Bloomberg: BlackRock is Drawing Bitcoin Whales Into Wall Street's System
BlockBeats News, October 21st, according to Bloomberg, large Bitcoin holders are now moving their wealth from the blockchain to Wall Street's balance sheets.
A new generation of ETFs is providing a way for crypto whales to integrate their digital wealth into the regulated financial system without selling Bitcoin, instead operating through funds run by major asset management companies like BlackRock Inc.
A regulatory change this summer opened the door for large investors: they can deliver Bitcoin to an ETF in exchange for shares of that fund. This is known as in-kind exchanging, commonly used in most ETFs but only approved for Bitcoin products in July of this year.
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