$50k #BITCOIN: New ATH as #crypto goes mainstream // CANADA OPEN: 2nd Bitcoin #ETF debuts // BNY MELLON: $41trn #custody bank opens to crypto // MORGAN STANLEY: $150bn fund looks buy Bitcoin // SHOPPING SPREE: Microstrategy buys $600m more
bitcoin breaks above $50k [16 Feb 2021]
Bitcoin breached a new lifetime high over $50,000 on 16 February 2021, breaking through a psychologically important price. It appears entirely possible that long-time resistance at $50,000 could become the new support level as we move into spring 2021. The new high water mark is underpinned by rampant bullishness from institutions, contrasting strongly with the retail-led Bitcoin boom of 2017, Reuters reports. Increased Wall Street acceptance in the past couple of weeks includes Tesla’s $1.5bn buy in, Deutsche Bank offering crypto custody to hedge funds and the world’s largest custodian bank BNY Mellon launching its own digital asset unit. Read more here.
morgan stanley $150bn fund weighs crypto investment [13 Feb 2021]
Morgan Stanley’s $150bn investing arm Counterpoint Global is weighing up a large investment in Bitcoin, Bloomberg reported this week. Counterpoint Global has made a name for itself in picking high-performance growth stocks, with over a quarter of its 19 funds returning over 100% in 2020. “Morgan Stanley’s affirmation would put the heft of an almost-century-old marquee Wall Street name behind a volatile asset class that’s still struggling to win acceptance in much of the traditional financial industry,” writes markets reporter Sridhar Natarajan. Read more here.
world’s largest custodian bank BNY Mellon opens to cryptocurrency [11 Feb 2021]
America’s oldest bank and the world’s largest custodian bank with $41 trillion in assets under management, BNY Mellon, is to allow its clients to deal in cryptocurrencies. “Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset servicing business. Custodians like BNY keep track of money managers assets. And the custody bank said it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset management clients. BNY Mellon said it would allow digital assets to pass through the same plumbing used by managers’ other, more traditional holdings, from US Treasurys to technology stocks, using a platform that is now in prototype. Read more here.
microstrategy files $600m in debt to buy more Bitcoin [ Feb 2021]
Early institutional Bitcoin advocate Microstrategy, led by CEO Michael Saylor, has filed for another $600m in convertible senior corporate debt in order to buy more of the cryptocurrency, Coindesk reports. That brings the total investment in Bitcoin by the business intelligence company since last August to over $3.6bn. Read more here.
Canada approves second bitcoin ETF [16 Feb 2021]
Investors seeking easy-access exposure to Bitcoin without the hassle of custody now have a second option in Canada, thanks to the Ontario Securities Commission regulator approving a second Bitcoin ETF. The announcement comes just days after Canada broke with the US and allowed its first ever Bitcoin ETF amid rapidly-growing institutional interest in cryptocurrency. The Evolve Funds Group ETF, dubbed EBIT, will hold Bitcoin directly in its cold wallets and be rebalanced daily based on valuations of the CF Benchmark Bitcoin Reference Rate. Read more here.