Financial institutions have started aggressively accumulating Bitcoin, the most popular digital currency, according to crypto expert Miles Deutscher, who posted the news on Twitter.
Deutscher shared a graphic to demonstrate his claim that BlackRock has encouraged various funds to amass more Bitcoin in a tweet. This graph shows that in June, investment management firms owned an increase in Bitcoin from 830,000 BTC to little over 848,000 BTC.
BlackRock refiles with SEC
The largest money management firm, BlackRock, led by Larry Fink, revealed about a month ago that it had submitted a file with the SEC to establish a spot Bitcoin ETF. Many significant Wall Street businesses did the same. The introduction of the centralised exchange EDX by Fidelity and a number of other big financial institutions helped lift Bitcoin past the $31,000 mark.
The regulator, however, asserted that the disclosures were “inadequate,” calling for greater clarification.
BlackRock re-filed its application three days ago, identifying Coinbase as a “surveillance-sharing” partner.
This week, Larry Fink said that Bitcoin may revolutionise finance by equating it to digital gold. BTC has since retreated to a range around $30,280.
BlackRock partners with Quintet Private Bank
According to Bloomberg, BlackRock and Quintet Private Bank have partnered to expand the investing options available to high net worth clients.
BlackRock will provide the business with a vast array of financial options. Quintet will have access to BlackRock’s risk management platform and be qualified to get financial guidance from the company’s fund management specialists.
