**$40 Billion Wealth Management Firm Invests in Bitcoin Through Bitwise ETF, Signaling Increased Institutional Interest**
A prominent wealth management company, managing $40 billion in assets, has made headlines by deciding to invest in Bitcoin via the Bitwise Bitcoin ETF (BITB). This development was announced by Bitwise CEO Hunter Horsley in a recent social media post, where he expressed his excitement about the firm’s investment choice.
According to a tweet from community member Collin Brown, Horsley confirmed that a major player in wealth management is now engaging with Bitcoin through the Bitwise ETF. He emphasized that this significant decision reflects the rising institutional interest in Bitcoin, particularly as the cryptocurrency sees a resurgence in its price.
Bitwise CEO Hunter Horsley confirms a $40B wealth manager is investing in Bitcoin through the Bitwise Bitcoin ETF (BITB). This significant move underscores growing institutional interest as Bitcoin’s price recovers.
#Bitcoin
#ETF
#BITB
#Crypto
#InstitutionalInvestment
…
pic.twitter.com/pZAs0jokTb
— Collin Brown (@CollinBrownXRP)
August 6, 2024
This strategic investment underscores a broader trend of increased institutional acceptance of cryptocurrencies, particularly as the market begins to stabilize and regain confidence. The decision by the $40 billion wealth manager to invest in BITB comes after careful consideration, aligning with the overall recovery of the crypto market.
In a related development, Morgan Stanley has recently empowered its 15,000 advisors to offer Spot Bitcoin ETFs to high-net-worth clients with portfolios of $1.5 million or more. Presently, Bitcoin (BTC) is priced at $56,651.59, marking a 1.74% increase over the past day, though it has seen a 14.21% decline over the past week. This uptick in institutional engagement may pave the way for Bitcoin’s price to reach the anticipated target of $75,000, despite the recent fluctuations in the market.
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