Institutional adoption of Bitcoin is accelerating as ETF filings show investor appetite.
Yesterday, multiple Bitcoin bond ETF applications were received, one of which was to invest in convertible securities of MicroStrategy.
What to know:
The purchase of bitcoins by public companies has been one of the major themes of 2024, and asset management firms are taking note.
Bitwise submitted an application on Thursday for an ETF that includes only corporations with at least 1,000 BTC in their treasury.
Strive Asset Management submitted an application for the Bitcoin Bond ETF, which seeks exposure to MicroStrategy's convertible securities.
The dominant cryptocurrency narrative for 2024 has been institutional adoption. From the U.S. approval of spot Bitcoin exchange-traded funds (ETFs) to the growing number of companies committing to buy the largest cryptocurrency for their Treasury bonds, cryptocurrencies have entered, more than ever, into the mainstream conversation.
The price of bitcoin has increased by almost 130% this year, hitting historical records on several occasions. It is currently near the psychological threshold of $100,000. The ETFs approved in January have seen net inflows of $36 billion and have accumulated over one million BTC.
