Trillion-Dollar Bank Approves Bitwise Crypto ETF for Managed Accounts

A significant development in the cryptocurrency investment landscape occurred as a global bank with over $1 trillion in assets under management approved a crypto exchange-traded fund (ETF) from Bitwise Asset Management for its managed accounts platform. This approval was announced by Bitwise CEO Hunter Horsley on Tuesday. The bank, whose identity remains undisclosed, is one of the leading financial institutions globally, managing a substantial amount of wealth. This move allows wealth managers and financial advisors associated with the bank to allocate client funds to the crypto ETF as part of their standard investment offerings.

The approval signifies a growing institutional acceptance of cryptocurrency investment products. Bitwise Asset Management is among the first asset managers to launch spot Bitcoin and Ethereum ETFs in the United States. This development is expected to facilitate the integration of cryptocurrency investments into traditional financial portfolios, making it easier for advisors to build their investment theses around digital assets. The bank's approval of the Bitwise crypto ETF is a clear indication of the increasing institutional backing for crypto investment products, which could pave the way for more traditional financial institutions to follow suit. This move is likely to support the efforts of thousands of advisors who are looking to incorporate cryptocurrency into their investment strategies, further legitimizing the role of digital assets in the broader financial ecosystem.