Bloomberg: BlackRock is Drawing Bitcoin Whales Into Wall Street's System

On October 21st, as reported by Bloomberg, large Bitcoin holders are currently transferring their wealth from the blockchain to the balance sheets on Wall Street. A new batch of ETFs is offering a means for crypto whales to incorporate their digital wealth into the regulated financial system without having to sell Bitcoin. Instead, they can operate through funds managed by major asset management companies such as BlackRock Inc. A regulatory modification this summer provided an opportunity for large investors: they can deliver Bitcoin to an ETF in exchange for shares of that fund. This is called in-kind exchanging, which is commonly used in most ETFs but was only approved for Bitcoin products in July of this year.