Institutional bullishness continues as Ark Invest carries on their bitcoin-related buying spree and JP Morgan’s Erdoes hints clients interested in bitcoin, and more…
Ark invest continues bitcoin-related buying spree
Cathie Wood, founder and the driving force behind Ark Invest, continues the long lasting bitcoin-related buying spree. On Friday, Ark invest added another 225,937 shares of Square Inc, worth around $54 million, to its holdings. The purchase was made after Square and Twitter CEO, Jack Dorsey, announced that Square is developing a new business unit, which will further build out the Bitcoin DeFi ecosystem. The trade should also be seen in the context of getting back into Square, after having sold some of the stake a little over a month ago.
Suggested Read: Square Announces New Bitcoin DeFi Business
Yet, the spree just continued on Monday with Ark Invest’s Next Generation Internet ETF (ARKW) adding 310,067 shares of the Grayscale Bitcoin Trust (GBTC) worth somewhere around $8 million and 48,977 shares of Coinbase Global Inc roughly worth $10,8 million. Their Fintech Innovation ETF (ARKF), also trading on the New York Stock Exchange, joined in the fun allocating another $5 million into Coinbase (22,900 shares).
Ark Invest currently holds (across all ETF’s):
These are significant investments into the bitcoin and crypto space.
JP Morgan clients want bitcoin
“A lot of our client say: that’s an asset class and I want to invest – and our job is to help them put their money where they want to invest” – JPM Wealth Management CEO Mary C. Edroes
JP Morgan Wealth Management CEO, Mary Callahan Edroes, stated that more and more JP Morgan clients view bitcoin as an asset class and want to invest in it. The statement was made in today’s episode of ‘Bloomberg Wealth with David Rubenstein’, the interview is said to have been recorded on June 7. Although she was a little careful when talking about bitcoin, she did mention that “blockchain technology, which is the underlying piece of all this, is very real and is changing all the ways that we did digitally interact with the financial markets”.
It’s to be expected that JP Morgan is hesitant to acknowledge bitcoin and other cryptocurrencies too much, as it is still heavily working on its own settlement blockchain JPM Coin, through its blockchain division Onyx. According to reporting by The Block, JP Morgan is on an aggressive “blockchain hiring spree”, adding over a dozen new job posting on LinkedIn.
Mastercard moves forward with crypto-payments
Last, but not least for the day, Mastercard announced today that it wants to make crypto-to-fiat payments easier, looking to upgrade its card program for crypto wallets and exchanges. For this, the company has partnered with Evolve Bank & Trust, Paxos Trust Company, as well as financial technology firm behind the stablecoin USD Coin (USDC) Circle. The briefing states:
“Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted”.
Executive VP of digital assets and blockchain products & partnerships at Mastercard, Raj Dhamodharan, commented that: “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier”. According to the briefing, Paxos and Circle will leverage their platforms in order to “facilitate the conversion of crypto to fiat through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets”. Further, this will allow more banks and partnered institutions to offer crypto-payment options to their customers.
Circle confirmed the start of a crypto-to-fiat conversion pilot program.
A new @Mastercard pilot program will test enhancements in #crypto-to-fiat payments using #USDC, with help from @circlepay. Learn more 👇https://t.co/vkCjv8IvC7
— Circle (@circlepay) July 20, 2021
This content was originally published here.