Bitcoin’s biggest holders are moving billions into ETFs like BlackRock’s IBIT, signaling a new phase of institutional adoption. Large Bitcoin holders who accumulated the cryptocurrency early, commonly known as whales, are increasingly moving their holdings into exchange-traded funds (ETFs), with asset managers such as BlackRock actively courting them. In an interview with Bloomberg, Robbie Mitchnick, BlackRock’s head of digital assets, said the company has already facilitated more than $3 billion worth of these conversions into its iShares spot Bitcoin ETF (IBIT). After years of self-custody, many whales are recognizing “the convenience of being able to hold their exposure within their existing financial adviser or private-bank relationship,” Mitchnick said. Read more
Industry watchers welcomed the idea of “skinny” master accounts as another sign of the end of crypto’s banking troubles, in what insiders describe as “Operation Chokepoint 2.0.” The US Federal Reserve is considering the introduction of a new type of payment account that would make it easier for smaller companies to participate in the central bank’s payment system, signaling the end of the crypto industry’s banking access challenges. The newly floated “payment accounts” would seek to grant full access to fintech companies seeking to utilize the Fed's payment services, which are currently reserved for large banks and financial institutions through the Fed's “master accounts." “I believe we can and should do more to support those actively transforming the payment system,” said Fed Governor Christopher J. Waller during his speech at the Payments Innovation Conference on Tuesday, adding: Read more
As the New York mayor’s race draws to a culmination, Andrew Cuomo has developed a crypto and AI strategy for the city. Former New York Governor Andrew Cuomo lags far behind Democratic frontrunner Zohran Mamdani despite unveiling his proposal to make the city a crypto hub. Cuomo’s plan, announced on Sunday, would create a new office that would be responsible for attracting emerging tech companies, including cryptocurrencies and blockchain. The move follows similar initiatives from outgoing Mayor Eric Adams, which have yielded mixed results so far. The mayor’s office reported that many crypto startups have appeared in New York, while existing crypto businesses have not seen much change. Some have noted that the mayor’s office generally has little influence over how or whether the crypto industry develops. Read more