
Wealth advisers are adopting Bitcoin exchange-traded funds at an unprecedented rate, faster than any previous ETF in history, according to Matt Hougan, chief investment officer at Bitwise.
The surge is primarily driven by financial advisers such as registered investment advisers and large firms like Morgan Stanley. BlackRock’s iShares Bitcoin Trust ETF alone has attracted $1.45 billion in flows from wealth managers.
Asset management firms are also looking to offer diversified exposure to blockchain technology. Over the past few days, State Street and Galaxy launched three new funds to provide alternative strategies for institutional investors.
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Author: Ana Paula Pereira
