You can find original article here WealthManagement.
Subscribe to our free daily WealthManagement newsletters. – Bitcoin was once conceived as a way to escape the financial system
Increasingly, some of its biggest holders are choosing to move deeper inside it. Wall Street is making it cheaper and easier for investors to swap large crypto holdings for shares in exchange-traded funds, allowing them to retain exposure to Bitcoin while moving their wealth from private wallets and crypto platforms into the machinery of mainstream finance. What began as a bespoke service for the very wealthy is becoming more routine.
BlackRock Inc. cut the minimum size for such transactions to $1 million in July from $25 million when the process first became available. Since US regulators last summer permitted in-kind creations, which allow investors to swap crypto for ETF shares, more digital assets have been moving into funds this way and the market infrastructure has steadily expanded. BlackRock Is Pulling Bitcoin Whales Into Wall Street’s Orbit That pitch has acquired an extra edge amid a spate of kidnappings, hacks and custody failures involving crypto wealth.