Vanguard to allow crypto ETFs
In a major reversal, the world’s second largest asset manager, Vanguard will now let clients trade ETFs and mutual funds that mainly hold digital assets. This comes after Vanguard’s CEO Salim Ramji said the firm had no plans to launch crypto ETFs in only August 2024. According to Bloomberg, Vanguard was simply responding to pressure from its retail and institutional client base which services more than 50 million customers and more than $11 trillion. Read more →
Bank of America Backs 4% Crypto Allocation
Starting in January, Bank of America will allow its wealth advisors to recommend a 1-4% crypto allocation via spot BTC ETFs such as IBIT, FBTC, BITB, and Grayscale’s BTC. Until now, Bank of America’s wealth advisers could only discuss crypto products at a client’s request. The new framework allows advisers to actively recommend exposure rather than waiting for inbound inquiries. Read more →
Kraken acquires Backed Finance
Kraken is acquiring Backed Finance, the issuer behind its xStocks tokenized-equities product. Since launching earlier this year, xStocks has surpassed $10 billion in trading volume in its ~60 equities and ETFs. While tokenized equities are still a small portion of the crypto market, it is one of the fastest growing, and Backed Finance is currently the second-largest platform with roughly 23% market share, according to rwa.xyz. Details of the acquisition weren’t disclosed. Read more →
Kalshi raises another $1 billion Link»
Two Billionaires Emerge From One of Asia’s Largest Crypto Deals Link»
Sonnet shareholders approve merger for $1 billion HYPE treasury Link»
Trump sons’ American Bitcoin (ABTC) stock down 40% this morning Link»
Bitcoin and the Quantum Problem – Part II: The Quantum Supremacy Link»
European banks led by BNP, ING push ahead on euro stablecoin plan Link»
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