Bitcoin Magazine B2?

Welcome to Bitcoin Magazine B2?, a newsletter focused on the latest insights in #bitcoin and business—from the world’s leading source for Bitcoin news.

Since the last issue there have been several institutional headlines directly affecting the bitcoin market. From #ETF filings to insolvent unwinds, it’s once again been an exciting few weeks in our industry. Here are some of the highlights.

Anticipation Mounts For First Spot Bitcoin ETF

The anticipation around Bitcoin exchange-traded funds (ETFs) continues to grow, with the first spot Bitcoin ETF garnering significant attention.

"The approval of the first spot Bitcoin ETF could potentially unlock a new level of institutional interest in cryptocurrencies and pave the way for further regulatory advancements."

Read More: What to Know About Investing in the First Spot Bitcoin ETF

Binance.US Resolves Delayed USD Withdrawals

Binance.US has successfully resolved delayed USD withdrawals, this seemed to go under the radar, but it’s positive that another major custodian isn’t freezing customer funds.?

Read More: Binance.US Resolves Delayed USD Withdrawals, Expects Banking Partners to Halt Option Again

BitGo's Acquisition of Prime Trust Falls Through

Earlier in the week, it was reported that BitGo would be acquiring Prime Trust after rumors of Prime Trust’s insolvency started to circulate. It seemed like another example of the never-ending story of custodians and brokers misallocating customer funds or over-leveraging deposits. When talk of an acquisition by BitGo started, things started to look up — but later in the week, the deal fell through.

“BitGo, a leading #cryptocurrency custody firm, has canceled its acquisition of Prime Trust, a trust company specializing in digital asset custody. The unexpected termination of the deal raises questions about the evolving dynamics within the crypto custody industry and more immediately with Prime Trust’s solvency.”

Read More: BitGo Cancels Prime Trust Acquisition

Prime Trust then temporarily halted withdrawals and deposits following the cancellation of its acquisition deal.

"BitGo’s attempted acquisition of Prime Trust has joined the long list of crypto buyouts that are announced and end up failing."

Read More: Prime Trust Halts Withdrawals and Deposits as Acquisition Fails

Bitcoin ETF Filings Surge as Industry Seeks Mainstream Recognition and Institutional Involvement

On the other side of the coin, multiple Bitcoin ETF filings started to pour in. The most notable and most reported on was BlackRock ’s filing. However, several large institutions also filed in the past few weeks. For years Bitcoiners have criticized the regulators for declining Bitcoin spot ETF’s while allowing riskier leveraged products.

"The increasing number of Bitcoin ETF filings signifies the industry's efforts to bring cryptocurrencies closer to mainstream finance and facilitate greater participation from institutional investors."

Read More: The Great Accumulation of Bitcoin ETF Filings

WisdomTree Asset Management and Valkyrie Investments also filed applications for spot Bitcoin ETFs.

Read More: WisdomTree Files Application for Spot Bitcoin ETF

Read More: Valkyrie Investments Joins Flurry of Firms Filing for Spot Bitcoin ETFs

Both applications signal the increasing competition among firms aiming to launch bitcoin ETFs, as they recognize the demand for regulated investment products in the space —along with the potential for first-movers advantage.

Financial Industry Giants Back New Cryptocurrency Exchange

A new cryptocurrency exchange has been launched with backing from major players in the financial industry, including Citadel Securities, 富达 and Charles Schwab . This new institution combines forces of some of the largest legacy finance players in the space as corporations continue to establish bitcoin strategies.

"The entry of reputable financial firms into the cryptocurrency exchange space adds credibility and fosters confidence among institutional investors."

Read More: Citadel Securities, Fidelity, and Charles Schwab-Backed Exchange Launches

Amsterdam Conference Offers Insights Amid Surging Global Bitcoin Institutional Adoption

This has been one of the most impactful few weeks for bitcoin institutional adoption in quite a while. The trend is clear, the largest corporations and asset managers in the world are moving into the bitcoin space in one way or another.

Join us at Europe’s largest bitcoin conference — #BitcoinAmsterdam to keep up to date about global institutional adoption.

Learn more about Bitcoin Amsterdam.

Dillon Healy

Contributing Editor Bitcoin Magazine B2B

Twitter: @dillonhealybtc