$27 trillion AUM is perched over Bitcoin and crypto: CoinShares CSO
There is at least $27 trillion of assets managed by major U.S. financial institutions that are also “actively” seeking to provide clients with exposure to Bitcoin (BTC) and crypto.
On June 26, CoinShares chief strategy officer Meltem Demirors highlighted at least eight major financial institutions that have signaled moves in the digital assets space, including BlackRock’s spot Bitcoin ETF filing and Fidelity’s crypto wealth management solutions.
Others include JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America.
“Many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more,” she noted, adding that there is a whopping $27 trillion in assets under management between them.
1/ last week's @BlackRock spot Bitcoin ETF filing was big news! but, it's not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.a quick glance - $27 trillion of client assets here! pic.twitter.com/azmHZmUL2a
Earlier this month, BlackRock’s June 16 spot Bitcoin exchange-traded fund application led to a wave of filings for similar products, boosting a narrative that suggests “institutions are coming” for Bitcoin.
BTC price reached a 2023-high of $31,185 on June 24 amid surging confidence, according to CoinGecko.
Demirors however noted that while "the institutions are coming,” it’s still more of a trickle than a wave. "We're seeing the bridges being built in real-time," she added.
It should be noted that the $27 trillion figure is an estimation of the total assets under management across the eight institutions and only a tiny portion of this would likely be allocated to crypto investments.
Nevertheless,
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