Bloomberg: BlackRock is Attracting Major Bitcoin Holders to the Wall Street System
According to ChainCatcher, citing Bloomberg, large bitcoin holders are moving their wealth from the blockchain to Wall Street balance sheets.
The new generation of ETFs offers crypto millionaires a new way to bring their digital wealth into the regulated financial system—without selling bitcoin, and by operating through funds run by major asset management companies such as BlackRock Inc. A regulatory change this summer opened a channel for large investors: they can hand over bitcoin to the ETF in exchange for shares of the fund. This is known as in-kind creation, which is common in most ETFs but was only approved for bitcoin products in July this year.
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The S&P 500 has turned lower, the Nasdaq is down 0.2%, and the Dow's gain is less than 0.6%.
U.S. stocks fell in the short term, with the Nasdaq down 0.13%.
